Photo: Evgeny Odinokov / RIA Novosti
From the 28th of January came into force new restrictions on the debt limit and the maximum rate of consumer credit. Edits were made to the Federal law “On consumer credit (loan)” Federal law “About microfinance performance and microfinance organizations”.
The law makes changes to the treaties from 28th January to 30 June 2019. The interest on the consumer loan agreement, including all interest and penalties (fines) may not exceed the debt by more than 2.5 times. After reaching this level, interest and penalties cease to apply. The interest rate shall not exceed 1.5 percent on the day, and from 1 July to 31 December 2019 the maximum rate will not exceed 1 percent per day, and limit the size of the debt will be equal to twice the size of the loan amount. This information should be listed on the first page of the contract on consumer credit. The new restrictions will affect agreements of the consumer loan for a period of up to one year.
The changes also concern the so-called payday lending. For up to 15 days, you can get the sum to 10 thousand roubles. The amount of interest shall not exceed three thousand (or 30 percent of the loan amount). Limit limit the debt and the maximum rate in respect of such loans will not be applied, in addition, they were forbidden to renew and increase the amount. In connection with changes in the microfinance institutions (MFIs) will have to carefully monitor the creditworthiness of customers. Also this year it is planned to consider options to limit the maximum level of debt relative to income.
Earlier it was reported that the volume of the credits of Russians in 2018 reached a new record. Their debts increased by 22.8 per cent. The total amount of debt in nominal value now is 14.9 trillion rubles. It is record with the pre-crisis 2013.
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