According to Rossiyskaya Gazeta, citing the director of the Bank of Russia’s Anti-Fraud Practices Department Valery Lyakh, a natural person or individual entrepreneur is given money, then the creditor disappears, and for a long time the debtor simply has no one to pay the debt, and under the terms of the agreement the interest rate can rise, the debt rapidly increasing.
After some time, the lender suddenly sues with a demand to pay off the entire amount with interest immediately.
At the end of January, amendments to the federal laws “On Consumer Credit (Loan)” and “On Microfinance Activities and Microfinance Organizations” entered into force in Russia.
It is noted that now the rate on consumer loans up to one year cannot exceed 1.5% per day, since July 2019 - more than 1%.
The document notes that until July, the total amount of interest, penalties (fines, penalties) and other charges on such loans cannot exceed the amount of the initial loan by more than two and a half times, until January 2020 - two and then one and a half times.
The idea of criminalizing black lenders was also reported.