Documents
Documents and procedures
A consumer loan comes with several documents, even if everything happens on your phone screen. Each one answers its own question: how much you owe, when and for what you pay, which services you agreed to, and whether the debt is closed. Keep them until the loan is fully repaid and for some time afterward.
An electronic contract is still a contract. Save a copy the same day, not when you need it for a dispute.
Below is a general summary of the requirements of Law No. 353-FZ, with practical tips. We do not publish templates, and it is best to leave the assessment of a specific contract to a lawyer.
Document — purpose — what to check
| Document | Purpose | What to check |
|---|---|---|
| Individual terms | Set out the parameters of your particular loan | The total cost in the box on the first page, the amount, term, interest rate, number and size of payments, and the late-payment penalty |
| General terms | Describe the lender's rules, the same for all customers | The early repayment procedure, ways to get in touch, how the lender notifies you of changes |
| Payment schedule | Shows the dates and amounts of all payments | Whether the total matches the total cost, how much goes to interest, whether a payment date falls on a tight day for your budget |
| Add-on services or insurance application | Confirms your consent to paid services | Which services are connected, how much they cost, whether they are mandatory and how to opt out of them |
| Debt closure certificate | Confirms that the debt has been repaid in full | The contract number and date, your surname, wording stating that the obligations have been fulfilled, and the lender's signature or stamp |
How to close a loan and get confirmation
Find out the exact amount on the payment date
Ask the lender for the full payoff amount on a specific day. Interest accrues daily, so tomorrow's amount may differ from today's.
Make the payment and keep the receipt
Pay using the method specified in the contract and keep the receipt or a statement showing the payment purpose. This is your proof if the money is credited to the wrong place.
Get a closure certificate
Ask for a certificate confirming that you owe nothing. Without it, an overlooked balance with an accrued penalty may surface a few months later.
Check your credit history
After some time, make sure the contract is marked as closed in your credit history. If the record has not been updated, contact the lender with a copy of the certificate.
Where to find the total cost
The total cost of credit is placed in a square box in the top right corner of the first page of the contract, even before the table of individual terms. This placement is no accident: the borrower should see the price of the loan before anything else.
If there is no box, it is empty, or the number in it does not match the payment schedule, do not sign the contract until you get a clear explanation in writing.
Related sections
- Guides
Step-by-step guides: how to read a contract, how to check a lender, what to do about a missed payment and how to set a self-ban on new loans.
- Examples
Hypothetical borrower scenarios: a loan until payday, imposed insurance, an upfront “approval fee”, missed payments and a loan in someone else's name.
- Glossary
A borrower's dictionary: consumer loan, MFO, total cost of credit, payment schedule, penalty, restructuring, self-ban.
- FAQ
Short answers about the cost of a loan, missed payments and debt, fraudsters, and protection against loans taken out in your name.
Sources
- Federal Law No. 353-FZ of 21 December 2013 “On Consumer Credit (Loans)”
- Bank of Russia financial literacy materials (general terms)
This reference summarizes Russia's Federal Law No. 353-FZ “On Consumer Credit (Loans)” and public materials from the Bank of Russia. The law is amended from time to time, so before signing, check the version currently in force and the text of your own contract, and in a dispute, talk to a lawyer.