FAQ
Frequently asked questions
Here are short answers to the questions borrowers ask most often: about the price of a loan, about debt and missed payments, and about fraudsters. If this concerns a real dispute between you and a lender, the answer below is only a starting point.
One good question asked before signing is worth more than a dozen asked after the first missed payment.
Cost of a loan
Where in the contract can I see how much the loan costs?
In a square box in the top right corner of the first page of the contract, before the table of individual terms. That is where the total cost of credit is shown.
What interest rate does the law allow?
In Russia, since July 1, 2023, the interest on consumer loans may not exceed 0.8% per day. Anything above that is a reason not to sign the contract.
Can the overpayment keep growing forever?
On loans of up to 1 year, no: the total overpayment is capped at 130% of the loan amount. Beyond that limit, interest and other charges must not accrue.
Is insurance mandatory?
Look at the add-on services application: it should show that you agreed to it. If consent is not required for the loan to be issued, you can opt out of the service; check the opt-out procedure in the documents.
Missed payments and debt
What should I do if I cannot pay?
Tell the lender before the due date, ask to change the schedule and keep all communication in writing. Do not take out a new loan to pay off the old one.
Does the lender have to agree to restructuring?
As a rule, no: it is an agreement between the parties. But you can always ask, and the earlier you do, the more options there are.
What should I do if debt collectors pressure or threaten me?
Record calls and messages, keep the records and file a complaint with the Bank of Russia. If you are threatened, go to the police, and in a difficult situation, contact a lawyer.
How can I make sure the debt is closed?
Get a certificate from the lender confirming that you owe nothing, and after some time check that the contract is marked as closed in your credit history.
Fraud and protection
I'm being asked to pay for my application to be approved. Is that normal?
No. A demand to transfer money before you receive a loan is a typical sign of fraud. Stop all contact and check the organization in the Bank of Russia registers.
A “security service” is calling to say someone is taking out a loan in my name.
Hang up and do not give out any codes. Call your bank back yourself using the number from its official website or the back of your card.
A loan was taken out in my name without my knowledge. What should I do?
Inform the lender in writing that you did not sign the contract, go to the police, check your credit history and set a self-ban on new loans.
Will a self-ban protect loans I already have?
No, it covers new credits and loans. Existing contracts continue on the same terms.
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.
- Basics
How a consumer loan works, what makes up the overpayment, who may issue loans, and what rights the law gives a borrower.
- Glossary
A borrower's dictionary: consumer loan, MFO, total cost of credit, payment schedule, penalty, restructuring, self-ban.
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.