In Russia, amendments to the federal laws “On Consumer Credit (Debt)” and “On Microfinance Activity and Microfinance Organizations” came into force.

It is noted that now the rate on consumer loans up to one year can not exceed 1.5% per day, since July 2019 - more than 1%.

The document notes that until July, the total amount of interest, fines, penalties and other charges on such loans may not exceed the amount of the initial loan more than two and a half times, until January 2020 - two, and then - one and a half times.

Earlier, Alisen Alisenov, an associate professor at the Faculty of Economics and Social Sciences, commented on a law restricting the maximum amount of consumer loans. According to him, microfinance organizations have established prohibitively high interest rates on loans and use semi-criminal schemes to collect money from the public.

December 28, Russian President Vladimir Putin signed a law limiting the maximum amount of consumer loans.

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