Human rights activists have accused MFIs of hiding the terms of interest-free loans

Clients of microfinance organizations (MFOs) have begun to complain frequently about the conditions of so-called interest-free loans, Izvestia has found out. In reality, there is no question of free borrowing. Moreover, such loans are sometimes more expensive than ordinary loans, Yevgenia Lazareva, head of the People's Front project "For the Rights of Borrowers," told Izvestia.

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According to her, this year the Central Bank has tightened the limits for MFIs to issue loans to clients with high debt load, so microfinanciers are extremely interested in attracting new borrowers. One of the tools for this is money without interest. Borrowers are promised to transfer funds online for up to a month and up to 30 thousand rubles.

However, then it turns out that it is hardly possible to get the funds free of charge. In the description of the product it is noted that interest is accrued in any case. And only if you fully repay the loan in the so-called grace or grace period, then they are canceled. If, however, the borrower does not fit in the deadline, interest is charged for the entire time of use, including the promised interest-free period.

"If a product has interest built into it, it cannot by definition be called interest free. Banks do not call credit cards with a grace period free," the human rights activist noted.

As a rule, after reviewing the application, MFIs approve a modest amount of Br5-15 thousand for such products for about a week with a grace period of three or four days. At the same time, it can be repaid without commissions only by transfer through the Russian Post or banks. And such transfers take 3-5 days. That is, the client can not always take advantage of the interest-free period.

If the borrower chooses a convenient way of depositing money through a personal account, he has to pay a robbery, according to human rights activists, a commission of 6-8%. If the loan is taken for a week, such a commission, which is included in the full cost of the loan, exceeds the maximum permissible rate of PSC in 292% per annum, experts of the project "People's Front" believe.

Read more in the exclusive material "Izvestia":

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