Grey cash: illegal consumer loans continue to be offered in Russia
More than 95 structures that issue illegal consumer loans continue to operate in different regions of the country. The network of such organizations includes approximately 1,250 branches and other service points. Izvestia investigated why such a large number of illegal players remain, how effective the current state measures are, and what changes are needed to change the situation.
Violation of the rules
Illegal participants in the microloan market pose a serious threat to people using financial services, the press service of the Central Bank told Izvestia. The products they offer are characterized by hidden and confusing conditions, and the cost of borrowing often significantly exceeds the limits allowed by law. In addition, such structures often resort to illegal ways of refunding money. We are talking, in particular, about the forcible seizure of collateral.
The financial market regulator regularly receives requests from citizens about the collection of personal information about clients by underground creditors through social networks and the use of this information as a tool of blackmail.
If payments are delayed, they may send debt information to friends, colleagues, or relatives in an attempt to exert moral influence. In some cases, the situation goes even further: there are threats of harm to loved ones or destruction of property, including housing.
"In 2025, the Bank of Russia identified more than 1,100 illegal creditors, mostly pseudo-pawnshops and chain commission stores, in which the provision of loans is disguised by the conclusion of purchase and sale, storage, and commission agreements. Illegal immigrants preferred to work online under a single brand, but each individual office was registered to different individual entrepreneurs," the regulator's press service said.
When such structures are brought to administrative responsibility under Article 14.56 of the Administrative Code, they usually simply re-register the business. The individual entrepreneur is changing, and the formal leadership is being transferred to others, figureheads. As a result, each new company begins to exist without a negative past, as if from scratch.
It is extremely difficult to achieve criminal prosecution against such illegal creditors under Article 171.5 of the Criminal Code of the Russian Federation. The law establishes two mandatory criteria that must be fulfilled simultaneously. Firstly, the total amount of loans issued should exceed 3.5 million rubles. Secondly, the organization must have been brought to administrative responsibility more than once before. It is the combination of these requirements that makes criminal punishment rare in practice.
"The Bank of Russia supported the introduction of amendments to the law, which suggest that both of these criteria can be taken into account as independent. We believe that this approach will help in a more effective fight against illegal creditors." — the Central Bank noticed.
As for the draft law on illegal creditors, the initiative makes the financial environment safer for citizens and protects against illegal creditors, increasing the responsibility of those who work outside the legal field, the press service of the Ministry of Finance told Izvestia.
Financial literacy
Although the government is consistently strengthening control over the lending sector, underground participants in this market are still widespread, Maria Ermilova, international financial adviser, PhD in Economics, Associate Professor at the Department of Finance for Sustainable Development at Plekhanov Russian University of Economics, told Izvestia. The reasons for this stability are complex.
"First of all, a significant part of citizens are poorly versed in financial matters and do not fully understand the dangers of cooperating with illegal lenders," she noted. — Low level of financial knowledge often makes people easy prey for deception. A significant role is also played by the steady demand for "money here and now": illegal structures promise quick access to funds without checks, certificates and credit history analysis, which is especially attractive in emergency situations.
One of the reasons for the stability of the illegal lending business remains the low effectiveness of the mechanisms for its detection and suppression. Even after the closure of individual outlets, such structures often continue to operate under a new legal form or at a different address.
"The situation is aggravated by poor coordination between the regulator, law enforcement and supervisory authorities, which gives illegal creditors the opportunity to evade responsibility," says Maria Ermilova.
According to her, contacting underground lenders almost always has serious consequences for borrowers. Excessive interest rates quickly increase the amount of debt, and collection methods often include pressure, threats, and the risk of property loss.
Additionally, legal problems arise: controversial terms of contracts make it difficult to defend rights in court. Despite the existing control and punishment measures, a real reduction in the scale of the problem is possible only with increased market transparency and increased financial literacy of citizens, which makes it possible to consciously assess risks.
Illegal participants regularly appear in various regulated areas, including the financial market, as failure to comply with the rules gives them the opportunity to abuse and benefit outside the legal framework, Roman Romanovsky, Associate Director for credit institution Ratings at Expert RA agency, told Izvestia.
"For borrowers, such loans are associated with high risk, from significant overpayments to illegal collection and loss of property," the expert confirmed. — Although liability measures need to be further strengthened, the problem is limited, and the main need for loans is generally covered by legal organizations.
Strict rules for legal financial market participants indirectly stimulate the development of illegal lending, allowing "black creditors" to build schemes to avoid responsibility, Alexandra Pozharskaya, deputy head of the Popular Front for Borrowers' Rights project, expert of the Moshelovka platform, told Izvestia. Such lenders completely ignore the requirements of the law: they do not check the solvency of customers, neglect the protection of personal data, do not pay taxes and use illegal methods of collection, including violence through controlled collectors.
How to fight
The current administrative sanctions remain insensitive for them: the actual fines are disproportionate to the income, which can amount to millions, she noted. Illegal immigrants quickly adapt to control measures, disguising loans as other transactions and promoting services through closed channels and offline ads.
— In fact, only tougher liability and an increase in fines to a level reflecting the real damage to citizens and the state can significantly affect the situation, — said Alexandra Pozharskaya.
The expansion of the illegal lending segment is explained both by demand from people with a high debt burden or a damaged credit history, and by the supply from pseudo-lenders disguising themselves as pawnshops or MFIs without a license from the regulator, Peter Shcherbachenko, associate professor at the Financial University under the Government of the Russian Federation, told Izvestia.
The main risks, according to him, are related to fraud: the borrower may not receive money at all, face fictitious contracts, demands to repay a non-existent debt or lose property, he stressed. Prepayment schemes for "loan processing" are common, as well as embezzlement of funds through access to personal and bank data.
— To avoid such situations, it is important to check the company's presence in the state register of MFIs, its participation in SRO and carefully study the documents. When fraudsters are detected, they should contact the regulator, and in case of damage, they should contact law enforcement agencies, having collected all the supporting materials," the expert reminded.
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