MOSCOW, February 7 – RIA Novosti. When applying for a loan, Russians should check whether the microfinance organization (MFO) is in the register of the Central Bank, as well as carefully read the information about the cost of the service, repayment options and all the terms of the agreement, Konstantin Borodulin, director of bank ratings of the National Rating Agency (NRA), told RIA Novosti. “First of all, it is necessary to check the inclusion of the organization in the register of operating MFOs posted on the Bank of Russia website, then carefully read the information on the cost of the loan, loan repayment options, the terms of the agreement, as well as other conditions and additional services,” he said.
When studying the agreement, it is necessary to pay special attention to the clauses on the liability of the parties, which usually indicate information about penalties, penalties and possible hidden fees, as well as the procedure for amending the agreement.
Before obtaining a loan, the expert recommends asking the microfinance organization what additional services the credit organization offers. At the same time, do not forget that insurance, SMS information, legal support and other options increase the cost of the loan.
“It is necessary to resort to the services of MFOs consciously, weighing their financial capabilities and understanding that MFOs provide funds at rates significantly higher than bank rates, and the level of these rates is a payment for a high probability of loan approval,” Borodulin concluded.