Aggregated News From Investment Management Regulators

Borrowers not to confirm income to get small loans until 1 October 2021

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Until 1 October 2021, microfinance companies (MFCs) and microcredit companies (MCCs) will be able to continue assessing borrowers’ financial standing in a simplified manner when issuing loans for up to 50 thousand rubles or title loans to purchase a car. This decision was made by the Bank of Russia.

It will be sufficient for a borrower to provide a statement about their income, in addition to which MFCs and MCCs will use their scoring models without having to resort to any other information resources. This will help people get loans in case of new anti-coronavirus restrictions without increasing load on the market.

Currently, the corresponding orders of the regulator are being registered at the Russian Ministry of Justice.

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Regulator Information

Abbreviation: CBR
Jurisdiction: Russian Federation

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