The Institute of Microfinance Organizations in Russia is quite young, as it appeared only in 2010. But, such companies have already managed to impose competition on banks and annoy ordinary citizens. What`s about the practice of the Supreme Court on disputes between MFIs and consumers? What is the maximum percentage of a loan that a microfinance organization can establish? What issues does the microcredit market experience and what will help to solve them?
Today, the issuance of microloans is a unique process that violates the basic principles of lending: security and creditworthiness, says Alina Zelenskaya, an attorney of the National Law Company “Mitra”. That is, a loan is not guaranteed, and the level of income of a potential client is not checked by anyone. According to the attorney, in practice, money becomes available to people who are unable to assess the possibility of their return.
Materials were taken from “Pravo.ru”
