Microfinance organization (MFO)- a commercial or non-profit organization that is not a bank and issues loans in accordance with Federal Law No. 151-FZ dated July 2, 2010 “On microfinance activities and microfinance organizations.” In this case, loan recipients can be both citizens and companies or individual entrepreneurs.

MICROLOAN- a loan in the amount of no more than one million rubles, provided under a loan agreement by a microfinance or other organization that has the right to provide microloans.

Types of microloans

The most common MFO products are consumer loans (for personal needs for a relatively long period), payday loans ( small amounts for a very short period), business loans (for starting, running, supporting and developing a small business).

What distinguishes an MFO from a bank?

• Simplicity - processing a loan is less formalized than at a bank.
• Fast loan processing.
• Accessibility - MFOs often operate in areas where there are no bank branches.
• For the borrower - high interest rates on a loan.
• For an investor, the safety of funds is not guaranteed by the state.

What you need to pay attention to when choosing an MFO

Availability of official MFO status:

• The MFO must be included in the state register, which is published on the official website of the Bank of Russia (www.cbr.ru);
• You can check the availability of the relevant certificate (copy) at the MFO office.
  Membership in self-regulatory organization(SRO) is an additional guarantee of the reliability of the MFO. This information can also be checked at the company’s office or on the official website of the microfinance organization.

Availability of rules for providing microloans:

• procedure for applying for a microloan;
• the procedure for concluding an agreement and obtaining a payment schedule;
• other conditions for providing microloans.

• Find out about interest rates on microloans.
• Check the availability of general and individual terms of the consumer loan agreement (individual terms of the agreement should be in tabular form).
• Check whether the consumer loan agreement contains information about the total cost of the loan (FLC). The average market value of the PSC is published on the official website of the Bank of Russia. The price cannot exceed the average market value of the PSC calculated by the Bank of Russia, applied in the corresponding calendar quarter, by more than one third.
• Take time to think - you can enter into a consumer loan agreement on the terms specified by the microfinance organization within five days after reading the individual terms of the agreement.

Applying for a microloan

Step 1. Choose the optimal microloan conditions for you

Step 2. Plan repayment

Step 3. Provide all necessary documents

REMEMBER! Practice shows that the maximum debt burden for servicing all loans and borrowings should not exceed 30-40% of your monthly INCOME.

Before you take out a loan or loan, analyze whether you really need it and whether you can cope with its servicing!

Repaying a microloan

The amount of payment made by the borrower (individual) under the consumer loan agreement must be sufficient for its full execution.

The debt is considered partially or fully repaid from the moment the funds arrive at the MFO account. Save receipts and payment receipts!

If you have taken out a microloan, but for some reason cannot repay it or make another payment within the period specified in the agreement, immediately notify the microfinance organization about this.

If the payment amount is insufficient, the Law “On consumer credit(loan)” a special order of repayment of obligations has been established: overdue interest, overdue principal, penalty, current interest, current principal.

In case of early repayment of a microloan, interest is paid only for the actual period of use of the borrowed funds.

If possible, always take information about full repayment debt to microfinance organizations.

Acceptable methods for collecting overdue debt: interaction with the debtor or guarantor must take place in weekdays With 8:00 to 22:00, on weekends and holidays- from 9:00 to 20:00.

Remember! Abuse of the right to collect debt in any form is unacceptable, including intentionally causing harm to the borrower or guarantor.

From July 1, 2014, the history of your loans and payments is sent to the Credit History Bureau - this is how your CREDIT HISTORY is formed, to which any lender (MFIs, banks, credit cooperatives) has access.

A positive credit history (repaying loans without delays) will help you get more money in the future. large loans to microfinance organizations and (or) bank loans. A negative credit history (delays, non-payments on previous loans) may completely deprive you of access to future loans from any financial institution.

BE CAREFULL! OBSERVE PAYMENT DISCIPLINE! BE RESPONSIBLE FOR TIMELY PAYMENTS!

Other MFO services

Some MFOs offer citizens not only to take out a loan, but also to act as an investor - to place money in the MFO for a certain period at fixed interest rates. It is important to understand that investments in microfinance organizations are not a contribution - this term applies only to contracts bank deposit.

ATTENTION! Investments in microfinance organizations are not insured state system deposit insurance, and, therefore, the safety of funds is not guaranteed by the state.

ATTENTION! Investments in microfinance organizations have the following features:

1. MFOs accept loans from citizens in the amount of at least 1.5 million rubles.

2. As a rule, MFOs offer investors an income of up to 20% per annum. If an organization offers investments at much higher interest rates, then there is a high probability that it is engaged in fraudulent activities.

3. MFOs are not obliged to return the funds deposited to the investor ahead of schedule, unless this is provided for in the agreement.

4. Many MFOs offer to insure investors' funds with one of the insurance companies. Choose an MFO that has insured its liability with a reliable insurance company.

Protection of the rights of borrowers and investors

The Bank of Russia has created a Consumer Rights Protection Service financial services and minority shareholders.

Download the original brochure

electronic form at the Internet reception of the Bank of Russia:

Friends and relatives come to help. When this is not possible, you can turn to special companies on the country’s credit market that are ready to lend money at interest for a short period of time. After being included in the special register of MFOs, microfinance organizations have the right to carry out microfinance activities in Russia.

What is an MFO

First credit institutions Credit unions and partnerships can be considered as issuing loans in the country. They existed back in the 19th century, but the microfinance organization received its real development in the 90s of the last century. Today, even banks create subsidiaries (the exception is Sberbank) to replenish their own financial resources.

However, only those that came into force in 2011 and 2014 regulated the activities of companies and the issues of providing microloans. Since that time, they have become controlled in their work by the Ministry of Finance and the Central Bank of the Russian Federation. Some companies have a whole network of representative offices, while others operate entirely on the Internet (MangoMoney, Zaimer). Recently, inspection and control over the activities of MFOs has been carried out by self-regulatory organizations.

What is the difference between an MFO and a bank?

The adopted laws contain specific information about the activities of microfinance companies, so we can highlight several points about how organizations differ from banks that similarly issue loans to the population. Firstly, MFOs are more loyal to clients and their bad credit history. Secondly, loans are issued for a short period of time, which rarely exceeds one month. A microfinance company is prohibited from issuing foreign currency loans, and the amount of funds that an individual can count on is 1 million rubles (for legal entities - 3 million).

Credit scoring

The method of machine data processing, which forms the credit profile of the borrower, has become very popular with the development of express lending. Based on previously issued loans and information about the client, the machine displays information about the person’s reliability as a borrower. Since the automated system analyzes only the information provided, even pensioners, the unemployed, and students have the opportunity to get quick money from MFOs, which sets organizations apart from banks.

Microfinance loans

A microloan is considered to be a small loan issued for a short time without confirming the applicant’s solvency. Although the maximum possible amount for individuals is legally set at 1 million rubles, in practice it rarely exceeds 30,000–50,000 rubles. Distinctive feature microloans are quick decision-making, inappropriate use and unsecured issuance. You are allowed to apply for a microloan online or at a company branch. The percentage of refusals is small, so the application is approved in more than 90% of cases.

Consumer loans

Microloans are issued to individuals for a relatively long period - from one month to six months, but the duration can be longer. The main purpose of their use is to purchase expensive equipment, repair cars or apartments. It can be used for relaxation, treatment, training. Refunds, as a rule, occur in equal parts and with a certain frequency (weekly, every ten days, etc.)

Payday loans

The most common type of mini-loans issued for several days - from three to a month. The loan is repaid immediately at the end of the loan period, although the agreement may provide for other, more favorable conditions. When receiving payday loans, small numbers appear, but the organization sets a high interest rate. They take out such loans in case of unexpected expenses or salary delays.

Entrepreneurial loans

Microcredit is carried out for a period of one to three years and this opportunity is provided to individual entrepreneurs and other legal entities. Microloans are used for the following purposes:

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• replenishment of working capital;
• opening a new business or developing an existing one;
• to cover cash gaps;
• rental of space;
• equipment purchases.

Law on microfinance activities and microfinance organizations

In Russia, the activities of microfinance companies are regulated by several documents. The main one is Civil Code. In addition to it, two federal laws were adopted that defined the work of MFOs and the provision of financial services by them: “On microfinance activities and microfinance organizations” No. 151-FZ, adopted on July 2, 2010 and “On consumer credit (loan)” No. 353-FZ, accepted 12/21/2013.

Types of microfinance organizations

According to Russian legislation microfinance organization is entity. The constituent documents of a non-profit organization must contain information that income from microfinance activities, in addition to making a profit, should also be directed to scientific, charitable and other purposes. Registration of an MFO can be carried out in the form of a commercial or non-profit partnership. It could be:

• economical society;
• partnership;
• funds;
• autonomous non-trading organizations;
• agency, etc.

By law, any microfinance organization can be represented as:

• microfinance company;
• microcredit company.

What does MFO do?

Microfinance companies are legal entities registered in the MFO register with a capital of more than 70 million rubles. They can carry out various activities - from issuing loans to issuing their own bonds. Microcredit companies have an amount of their own funds of less than 70 million rubles, and their activities are limited only to the issuance of microfinance.

Lending to borrowers

Non-bank micro credit organizations have the right to issue funds to both individuals and legal entities. The application can be written during a personal visit to the institution or by filling out for a loan online application. It takes about 5 minutes to consider the application, and the money can be received in any way convenient for the borrower: cash, bank card(it must be debit, because the MFO does not issue loans to a credit card), online wallet or by bank transfer.

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Attracting investor funds at fixed interest rates

Any citizen or legal entity can place own funds at interest (usually fixed) for a specified period. Such “deposits” are not insured in the state deposit insurance system, unlike bank deposits, therefore the state does not guarantee their return. Investments are made on the following basis:

• a microfinance company attracts funds at a rate of no more than 20% (there may be exceptions);
• the amount of the depositor's contribution should not be less than one and a half million rubles;
• You can insure your deposit yourself (it’s better to choose a large insurance organization with a long period of work on the market);
• early return of invested funds is allowed if this is reflected in the contract.

Prohibitions and restrictions on the activities of microfinance companies

Accepted legislative acts allowed us to determine the basics of microfinance activities of companies and protect the rights of their clients. The law specifies restrictions that relate to the work of the organization:

• It is prohibited to lend to the population and organizations in foreign currency;
• charge the borrower interest for the use of a loan issued for a period of up to 1 year, more than three times the amount of funds issued.
• act as a guarantor for its organizers;
• make changes to the terms of the microloan agreement unilaterally;
• collect penalties from the borrower if he wants to fully or partially repay the debt ahead of schedule, notifying the organization at least 10 days before repayment;
• realize professional activity on the securities market;
• lend to individuals for an amount of more than legal rubles;
• without the consent of the supreme governing body, alienate property or withdraw financial resources;
• use similar forms in your name to other financial organizations.

Rights and obligations

A microfinance organization has the right to require the borrower to provide certain documents. If she refuses, she must justify her position. MFOs do not have the right to engage in any activity that would be contrary to the law. Information received by a microfinance company about a client is not subject to disclosure. The organization is obliged to inform about interest rates, terms and other clauses of the contract. It is obliged to post data on the issuance of microloans in a place accessible for viewing and on the Internet.

How to choose the right MFO

Which company to take out a loan from is a personal matter. When making a decision, you should pay attention to reviews. Every self-respecting microfinance organization has a website on the World Wide Web, and since the number of organizations is so large, it is only possible to compare information on a number of microfinance organizations using the Internet. It's worth choosing large company, which has existed on the lending market for several days. Since loans are issued without collateral, you should immediately avoid those who ask to provide anything as collateral or any additional documents.

Availability of official status and registration

There are still illegal immigrants in the credit market offering their services under the guise of official lenders. In order to avoid cooperation with unscrupulous players when choosing a microfinance organization, you need to know that a legal entity acquires the status of an MFO after it is entered into the state register of microfinance companies. The form of the certificate of entering information about a legal entity into the state register is established by the authorized body.

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You can study the list of microfinance organizations that have state registration for issuing microloans on the official website of the Central Bank. The registration number must be indicated on the portal of each credit institution. The exclusion of a legal entity from the list of registered organizations occurs due to violation of economic standards and licensing conditions. All agreements concluded with such companies continue to be valid until the borrower fulfills all obligations.

Uniform rules for granting loans and advances

Each microfinance organization sets certain rules regarding receiving money. They are the same for all MFIs. To apply for a microloan, you must provide an identification document. This could be a passport of a citizen of the Russian Federation, a driver’s license, or a military ID. You can present your international passport, but it is advisable that it contains marks about crossing the border for the last six months.

Loans are issued in cash or non-cash. They are not earmarked and there is no need to provide collateral or other type of security to receive them. Based on the agreement, late payments are subject to penalties in the form of penalties or interest. The applicant has the right to early repayment of the funds received, but he is obliged to study about this loan at least 10 days in advance.

Availability of general and individual terms and conditions of the consumer loan agreement

Each agreement concluded with a borrower must include general and individual terms and conditions of a consumer microloan. They differ in that the general ones are assigned by the microfinance organization. They are standard for all borrowers. The MFO has the right to unilaterally change them with advance notice to the other party. Individual conditions Loans are achieved through negotiations and can only be changed through the courts.

• amount of credit;
• interest rate;
• contract time;
• relations of the parties;
• insurance information;
• payment options.

• details and information about the creditor;
• liability of the parties;
• microloan repayment options;
• requirements for the borrower

How to get a loan from an MFO

Applying for a loan will not be difficult for applicants. You can take money either during a personal visit to the company or through remote maintenance. The first thing you need to do is monitor offers on the microfinance market and find out under what conditions money is issued. After choosing a lender, you must fill out an application. This is done at the company office on paper, on the Internet, information is entered online. It is necessary to indicate personal information, place of registration and work, and income level.

The application can be submitted both on the MFO website itself and on specialized platforms, for example, Zaymigo. Once the application is completed, you must attach copies of the required documents. Consideration of applications can occur automatically or directly by the operator. Depending on the company, this may take 5 minutes or more. After this, the applicant will be notified of the decision, and if it is positive, he will be able to receive a loan.

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Rating of microfinance organizations

Money Man. Reg. No., tel.:555-76

• Start. RUB 1,500–10,000; 1.85%/day; 5–30 days;
• Takeoff. RUB 10,000–17,500; 1.80%/day; 5–30 days;
• Aerobatics. RUR 17,600–30,000; 1.75%/day; 5–30 days;
• Turbo. RUR 30,000–60,000; 0.76%/day; 10–17 weeks;
• Super turbo. RUR 30,000–70,000; 0.76%/day; 16–18 weeks.

Zaimer. Reg. No. 89, tel.:0-24-7

Kredito24. Reg. No. 06, tel.: -90-63

Platiza. Reg. No. 001237, tel.: -38-39

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• Microloan 1000–15000 rubles; The first loan is from 1%/day, the rest – 0.5–2.28%/day; 5–30 days.

E Loan. Reg. No. 2130, tel.: -99-99

• Microloan RUB 2,000–30,000; 0.000%–795.152% per annum; 5–30 days.

SMS Finance. Reg. No. 2022, tel.: -27-57

• Microloan RUB 1,000–30,000; 1.6%/day; 1 day–3 months.

Mig Credit. Reg. No. 0037, tel.: 06-09

• Before payday. RUR 3,000–14,000; 520.127–670.383% per annum; 3–30 days;

• Optimal. 15000-r.; 56.877–330.945% per annum; up to 48 weeks.

Pay P.S. Reg. No., tel.: -2435

Honestly. Reg. No., tel.: -07-60

Lime. Reg. No. 004102, tel.: -90-63

What is a microfinance company and how does it differ from an MFO?

Microfinance organizations and companies are a relatively new phenomenon for Russian market. They have existed in the West for quite some time. People began to use microloans more and more often. This is due to the fact that banks are more likely to refuse loans due to a large share of debt. A borrower with a bad credit history will definitely be rejected by all banks, but getting a mini-loan will be easier.

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Microlenders are more loyal to borrowers and can turn a blind eye to shortcomings in their credit history. Despite the fact that microloan rates are quite high (up to 2% per day), this type of lending is thriving and even has regular customers. The activities of microfinance organizations and companies are also regulated by federal laws (Federal Law No. 151 of July 2, 2010 “On MFOs”) and the Central Bank of the Russian Federation. Officially registered participants in this market are in the register of microfinance organizations.

What is a microfinance company?

This is a type of microfinance organization whose work is regulated by Federal Law No. 151, as well as regulations of the Central Bank. It has the right to attract money from individuals and organizations, as well as engage in microcredit. The State Duma of the Russian Federation introduced amendments to Federal Law No. 407 on December 29, 2015, after which MFOs were divided into microfinance companies (MFC) and microcredit companies (MCC). IFCs have become more serious participants in the financial market than MCCs due to a wider range of functions. At the same time, more stringent rules and requirements apply to IFCs than to MCCs.

MFC capabilities.

• Providing mini-loans in the amount of up to 1 million rubles. for consumer purposes.
• Issue of bonds.
• Providing loans for business purposes up to 3 million rubles.
• Attracting funds from the population from 1.5 million rubles. (such “deposits” are not subject to DIA insurance, so the depositor must independently insure them with an insurance company).
• Request from borrowers documents that will be necessary to consider a loan application.
• Provide or refuse loans with justified reasons.
• Carry out other activities provided for by law.
• Request a credit history from the BKI and transfer data about the borrower back.

What should IFC not do?

• Issue loans in foreign currency.
• Act as a guarantor for the obligations of the founders.
• Make transactions with property that will result in a decrease in the value of the company’s assets by 10% or more.
• Unilaterally change rates under loan agreements, change payment terms, introduce commissions.
• Engage in other trade, production, etc. activities.
• Interest is charged in an amount exceeding the size of the loan itself by 4 times.
• Apply penalties to borrowers who decide to repay the loan early.
• Engage in professional activities in the securities market.

The activities of microfinance companies are monitored by the Central Bank, the Ministry of Finance, the Federal Financial Markets Service ( federal Service on financial markets). MFCs operate on the basis of Federal Law No. 353 “On Consumer Loans” and Federal Law No. 151 “On MFOs”. These laws regulate the activities of microfinance companies and also regulate the procedure for issuing loans to borrowers. To make sure whether a company operates legally, you can check it in the register of microfinance organizations on the website of the Central Bank of the Russian Federation. If such an organization is not located there, then it is better not to deal with it. You can notify the Central Bank of a violation

Requirements for creating a microfinance company

• The authorized capital must be at least 70 million rubles.
• The company must report annually to the Central Bank on its performance results.
• The IFC must comply with the requirements for capital adequacy, liquidity, the share of risk calculated for the MFO, and a reserve for possible losses on loan repayments.
• Conducting an annual audit.

If all requirements are met, the company is included in the state register of microfinance organizations.

What is the difference between MFO and MFC?

In fact, it's the same thing. When registering a microfinance organization, the combination “microfinance company” and organizational and legal form must appear. MFOs can be found almost everywhere, even where there is no bank. They allow people to borrow money almost instantly, albeit for short periods. For such speed, borrowers overpay huge interest rates. Often, loans taken from microfinance organizations have a negative impact on the borrower’s credit history. This is due to the fact that MFOs can submit data on the loan, but they may be delayed in providing data on its repayment. For late payments, the client is subject to serious fines and penalties. By delaying payments for a couple of weeks, the debt can increase several times. The methods for collecting debts are quite strict. However, if, when “knocking out” a debt, an MFO goes beyond what is permitted, then these actions can be reported to the Association of MFO Participants and the Bank of Russia.

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The largest multifunctional complexes in Russia.

The analytical company "Expert RA" identified the largest multi-functional complexes based on the results of the year. The list includes companies that provide loans not only to individuals, but also to organizations. In terms of the volume of mini-loans issued, taking into account overdue payments, the first place is confidently taken by MFC OTP-Finance, which in a short time overtook such a well-known organization as Home Money. The success of OTP-Finance depended not only on effective work in the field of microcredit, but also on rich experience OTP groups and collaboration with key partners.

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What is a microfinance organization in the Russian Federation

The first microfinance organizations (MFOs) appeared in Russia in the 90s. Since that time, their number has grown from several dozen to 2.5 thousand companies. The majority of the country's population is familiar with the concept of “payday money”, but not many know thoroughly what an MFO is.

MFO - what is it?

Microfinance companies are commercial (less often non-profit) organizations that provide lending to individuals and legal entities, including individual entrepreneurs. MFOs are not banks, but just like them they are accountable to the Bank of Russia. The financial firm must be registered as a legal entity, the data of which is entered in the state register of microfinance organizations. Credit companies operate on the basis of a license, without which lending occurs illegally.

Types of microfinance organizations

Since March 2017, microfinance institutions have been officially divided into two types: microfinance and microcredit. What is a microfinance organization in the Russian Federation:

1. Has an equity capital of over 70 million rubles.
2. Can issue loans in amounts up to 1 million rubles.
3. Has the right to issue bonds.
4. Can attract investors.
5. Has the right to issue loans remotely via the Internet.

Depositors are registered with the IFC as investments and have several fundamental differences from bank deposits. Minimum amount the deposit is 1.5 million rubles. There is no state insurance for such investments, but at the client’s request, a microfinance company can arrange insurance for a fee. Interest rates range from 15 to 60% per year. The deadlines are set individually for each investor.

Microcredit companies include legal entities with equity capital of less than 70 million rubles. They are deprived of the right to carry out any activities other than lending to borrowers. Loans are issued in an amount of no more than 500 thousand rubles. You can only attract clients via the Internet, but not fill out an application.

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Restrictions for MFOs

Credit institutions are subject to a number of restrictions due to the specifics of their activities, as well as to protect consumers. MFOs are prohibited from:

1. Issue loans in foreign currency, all contracts are executed only in rubles.
2. Carry out professional activities in the securities market.
3. Issue loans via the Internet if the loan amount is over 15 thousand rubles. For full identification the client must visit the office or personally meet with a company representative in any other place.
4. Issue the next loan to the borrower if the amount under all contracts exceeds 1 million rubles. or 500 thousand rubles. depending on the category of the lender.
5. Charge excessive penalties. Maximum amount fines cannot exceed twice the initial amount of the total debt.

The legislative framework

Despite the long history of the development of microcredit, state control of companies was systematized not so long ago, namely on July 2, 2010, when the Law “On Microfinance Activities of Microfinance Organizations” was adopted. The document clearly outlines the rights and obligations of the parties to the lending process, as well as the specifics of the creation and activities of such companies.

Microfinance organizations are separate legal entities not associated with banking regulations, which in the recent past scared off borrowers with high interest rates and penalties. Thanks to amendments to the Law, which came into force on January 1, 2017, interaction with microfinance organizations has become more transparent and secure for potential clients.

The maximum loan amount is limited to three times the amount of the initial loan, and in the event of a delay, the amount of interest cannot exceed two times the amount of the loan.

In 2013, by the Law on Consumer Credit (Loan), the Bank of Russia obliged each financial company to publish the full cost of the loan in loan agreement. The form of the agreement, including its tabular part, must be the same for each borrower.

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Selecting an MFO

After the latest legislative updates, the number of microfinance organizations has decreased from 3.5 to 2.5 thousand companies. Of these, 10-13% operate on the Internet.

When choosing an MFO, it is important to check it from a legal point of view. Companies are required to provide information about state registration at the first request of the client. If a company is a member of any self-organized credit organization, this increases the level of its responsibility to borrowers. You can view the documents on the organization’s website or at their office.

In addition to official statements, it is important to study informal information about MFOs - reviews, stories from the practice of borrowers. It is important that positive responses outweigh negative ones, but do not look like overt advertising.

Another factor determining the borrower’s choice is overpayment on the loan. To calculate it, you can use calculators on company websites or the help of specialists in offices. You can independently calculate the final overpayment using the formula:

For example, the loan amount is rubles, the term is 15 days, the rate is 1.7%. We get: 10000*1.7/100*15 = 2550 rubles. For 15 days of using the money, the client will owe 2,550 rubles.

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Types of microloans

Microfinance companies offer several types of loans, depending on the amount and intended use of the funds:

1. Loans for entrepreneurs. The contract is drawn up for an amount of up to 1 million rubles. This amount allows you to start a business, increase working capital, purchase new fixed assets or cover overdue debts to creditors. Legal entities or individual entrepreneurs can apply. The loan term varies from 1 to 3 years. The average market rate is 48% per year.
2. Consumer microloans. Loans are issued with similar limits - up to 1 million rubles. Lending duration – from 1 to 6 months. As a rule, such loans are issued for the purchase of household appliances, repairs, payment for education, treatment or recreation. The average rate on the lending market is 15-20% per month.
3. Express microloans. This type of loan means payday loans. This name came from the people and was firmly entrenched in the marketing materials of companies. A mini-loan is issued for a period of several weeks to one month, and the loan amount is limited to 30-50 thousand rubles. There is a fee for servicing the loan - 1-2% per day.

Processing microloans

Once the borrower has decided on a lending company, he can apply for a loan. If the registration takes place in the office, then the company manager fills out the form, where the client signs the contract and can even receive money. If the borrower plans to apply online, he first needs to register on the organization’s website and upload copies of his documents. After this, access to filling out the application opens. MFOs provide loans to citizens of the Russian Federation who:

• have reached 18 years of age;
• registered on the territory of the Russian Federation;
• have a stable income;
• can provide contact phone numbers.

To obtain a microloan, you usually only need a passport, but some companies may request other documents: international passport, pensioner/driver/military ID, etc. The questionnaire consists of several information blocks:

1. Personal Information.
2. Passport details.
3. Contacts and addresses.
4. Information about relatives and their telephone numbers.
5. Sources and amount of income.
6. Existing property and loans.
7. Desired loan parameters.

The application is verified from 1 minute to 1 day, depending on the company and the loan amount. Internet loans are issued within half an hour. The client has the opportunity to independently choose the method of receiving money: to a card, bank account, electronic wallet or at cash issuing points (offices of microfinance organizations or money transfer companies).

Amortization

Payment of the debt occurs one-time or after a period of time specified in the agreement - it depends on the type of loan. The borrower has the right to repay his debt ahead of schedule and demand recalculation of interest for the actual time of using the money. Each MFO is obliged to fulfill such client requirements on the basis of Russian legislation.

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In addition to early repayment, many companies practice contract extension or restructuring. Extension of the loan can be carried out for an additional fee (one-time commission) or with an increase in the rate (usually by 0.1-0.5% per day). Thanks to this service, borrowers can avoid delays and a decrease in credit rating. A minority of creditors offer debt restructuring. The procedure includes stopping the accrual of penalties and paying the debt in installments over a designated period.

Like banks, microfinance organizations have a system of penalties. For failure to fulfill debt obligations on time, the borrower may be charged a fixed fine and a daily penalty. According to the legislation of the Russian Federation, data on microloans is transmitted to the credit bureau once a week. A delay of even one or two days can affect the client’s credit history.

Resolving controversial issues

After processing a loan, conflict situations often arise between the client and the lending company. This may be due to inflated interest rates, hidden fees or large fines. You can solve the problem in the following ways:

1. Check the presence of the company in the MFO register. If the registration number is missing, then the company is operating illegally and you must contact the prosecutor's office.
2. File a complaint with a special organization/institution. There are several options here: a self-regulatory credit organization, the Bank of Russia, Rospotrebnadzor, the Federal Antimonopoly Service.
3. Go to court.

The listed recommendations can be applied simultaneously or gradually, awaiting the response of the microfinance company. Complaints can be submitted online or sent by registered mail. The best option- This is an independent resolution of conflict issues between the parties to the contract.

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Microfinance

Microfinance organizations

A microfinance organization (MFO) is a commercial or non-profit organization that is not a bank and issues loans in accordance with Federal Law No. 151-FZ dated July 2, 2010 “On microfinance activities and microfinance organizations.” In this case, loan recipients can be both citizens and companies or individual entrepreneurs. The Bank of Russia supervises the activities of microfinance organizations.

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MFOs are usually medium and small companies. MFOs are not bound by many banking regulations, since they do not attract funds from citizens, which allows them to take an individual approach to assessing the borrower and, in many cases, issue money faster and less formalized than banks. In addition, MFOs often operate in areas where there are no bank offices.

On July 1, 2014, the Federal Law of December 21, 2013 No. 353-FZ “On consumer credit (loan)” came into force, which formalized the relationship between the borrower and the lender, established maximum size penalties, beyond which organizations have no right to demand from the borrower, and also established uniform principles for collecting overdue debt. In accordance with this federal law, all professional lenders, which include credit organizations, microfinance organizations, pawnshops, consumer credit cooperatives, agricultural credit consumer cooperatives, are required to comply with uniform rules for lending to citizens, which takes the standard of protecting the rights of consumers of financial services to a new level.

What you need to pay attention to when choosing an MFO:

• Each microfinance organization is required to register in the State Register of Microfinance Organizations. You can check whether an MFO is registered in the register on the official website of the Bank of Russia (cbr.ru).

The registration certificate (copy) must be posted at the MFO office.

The Bank of Russia quarterly, starting November 14, 2014, calculates and publishes the average market value of the total cost of a consumer loan by category consumer loans. At the time of conclusion of the agreement, the full cost of a consumer loan cannot exceed by more than one third the average market value of the full cost of a consumer loan of the corresponding category calculated by the Bank of Russia, applied in the current quarter.

Microloan – a loan in the amount of no more than one million rubles received by an individual, individual entrepreneur or a legal entity on the basis of a loan agreement with a microfinance organization, credit cooperative (credit union) or other organization that has the right to issue microloans.

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Depending on the purpose and size, microloans can be divided into three types:

1. Microloans for entrepreneurs

Loans of up to one million rubles for starting, supporting and developing a small business. Such a loan can be issued to both a legal entity and an individual entrepreneur.

Such loans allow entrepreneurs to start a business, replenish working capital, cover cash gaps, purchase new equipment or rent additional space.

Typically, business loans are issued for a period of one to three years, usually without collateral and with a small list of requested documents.

2. Consumer microloans

Loans issued to citizens (individuals) for personal needs for a relatively long period. Most often, a consumer loan is taken out for the purchase of large household appliances, urgent car or home repairs, treatment, tourism, training or other needs.

As a rule, microfinance organizations offer such loans for a period of one to six months, but they can also be issued for a period of up to two years. Repayment of a consumer loan usually occurs in several (weekly or monthly) payments.

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3. Microloans “before payday”

Loans issued to citizens (individuals) for personal needs for a very short period. Such loans are usually taken out in case of urgent and unexpected expenses or delays monthly payments salaries. The interest on such loans is higher than on consumer loans and credit cards. Their advantage is speed and ease of design, but you should pay attention to the high interest rate. It makes sense to take such a loan if you are confident that you will definitely be able to repay it, and the benefits from its use will outweigh the costs incurred.

As a rule, the term of such a loan ranges from seven to thirty days, and the amount is about half of the borrower’s monthly income. The payday loan and interest for using the money are repaid in a single payment on the last day of the period specified in the contract.

Applying for a microloan

• Before applying for a loan from an MFO, try to study possible options and choose the best one for your situation. If time permits, seek advice from several microfinance organizations. A properly selected loan will help you solve the problems you face and will not create new problems.
• To apply for a loan from an MFO, as a rule, one document is required – a civil passport. Sometimes the company may also ask for a second document - a driver's license, foreign passport, military ID or other identification document. To obtain a business loan, you may be asked for documents confirming income and expenses for running a business.
• Before you take out a microloan, plan to repay it. If you have the opportunity to choose a repayment date that is convenient for you, choose a date after the expected salary date, for example, in 3-4 days - this will allow you to use convenient repayment methods, and the transferred funds will arrive on time in the MFO account.
• If you are paying off several loans at once, schedule payments on them in different parts of the month to distribute the debt load between the advance and salary.
• Choose the loan term and amount carefully. Do not take out a microloan if you are not sure that you will be able to repay all the borrowed funds on time!
• Many countries recommend that the maximum debt burden for servicing all loans and borrowings should not exceed 30–40% of your monthly income.

Repaying a microloan

• The debt is considered partially or fully repaid from the moment the funds arrive at the MFO account. Use only verified means of payment to repay debts and always save checks or receipts for depositing the amount into the MFO account.
• If the amount of payment made by the borrower (individual) under the loan agreement is not enough to fully fulfill the obligations, Federal Law No. 353-FZ dated December 21, 2013 “On consumer credit (loan)” establishes a special order of repayment of obligations (overdue interest, overdue principal, penalty ).
• If you have taken out a microloan, but for some reason cannot repay it or make the next payment within the period specified in the agreement, immediately notify the microfinance organization about this. If you cannot fulfill your obligations for a good reason (loss of job, illness, long business trip, etc.), the MFO may provide you with a deferred payment or offer debt restructuring.
• You have the right to repay the microloan early. In case of early repayment, interest is paid only for the actual period of use of the borrowed funds.
• A microfinance organization has the right to unilaterally reduce the interest rate for using a loan, but the law prohibits unilaterally increasing the cost of the loan.
• Always take a certificate of full repayment of debt to the microfinance organization - this document will be useful if disagreements arise.

Other MFO services

Some MFOs offer citizens not only to take out a loan, but also to act as an investor - to place money in the MFO for a certain period at fixed interest rates. It is important to understand that investments in microfinance organizations are not a deposit - this term applies only to bank deposit agreements. Investments of funds in microfinance organizations are not insured in the state deposit insurance system, and, therefore, the safety of funds is not guaranteed by the state.

Investments in microfinance organizations have the following features:

• MFOs accept loans from citizens in an amount of at least 1.5 million rubles.
• As a rule, MFOs offer investors income of up to 20% per annum. If any organization offers investments at much higher interest rates, then there is a high probability that it is engaged in fraudulent activities.
• MFOs are not obliged to return the funds deposited to the investor ahead of schedule, unless this is provided for in the agreement.
• Many MFOs offer to insure investors' funds with one of the commercial insurance companies. Choose an MFO that has insured its liability with a large insurance company - this will increase the reliability of your investments.

Protection of the rights and interests of borrowers

Supervision of MFO compliance with legal requirements is carried out by central bank Russian Federation(Bank of Russia) - within its structure, a Service has been created to protect the rights of consumers of financial services and minority shareholders. In addition, compliance with the requirements of some federal laws Rospotrebnadzor and Roskomnadzor are monitoring.

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An additional guarantee of compliance with the client’s rights may be a certificate of affiliation of the MFO with one of the SROs (the Register of SROs in the microfinance market is available on the Bank of Russia website) and cooperation with the Institute of the Financial Ombudsman.

Laws regulating microfinance activities:

• Civil Code of the Russian Federation;
• Federal Law of December 21, 2013 No. 353-FZ “On consumer credit (loan)”;
• Federal Law of July 2, 2010 No. 151-FZ “On microfinance activities and microfinance organizations.”

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A microfinance organization or MFO is a non-banking company that issues urgent microloans at interest to individuals and legal entities and individual entrepreneurs. A company can carry out its activities only after entering information into the state register of microfinance organizations.

There are two types of MFOs:

• Microfinance organization.
• Microcredit company (MCC).

The following can obtain the status of a microfinance company:

1. independent non-profit organizations or partnerships;
2. legal entities registered in the form of funds;
3. non-budgetary institutions;
4. partnerships;
5. business societies.

MFO clients include all categories of the population. Due to the simplified procedure for checking borrowers and loyal requirements, obtaining funds from a microfinance organization is faster and easier than from a bank. Typically, the procedure takes about 5–10 minutes and is accompanied by signing an agreement, consulting, issuing cash or transferring funds to a bank card.

The maximum amount that can be received does not exceed 1 million rubles. At the same time, the company does not have the right to issue money if the borrower already has a debt to the microfinance organization in excess of this amount (or more than 3 million for individual entrepreneurs and legal entities).

The interest rate is set individually by each company, the average range is 365–730% per annum.

The operating procedure of MFOs is regulated by the Federal Law “On microfinance activities and microfinance organizations” - No. 151 dated July 20, 2010 and “On amendments to certain legislative acts of the Russian Federation in connection with the adoption of the Federal Law “On microfinance activities and microfinance organizations” dated July 5, 2010.

Opportunities and limitations of MFOs

Registration of a microfinance organization allows the lender:

• study the documentation and information about the borrower that is needed when considering a loan application;
• refuse to enter into contracts with persons requesting funds;
• conduct other activities in conjunction with issuing microcredits that are not prohibited by law;
• attract money in the form of voluntary donations or sponsorship contributions, loans, as well as other forms that are not prohibited by law, but take into account all restrictions;
• transmit information for credit bureaus on the fulfillment of obligations by borrowers.

Unlike MCCs (microcredit companies), MFOs have the right to attract investments from any individuals. Typically, the relevant information is presented in the form of a proposal on the MFO website.

Microfinance organizations are prohibited from:

• Issue loans in foreign currency.
• Become a guarantor for the obligations of your founders.
• Change the essential terms of the microloan agreement (interest rates, validity period, fees and fines).
• Work in the securities market.
• Collect fines from individuals for early repayment of obligations.
• Alienate any own property representing more than 10% of the book value without the approval of such a decision by senior management.

The number of microfinance organizations has increased significantly in recent years; among the most popular are “Denga”, “Bystrodengi”, “Zaymer”, “Platiza”.

Financial services for issuing quick loans are in increasing demand among Russians. In one of the studies, it turned out that 50% of our fellow citizens know what a microloan is, 30% have thought about getting such a loan, and 20% of respondents have already used such a service at least once.

From numerous articles in the press it is known that, on the one hand, microloans are easier and more convenient to obtain than a bank loan, and the review period and package of documents are minimal, but on the other hand, microloans are very expensive. However, while many people are familiar with the work of banks from their own experience, not everyone understands the mechanism of work of microfinance companies. How are they similar and how are they different from banks? And most importantly, how do these companies evaluate their borrowers?

What are MFOs and why are they?

In accordance with the legislation of the Russian Federation, a company that wants to issue microloans must be included in the register Central Bank Russian Federation and is called a microfinance organization (MFO). Such a company has the right to issue loans up to 1 million rubles. Moreover, a microloan can be received not only by an individual, but also by a legal entity, in particular an individual entrepreneur.

Initially, microloans, by the way, were invented by the Bangladeshi banker Muhammad Yunus in the 70s of the 20th century so that the poor could start their own business by receiving a loan against low percentage. It all started with Yunus walking to work past a village whose residents were weaving baskets. Banks refused to lend to these poor people, and they were forced to turn to moneylenders for money to buy bamboo for weaving. But they set such high interest rates that people who turned to them essentially fell into debt slavery. Yunus began by becoming a bank guarantor for the residents of this small village.

No one believed that people would return his money; he himself was not sure that this would be real help. But people returned the money. Yunus tried to lend them a second time, a third time. Then I started trying to borrow money in other villages - and people always returned the money and were grateful. So in 1983, he founded the Grameen Bank (Village Bank), which worked only in villages. Then a company for marketing the products of Bangladeshi weavers and others appeared. By the way, the bank’s shareholders are now the borrowers themselves, all 7 million people. In the end, for his social activities Yunus received Nobel Prize. And the microloan model began to spread around the world - for example, it is very popular in India with 24 million borrowers.

The mechanism of work of MFOs It is obvious that in the Russian Federation the situation is completely different now. Interest rates in MFOs cannot be called low (500-700% per annum). And MFOs do not fulfill their original useful social function - financing small businesses at low interest rates. The reason for their popularity in the Russian Federation essentially lies solely in the more convenient service compared to banks. You can get a loan from an MFO without specifying a purpose, without leaving your home (via the Internet), quickly, and with a minimum of documents, often even with a bad credit history.

Here is how the chairman of the board of directors of one of these financial companies describes a potential client of an MFO: “the target audience of an MFO is men and women 25-

55 years old with secondary and secondary specialized education, from cities and towns with a population of more than 15 thousand people, working mainly in the service sector, trade and manufacturing, with incomes below the Russian average.”

He also describes the mechanism of work of MFOs as follows: “The activities of MFOs are based on issuing loans to individuals with low or unconfirmed income who would like to improve their basic standard of living, including purchasing consumer goods. About 35% of clients are young people, aged 26- 35 years old, 25% - 36-45 years old, 60% - men.”

The chairman of the board of another microfinance organization, one of the largest in this market, says: “Our main advantage over banks is the simplicity and speed of processing a loan application. We issue money even to clients with an imperfect credit history and very quickly - within 1 day from the date of application... MFOs and banks today are not direct competitors, and are unlikely to become so in the near future... In fact, they and we proposals for different groups of the population.”

It is interesting that although microfinance organizations usually issue funds for periods not exceeding 35 days and amounts up to 10-12 thousand rubles. the average loan amount in this MFO in the first half of 2013 was 22.5 thousand rubles, and the average term was 19 weeks. Moreover, this is a large microfinance organization - about 30 client centers and 90 loan issuance points are open here. And taking into account their partners - sales salons mobile phones– more than 600 points. Loans can be repaid in Cyberplat terminals, of which there are 120 thousand across Russia. The annual turnover of such an MFO is about 200 thousand loans totaling 5 billion rubles, which is comparable to banks. It is interesting that in this company, almost 70% of clients are women, 65% are from 31 to 50 years old.

The same representative of the MFO provides the following information on its borrowers:

• 30% of clients are trade and service workers;
• 20% - junior office staff;
• 15% - general workers, drivers, builders;
• 15% are small private entrepreneurs;
• 10% are state employees.

Microloans are taken mainly for the following purposes:

• 34% - current expenses, purchase of goods;
• 21% - home renovation;
• 10% - for business;
• 10% - for treatment.

It should be noted that in other countries there are also microfinance companies, but mainly only those who are refused by banks turn to them. No borrower in his right mind will take a loan there for 500% per annum if the bank gives for 10%. In Russia, the situation is different: here MFOs focus on borrowers who have a job and everything is in order with a credit history, but for whom the bank is “too difficult.”

Mechanism for assessing a borrower in an MFO.

Microfinance organizations usually only refuse to scammers, that is, those who do not initially plan to give away money. And this is the main difference from banks, which, in addition to cutting off fraudsters, also look at the borrower’s income, his credit history, availability official work and so on.

Although conservative MFOs also look at whether the borrower is able to adequately assess his financial capabilities and from what sources he will repay the loan. In such MFOs, working with a borrower is usually similar to a simplified lending scheme in a bank - a person comes to the MFO office, an employee ( Financial Consultant) gives him a visual assessment, talks, and makes a decision on issuing a loan.

Some MFIs connect to Credit Bureaus, from which they can query a borrower's credit history. But so far, this is not widespread, because... The loan amounts are small, and the risks of non-repayment are built into the high interest rate. For this business, it is normal for every fifth borrower to default. Therefore, MFOs try to develop their own credit history with a given borrower. For example, in one of the large microfinance organizations, if the borrower successfully repaid a microloan from 3 to 12 thousand rubles. for a period of up to 35 days, he gets access to longer loans of up to 24 weeks and up to 30 thousand rubles. If everything went smoothly here, then the period increases to 36 weeks, and the amount - up to 70 thousand rubles.

Of course, with this approach there is always the possibility of underestimating the risk. And no matter how good the scoring model is, the final decision on issuing a loan is still made by an employee-financial consultant. Therefore, it is obvious that the borrower himself pays for the increased risk. If a microloan is issued via the Internet, without the borrower personally visiting the office, the rate on such a loan will be very high.

What else do MFOs do?

Interestingly, MFOs can not only issue, but also accept loans, which is analogous to deposits. Rates on such quasi-“deposits” are usually significantly higher than in banks - it can be 20-25% per annum. But at the same time no state guarantees DIA, like in banks, and income from such “deposits” is taxed income tax. In addition, some companies try to cheat and attract such quasi-deposits to other companies that are not registered MFOs. In this case, the money back guarantee is no greater than that of the notorious MMM system.

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