Banks will no longer be able to hide loans as part of payment services for purchases, called BNPL services. The Central Bank decided to close such a gap. informs The newspaper Izvestia referred to the press service of the organizer.
According to the newspaper, some Russian banks are promoting BNPL services as an alternative to installments or loans. Such services allow you to pay for the purchase in installments without concluding a loan agreement. As the press service of the organizer explained to Izvestia, when using such services, a person essentially buys on credit, but his rights are not protected. For example, the customer has no knowledge of the terms of the contract. Including the consumer does not know the cost of installment services, the amount of overpayment and the penalties for delay in such a loan.
The press service of the Central Bank, in a statement to the newspaper, said that for this reason, they plan to introduce conditions for informing citizens about loan conditions, limiting the amount of delay fines, “cooling time” and remittance. The data must be sent to the credit history bureaus.
According to the experts interviewed by Izvestia, regulations should be made in this area in order to protect the rights of Russians.