A law came into force in Russia on October 23 that prohibits banks and microfinance organizations from advertising only attractive interest rates. In this respect aforementioned In the materials of the Bank of Russia.
According to the Central Bank of the Russian Federation, the innovation will apply to both text advertising messages, including publications on websites and mobile applications, and audio advertising. The regulator said financial institutions must now state the full cost range of a loan or loan, expressed as an annual percentage, when advertising their products.
According to amendments to the law “Consumer credit (credit)” and some legal acts of the Russian Federation, all information on the cost of the loan must be displayed in the same font as the most attractive interest rates. Some parameters should be no less noticeable than others. Thus, the consumer will be able to instantly see which additional paid goods or services he needs to purchase in order to receive money at a more affordable rate.
The Central Bank noted that this rule will allow borrowers to pay attention to the additional terms of the loan agreement and calculate their financial burden more consciously.
Before that, Andrey Ponomarev, CEO of online financial platform Webbankir named Three ways to get the maximum loan amount.
Previously entry The digital ruble law came into force.