A senior member of Russia’s State Duma Committee on Small and Medium Enterprises explained how a new law will reshape the way residents can borrow money online. The core aim is to safeguard ordinary people from fraudsters who operate by leveraging online loan platforms. The official noted that loan applications will be accepted exclusively through the State Services portal or when a resident visits a government service center (MFC). This change signals a shift toward greater oversight and consumer protection in a landscape where rapid online lending has become common.
According to the legislator, once a resident registers on the official website, they can submit an electronic loan application by entering their Tax Identification Number (TIN). The system will automatically relay the information to all credit history bureaus. This automatic data sharing is intended to streamline the assessment process while ensuring that credit records reflect the applicant’s activity in real time. The parliamentarian spoke about these details during an interview with the 360 TV channel.
The deputy emphasized that even with a centralized State Services portal, there remain vulnerabilities where attackers can lure residents into compromising their accounts or approving online actions under duress. In practical terms, this means citizens must stay vigilant about any unexpected prompts or unfamiliar prompts that request access to personal data or account actions. Strengthened security measures are framed as essential to closing these gaps.
In the event that a suspicious transaction is detected, the bank is expected to take decisive steps beyond a simple notification. Banks may freeze the affected funds and pause movements within the user’s account. If this occurs, customers should contact their bank directly to verify the information and arrange a card reissue if necessary. This proactive approach is presented as a crucial safeguard so that individuals can be confident the bank will not share links or prompt for data through deceptive channels, which scammers often exploit in social engineering schemes.
The legislator argued that it is crucial to require immediate notifications about attempts to obtain a loan, rather than waiting until a loan has already been granted. Such timely alerts are designed to empower consumers to intervene before damage occurs, creating a more secure borrowing environment for everyday users.
He also pointed out that the new law includes provisions intended to curb impulse purchases that can arise from quick, online loan approvals. By slowing down the process or introducing stricter verification steps, the legislation aims to reduce the frequency of spontaneous borrowing that can trap individuals in unfavorable financial cycles. The overarching intent, according to the official, is to balance accessibility with safety, ensuring that borrowing remains a tool rather than a trap.
As context, the State Duma has advanced the law in two readings simultaneously. The measure targets both the right to borrow and the option to ban oneself from borrowing, depending on personal circumstances and risk awareness. When it comes into effect, the law is scheduled to begin on March 1, 2025, and is expected to reshape consumer credit landscapes across the country by adding layers of accountability for lenders and more control for borrowers. This timeline mirrors similar regulatory conversations taking place in other regions, including North America, where policymakers continually seek ways to manage online lending risks without stifling legitimate access to credit. [Citation: State Duma communications]
Earlier remarks from economists highlighted that the law’s primary goal is to create a robust framework for self-prohibition of loans, giving individuals a stronger stance against aggressive or deceptive lending tactics. This perspective underlines the broader intent to protect households from fiscal missteps in a marketplace that rewards speed and convenience with complex financial products. The anticipated protections are framed as a foundation for healthier borrowing behaviors in the long run. [Citation: Economic analysts briefings]