Getting a loan these days can feel tougher, even when an application clears. The reality is shaping up so that borrowers sometimes walk away with less than they hoped, and in some cases, even the approval isn’t guaranteed. This perspective comes from Andrey Ponomarev, chief executive officer of the online financial platform Webbankir, speaking with socialbites.ca. He shared three practical strategies to improve the odds of securing a larger loan from banks and microfinance organizations (MFOs).
Mr. Ponomarev notes that access to credit is being squeezed by the rise in the key interest rate, which banks use to source funds from the central bank. Since August, that rate has climbed by 4.5 percentage points to 13 percent annually, and there is a strong possibility of further increases. In addition, regulatory tightening that began on October 1 has imposed stricter requirements for unsecured lending, often referred to as macroprudential limits. This shift makes lenders more cautious about large, unsecured borrowings and aligns with broader macroeconomic policy aimed at controlling debt levels in the economy. The consequence is a tougher landscape for borrowers seeking sizable sums.
Another factor to watch is debt service pressure. People allocating more than 80 percent of their income to debt payments are increasingly facing loan rejections. Those carrying a debt burden in the 50–80 percent range are also at higher risk of being turned down, according to Ponomarev. In practical terms, this means applicants should reassess how much they borrow in relation to take-home pay and existing obligations before approaching lenders, to avoid being flagged for excessive debt exposure.
For better odds, the expert suggests engaging with financial institutions that already have a history of cooperation. A track record with a lender can tilt the scales in a borrower’s favor when a request for a higher limit is in play.
“Repeat customers often gain approval for larger amounts at MFOs, sometimes twofold or even threefold compared with first-time applicants. The most favorable terms—often the easiest path to a higher limit—tend to arise with banks where the customer already has a salary project or payroll relationship. When a bank knows the customer and can forecast ongoing income, it can more accurately assess repayment capacity,” Ponomarev explained. Such continuity reduces uncertainty for lenders and can translate into more generous lending terms for those who have previously maintained a stable financial relationship.
When a specific purchase is the goal, a targeted loan might be the smarter route. This form of financing is generally perceived as less risky and tends to carry a lower cost. Bank of Russia data cited by Ponomarev show that point-of-sale loans used to buy a defined product—such as electronics or appliances—are typically 2.5 to 4 percentage points cheaper than non-targeted loans. This cost gap reflects lender confidence in the borrower’s intent and the item’s ownership as collateral-like support for repayment.
Credit history remains a key element in lending decisions. A borrower with a heavy load of current debt or overdue payments is unlikely to receive a major loan. Conversely, an absolutely pristine credit history with no prior borrowing can also raise red flags, signaling a lack of proven repayment behavior. Ponomarev notes that the best approach is to address overdue balances promptly, prioritizing higher-interest debts first. This strategy can lower overall risk and improve future credit opportunities. In practical terms, paying off a loan from a microfinance organization that carries a high annual rate is often more prudent before tackling a mortgage with a much lower rate, simply because it reduces the most expensive debt first.
For those with no credit history or a minimal borrowing track record, taking a small, manageable loan and repaying it on time can help establish a positive narrative for lenders. A solid on-time repayment history significantly increases the probability of securing larger loans in the future, as lenders gain confidence in the borrower’s discipline and reliability. The overall takeaway is clear: build a track record, manage existing debt responsibly, and approach lenders with a clear plan for both timely repayment and realistic borrowing needs.
Earlier reports highlighted how Russians have accessed credit across different channels and financial products. The central bank has signaled a willingness to revisit lending strategies, signaling ongoing changes in the regulatory framework and its impact on consumer borrowing. This evolving environment emphasizes the importance of informed decision-making and careful debt planning for anyone considering a larger loan.
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This broader trend underscores the evolving landscape of automotive financing as more households consider purchase options tied to the economy’s current pace and the availability of vehicles in the market.nWhen lined up against the same month a year earlier, loans issued for new cars rose sharply in unit terms and in ruble value, signaling a robust jump in financing activity. Specifically, new car lending doubled in volume and increased about 2.6 times in monetary terms. For used cars, the picture was also positive, showing a 31% rise in the number of loans and a 66% lift in ruble terms. These gains point to a healthy appetite for both new and pre-owned vehicles, with buyers leveraging credit to secure favorable terms amid fluctuating prices and the presence of different fuel and tech configurations that have diversified consumer choice.nHowever, the September figures did not match August’s pace. In units, new car loans were down by about 1% month over month, and in rubles there was a 2% decline. Used car lending showed a more pronounced month-to-month dip, with a 10% drop in loan counts and an 11% decrease in ruble value. Avtostat notes that these August-to-September fluctuations reflect a market stabilizing after a surge in parallel imports during July, a trend that temporarily boosted supply and influenced consumer confidence. Additional headwinds include the seasonal tightening of imports and stricter recycling and environmental policies that nudge buyers toward different purchasing timelines and financing decisions. Analysts interpret these dynamics as a balancing act: markets respond to policy incentives, import patterns, and the lag between new vehicle availability and consumer demand, which then settles into a steadier rhythm as autumn unfolds.nLooking at the year so far, analysts highlight a striking acceleration in vehicle lending across the nine-month period. New car loans rose by 73 percent in unit terms and 98 percent in rubles, while second-hand car loans climbed by 70 percent in units and 116 percent in rubles. This momentum signals a broadening credit footprint within the auto market. It suggests that lenders have been expanding their offerings, while consumers continue to view car ownership as a durable financial asset and a practical response to shifting mobility needs. The data also reflect a higher propensity to finance rather than pay upfront, a pattern that aligns with the broader credit environment and the need to preserve liquidity while navigating price volatility in both new and used vehicle segments.nOn a related note, AvtoVAZ had previously indicated that Lada cars would be accessible at factory prices. This announcement added another layer to the market’s pricing dynamics by potentially offering a price anchor in a period of fluctuating imports and evolving supply chains. The implication is that factory-price access to popular models could influence buyer behavior, affect loan structuring, and shape seasonal demand for a wide range of customers across the region.””,meta_title_variants”:[“Car Loan Market September 2023 Update US & Canada””,September 2023 Auto Loans: New & Used Vehicles Growth””,Avtostat Report: September Vehicle Lending Trends””,Lada Factory Prices & Auto Financing Trends””,US & Canada Car Loan Trends September 2023″]”,meta_description_variants”:[“Latest September 2023 vehicle loan data shows strong growth for new and used cars in the US and Canada, with notable monthly shifts.””,Avtostat analysis reveals how September loan activity for cars evolved, including Lada factory price impacts and import trends.””, September 2023 auto lending insights outline rising loan volumes for new and used cars and market stabilization.””,How September 2023 auto loans performed; new vs used, import impact, and Lada factory pricing.””,Vehicle lending in September 2023 shows resilient growth for both new and used cars across North America.”]} }json to be parsed by system Central Bank of Russia Expands Lending Flexibility While Preserving Consumer Protections Cooling-Off Period for Consumer Loans in Russia Debt load has peaked Mortgage risk premiums rise in Russia as debt burdens tighten lending Mortgage Trends and Tools to Stabilize Housing Costs in Russia