The Payday Loan does not stop its fight against unscrupulous creditors and continues to make efforts to make the financing of Russians more transparent and convenient. In her next public speech, UR Bank approved the main task of the Payday Loan – to protect the rights of consumers of financial products.
Such an extensive task is divided into several stages. Now another of them has been passed and positive results are already noticeable – the number of personal loan is decreasing, and the number of loans is increasing – this indicates that the quality of service is getting better. But, unfortunately, organizations still remain in the microfinance market, the main purpose of which remains to deceive the borrower. This is done in a variety of ways: one product is sold under the guise of another, the terms of the contract are hidden, the interest is overestimated during the provision of the service and much more.
New Stage of Regulation
At the moment, Payday Loan experts are preparing for the start of a new stage of regulation – behavioral supervision.
In order to start a new phase, you need to prepare several bills, aimed mainly at the requirements for creditors in terms of disclosing information on the products they offer. Loans to the public should be extremely transparent, all information, all conditions and actions of the borrower and the lender should be clear to the consumer at the time of signing the contract. Self-regulating organizations, which will develop certain standards and will react quickly if they discover activities that do not meet these standards, should play a big role.
And, of course, you need to work closely with the borrowers themselves. So, as microloans are issued to the population, the population should be aware of their rights and obligations before contacting a microloan company and taking a loan. It is necessary to conduct extensive work to improve the financial literacy of Russians. Despite the fact that the main age of borrowers begins closer to 30 years, the Payday Loan is working on special programs for training pupils and students. In addition, in the near future there will be a specialized platform on the Internet, in which it will be possible to easily understand the basics of lending.