The expert explained that debts are considered dangerous, for which more than half of the average monthly income has to be allocated. Under such conditions, even a relatively small loan should be abandoned if it outweighs the critical level.

Kuderko added that even the most modest amount with high interest and collateral threatens losses. You should also refuse a loan if conditions are offered that are not reflected in the contract, the lawyer emphasized.

Earlier, the State Duma of the Russian Federation adopted a law to reduce the maximum rate on microloans from 1% to 0.8% per day. As a result, the marginal cost of a loan will decrease from 365% to 292% per annum. This seems to be great news for borrowers. However, experts believe that microfinance organizations (MFIs) will tighten the requirements for clients and will select more reliable ones.