Loans provided by non-bank crediting organizations to be capped in Moldova

Chisinau, 7 April /MOLDPRES/ - The MPs today approved, in the second reading, an initiative on amending the Law on the banks’ work and the Law on non-bank crediting organizations, the goal of which is to enhance the degree of protection of loan consumers.      

The document sees the capping of the cost of the loan and the regulation of the principles of assessing the reliability of the loan beneficiary. Thus, the loan’s interest rate, specified in the loan contract, will be capped at 50 per cent at the most. At the same time, the other expenses (commissions, taxes, penalties, delay interests and any other payment type), which are included in the loan’s overall cost, except for the interest, for one day of loan, will not be higher than 0.04 per cent of the loan’s total sum.

Therefore, the overall cost of the loan will not be larger than its total value.  

The document also sees creditors’ obligation to properly assess the reliability of consumers, using all information available. Otherwise, the debtors might be exempted from the payment of the interest, commissions or other payments to the creditor, reimbursing only the initial sum of the loan.    

Photo: Parliament