10.03.2025, 21:52
Experts explained the cases of abuse of self-locking on loans
Source: OREANDA-NEWS
OREANDA-NEWS Cases of abuse of self-locking on loans may be a test of the mechanism among borrowers or ignorance of all the subtleties of its work, experts interviewed by RIA Novosti explained.
Earlier on Monday, the newspaper Vedomosti reported that Russians began to abuse the self-ban on issuing loans, and some cases of applying for a loan after the ban are regarded by banks and MFIs as "consumer extremism" when, for example, unscrupulous borrowers want to take advantage of the opportunity not to repay borrowed money, taking advantage of the time lag between the appearance of a mark in the credit history and the actual start of the restriction.
"In my opinion, the problem still looks a bit exaggerated. According to media reports, loan applications from people who have self-signed up make up only a few percent of all loan applications. Moreover, in my opinion, they may partly be explained by the fact that citizens do not fully understand how the self-lock works, and, in particular, they may not realize that its installation will not allow, for example, using installments and other similar services when buying goods on marketplaces," the Finam analyst believes Igor Dodonov.
The expert also suggested that it is quite possible that in some cases it is scammers who are trying to apply for a loan for a person. As for the fact that some banks and MFIs still issue loans with self–locking enabled, this is rather a problem for the credit institutions themselves, and perhaps it is related to the fact that the latter have not yet adjusted their procedures for issuing loans, taking into account the possibility of self-locking, Dodonov suggested.
"There are indeed cases of abuse of self-locking functions by borrowers. Sometimes it's conscious consumer extremism, sometimes it's the borrower's excitement and desire to test how restrictions work in practice... I think that both the regulator and financial organizations are well aware of the risks associated with consumer extremism, and they will very soon refine the technological and legal framework, leaving no loopholes in it," said the director of the Communications policy department of the financial marketplace "Choose.<url>" by Anna Romanenko.
Viktor Bulanov, head of the credit rating product at Compare, suggested that the introduction of liability measures in such cases may be a justified step. For example, it is advisable to provide for administrative sanctions or restrictions on the re-registration of loans in the event of a deliberate attempt to defraud a credit institution. However, it is important that such measures do not affect conscientious citizens who could get into a similar situation by mistake, he noted.
"Cases of "consumer extremism" occur from time to time in banking practice, although they are not widespread... The intensification of attempts to "cheat the system" in the early days of self-locking loans is somewhat predictable, as is the fact that such fraud is guaranteed to fail. Judicial practice in similar cases is on the side of creditors, so you will have to pay not only the debt with fines and penalties, but also the bank's legal costs," warned Ivan Uklein, Senior Director for Banking Ratings at Expert RA.
Earlier on Monday, the newspaper Vedomosti reported that Russians began to abuse the self-ban on issuing loans, and some cases of applying for a loan after the ban are regarded by banks and MFIs as "consumer extremism" when, for example, unscrupulous borrowers want to take advantage of the opportunity not to repay borrowed money, taking advantage of the time lag between the appearance of a mark in the credit history and the actual start of the restriction.
"In my opinion, the problem still looks a bit exaggerated. According to media reports, loan applications from people who have self-signed up make up only a few percent of all loan applications. Moreover, in my opinion, they may partly be explained by the fact that citizens do not fully understand how the self-lock works, and, in particular, they may not realize that its installation will not allow, for example, using installments and other similar services when buying goods on marketplaces," the Finam analyst believes Igor Dodonov.
The expert also suggested that it is quite possible that in some cases it is scammers who are trying to apply for a loan for a person. As for the fact that some banks and MFIs still issue loans with self–locking enabled, this is rather a problem for the credit institutions themselves, and perhaps it is related to the fact that the latter have not yet adjusted their procedures for issuing loans, taking into account the possibility of self-locking, Dodonov suggested.
"There are indeed cases of abuse of self-locking functions by borrowers. Sometimes it's conscious consumer extremism, sometimes it's the borrower's excitement and desire to test how restrictions work in practice... I think that both the regulator and financial organizations are well aware of the risks associated with consumer extremism, and they will very soon refine the technological and legal framework, leaving no loopholes in it," said the director of the Communications policy department of the financial marketplace "Choose.<url>" by Anna Romanenko.
Viktor Bulanov, head of the credit rating product at Compare, suggested that the introduction of liability measures in such cases may be a justified step. For example, it is advisable to provide for administrative sanctions or restrictions on the re-registration of loans in the event of a deliberate attempt to defraud a credit institution. However, it is important that such measures do not affect conscientious citizens who could get into a similar situation by mistake, he noted.
"Cases of "consumer extremism" occur from time to time in banking practice, although they are not widespread... The intensification of attempts to "cheat the system" in the early days of self-locking loans is somewhat predictable, as is the fact that such fraud is guaranteed to fail. Judicial practice in similar cases is on the side of creditors, so you will have to pay not only the debt with fines and penalties, but also the bank's legal costs," warned Ivan Uklein, Senior Director for Banking Ratings at Expert RA.
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