Banks are required to disclose the maximum loan rate in advertisements starting October 23
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From October 23, banks and microfinance organizations will be required to indicate in advertising not only the minimum, but also the maximum loan rate. Norm law applies to publications both on bank websites and mobile applications.
“As of October 23, a legal provision will come into force that prohibits banks and microfinance organizations from advertising only attractive interest rates. This applies to both text advertising messages, including publications on websites and mobile applications, and advertising with sound,” the statement says. message Bank of Russia.
Full information about the cost of the loan should be displayed in the same font as the “most attractive interest rates”; the parameters should be equally visible, the regulator clarified. Thus, the consumer will be able to immediately see what additional paid goods or services he will have to purchase in order to receive borrowed funds at a more favorable rate.
Read more in the Kommersant article. “Loans will be shown at full cost”.
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