Consumer Lending: Current Conditions, Problems and Perspectives of Development

Review. The article gives an analysis of main provisions of the Federal Law "On Consumer Lending (Consumer Loan)", identifies the problems in legal regulation and produces recommendations on how to resolve them. Both the need for the development of consumer lending, including providing guarantees of consumers' rights when using consumer lending, and the development of the mechanism of protection of such rights in case of their infringement are essential for the development of not only consumer lending but for the market of banking services and economy as a whole. Accordingly, to provide borrowers with comprehensive protection of their consumer rights and legitimate interests under the Federal Law "On Consumer Lending (Consumer Loan)" we must perform the following tasks: - development of forms and methods of government control over compliance with banking legislation, competition legislation, advertising laws, consumer protection laws, and development of the ways of interaction between the Central Bank of the RF and its territorial branches when providing banking supervision and the Federal Anti-Monopoly Service, its territorial agencies and The Federal Service of Surveillance on Consumer Rights Protection and Human Wellbeing; - raising the level of legal culture and financial literacy of the population entering into contractual relations with banks; - raising the professional level and the level of legal culture of employees of credit organizations working in bank collections departments with borrowers who are physical persons. Admittedly, the law contains a number of provisions that cause uncertainty in their trouble-free application, and a lot of time will be required to evaluate their effectiveness. Despite this, it should be noted that the idea of adopting this law deserves respect and gives hope that this mechanism will enable those citizens who, for objective reasons, find themselves in insolvency situation to get rid of endless persecution by creditors, endless charge of interests, and imposition of penalties and fines. Anyway, further development of consumer lending in Russia is possible, but only under the conditions of eliminating all problems and improving the credit system as a whole. The authorities have already prepared the development strategy, and there is nothing left but to carry it out meticulously and consistently.

consumer loan, current conditions, legal regulation, loan, a creditor, borrower, microfinancing, collection agencies, problems, ways of development

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