There is a risk of over-crediting the Moldova’s population, especially in the case of the so-called multiple lending. Individuals could take more loans and thus find themselves unable to repay them. The opinion was expressed by journalist Vlad Bercu on "15 minutes of economic realism" show, IPN reports.
"For example, some companies offer an interest rate of 2 percent per day or 760 percent per year, while in the case of non-payment the interest rate doubles. And this happens in the case of small loans. When someone gets a loan of 5-10 thousand lei, he/she does not pay attention to the provisions of the contract and later has to deal with unpleasant and even unbearable situations”, notes the journalist.
The number of beneficiaries of non-bank loans reached almost 465 thousand people, and the average value of a loan was over 18 thousand lei. 83 percent of the loans are granted to individuals. 44.8% are for consumption and this indicator is on the rise.
According to the journalist, the National Commission for Financial Markets (CNFP) has developed and initiated the procedure for promoting the draft Law on amending some legislative acts, the main purpose of which is to minimize the risks of over-indebtedness of consumers-individuals and to protect the beneficiaries from non-bank lending.
The draft, proposed for debate by the CNPF, provides that non-bank lending organizations be entitled to use in their activity only their own financial resources or borrowed from qualified, institutionalized investors, both within the country and from abroad. Acceptance of financial resources from individuals is forbidden. It also stipulates that non-bank lending organizations are required to report to credit history offices before granting loans, in particular to individuals. Also, it is proposed that for loans granted for a term of up to two years, all the additional costs, which include nominal interest, commissions, etc., cannot exceed the initial amount that was borrowed by the beneficiary.
Vlad Bercu says that a considerable rise in consumer loans is also registered in the banking sector. In the first seven months of the year, banks granted consumer loans amounting to about 3.6 billion lei, which represents almost 58 percent of all loans contracted by individuals during this period.