The Bank of Russia has issued a warning about “black lenders” becoming active – scammers offering loans without formalities.
The fraudsters advertise their services on social media and even make phone calls to potential customers.
In the first quarter of 2020 alone, even before the pandemic, the number of complaints about black lenders grew by 17%, according to the Russian Popular Front project to support borrowers’ rights. The second quarter will definitely see an even faster growth due to the deterioration of most Russians’ financial situation.
Black lenders are firms that offer loans without complying with the legal procedure. Typically, these companies aggressively advertise their services and use aggressive debt collection methods, Izvestia writes.
Experts find it difficult to evaluate the size of the illegal debt market in Russia. Since the beginning of the year, according to the National Association of Professional Collection Agencies (NAPCA), the number of complaints about such firms has grown by 70%. Russians also report threats from black collectors.