MFIs have learned to circumvent the Central Bank's requirement not to substitute low-margin loans with other, higher-yielding ones. For example, MFC ICC issues a loan on a card, which is immediately used to pay for goods in the Svyaznoy network. The trick is that on paper the loan is not targeted and the situation looks like a voluntary purchase. However, the coincidence of the amounts of loans and receipts for goods, as well as the verbal explanations of the managers who made the loans, leave no doubt about the circumvention of the requirements for the full value of the loan.
According to Artur Zurabyan, a partner of ART DE LEX, the strength of the scheme is that there are no documents, which would allow the consumer to prove the target nature of the loan. In the event of a dispute, the only evidence the client will have is that almost simultaneously he was given a consumer loan and made a purchase with this money.
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