Get out of debt: real rates on microloans jumped to 247%
The average level of real interest rates on short-term microloans for the year jumped by 27 percentage points, to 247% per annum, follows from the data of the Central Bank, which was studied by Izvestia. This is due to an increase in delinquency and stricter regulation of the industry — limiting overpayments and the imminent introduction of a limit on the number of loans in one hand. Because of this, the debt burden on "regular customers" who cannot get out of the debt pit is growing. Why the new measures to protect borrowers have so far led to the opposite effect is in the Izvestia article.
How much have the rates on microloans increased?
Short-term loan conditions have deteriorated significantly over the past year. The total cost of such loans for a period of up to 60 days in the second quarter reached an average market rate of 247% per annum. Over the year, the indicator increased by 27 percentage points, according to the Central Bank. In other words, the cost of such loans to customers has increased significantly, even though the Bank of Russia has reduced the key rate.
The full cost of the loan includes all expenses that the client pays during the loan period. In addition to the rate, this is usually also the cost of insurance and commissions — for servicing, maintaining the borrower's accounts, issuing cards and other additional services.
At the same time, the market is gradually moving away from short-term loans. In the second quarter of 2026, products with a period of up to 60 days accounted for less than 18% of all shipments — their share has more than tripled over the year, the press service of SRO MIR reported. MFOs are reviewing the product line and focusing on loans from 60 to 180 days. They now account for about 70% of the registrations.
The average CPI for loans for this period has also increased over the year — from 202% to 208.5% per annum, according to the Central Bank. For loans of less than 100 thousand rubles, the figure now averages 287% per annum, which is also higher than last year's level.
The high cost of microloans is primarily related to the risks of such lending, explained Natalia Milchakova, a leading analyst at Freedom Global. According to her, MFIs have significantly more risky clients and problem debts in their portfolios than banks, so companies include possible losses in the cost of services.
The share of debt overdue for more than 90 days has already exceeded a third, which is the maximum since 2023, according to the Central Bank. Clients of MFIs are increasingly experiencing difficulties in repaying loans, so the costs of the growth of problem loans are eventually distributed among other borrowers.
This is one of the reasons why reducing the key rate does not lead to cheaper microloans, as in the banking sector. MFOs finance loans from their own funds or borrowed loans, so the cost of their products depends not only on the Central Bank's rate, but also on the situation on the financial market and the requirements of the regulator, explained Dmitry Dolzhenko, head of consumer lending and credit card development at Ingo Bank.
How regulation has affected the cost of microcredit
In recent years, the Bank of Russia has consistently restricted the issuance of the most expensive and risky loans. So, starting in 2026, the maximum amount of overpayment for micro-loans for up to a year was reduced from 130% to 100% of the initial debt amount.
At the same time, two-month loans with real rates of 247% still do not violate this restriction of the regulator. The bottom line is that they are issued for a short period of time, so even such huge interest rates do not eventually lead to a two—fold overpayment - it is strictly limited by the Bank of Russia.
If a person takes out a loan, for example, for 50 thousand rubles, he should return no more than 100 thousand to the MFO. But even this amount may be too much for a borrower with a small income. In addition, with a high interest rate, the maximum amount of debt can be reached much faster.
Starting from July 1, 2025, restrictions apply to the issuance of microloans to customers who send more than half of their income to repay debts. Because of this, citizens who are particularly dependent on borrowed funds have become noticeably less likely to receive new loans, said Natalia Milchakova, a leading analyst at Freedom Global.
As a result, some of the high-risk clients are becoming less suitable for legal MFIs, said Maxim Paschenko, CEO of IFC Joy Money. Companies are forced to evaluate borrowers more carefully and reject those whose debt burden is too high.
MFOs are becoming more cautious when issuing loans, so a refusal from a bank no longer means that a person will definitely be able to get a micro-loan, added Ekaterina Kazak, CEO of Cyberbird Fintech Group. For some borrowers, legal financing may not be available at all.
Who was affected by the rise in microloan rates
The increase in interest rates has the strongest effect on clients with increased risk, since the cost of a loan for MFIs is directly related to the likelihood of its non-repayment, Ekaterina Kazak noted. According to SRO MiR, the segment of short-term loans is now mainly occupied by the most risky borrowers.
Microloans are most often used by young people aged 18 to 34 and citizens aged 35-44 with incomes significantly lower than the average salary in Russia, said Natalia Milchakova, a leading analyst at Freedom Global. For such clients, bank loans often remain unavailable, so they turn to MFIs.
Among these borrowers there are people with a negative credit history, without documented income or with existing delinquencies, said Valeria Popova, senior analyst at the investment company Rikom-Trust. MFOs set higher rates for them, but at the same time continue to give them money.
Borrowers who regularly take out new micro-loans to repay old obligations pose a particular risk, Ekaterina Kazak explained. Such a pattern of behavior can quickly lead to an increase in obligations, and a person will end up in debt.
However, the most heavily indebted borrowers with high loads are already largely cut off from MFIs due to the requirements of the Central Bank. Customers who previously might not have been considered problematic are now becoming the most risky for the market. Nevertheless, the rates for them in 2026 turned out to be higher than a year earlier.
Experts confirm that borrowers who are prone to delinquencies and debt accumulation are still actively using the services of MFIs. As a result, they are the ones who receive loans at rising rates. This creates a vicious circle: increasing delinquency forces MFIs to increase the cost of loans, and more expensive loans increase the burden on customers who already find it difficult to service debts.
However, starting from October 1, 2026, the Central Bank plans to limit the number of expensive loans from UCS above 200% per annum — there may be no more than two per borrower, said Valeria Popova from Rikom-Trust. This measure should reduce the risk of clients falling into debt in the future.
Ultimately, the MFI market is becoming more and more regulated. The era when companies could earn super-high income on small loans due to virtually unlimited overpayments is gradually disappearing. But while market participants are adapting to the new rules, the cost of risk remains high and continues to affect customer rates.
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