Getting a LOAN for a FOREIGNER in Russia - is it possible?
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On one hand, there are NO LEGAL RESTRICTIONS for foreigners to get loans. In addition, in almost any bank, they can register for debit products (savings accounts, deposits, payment cards, etc.). Transferring funds and exchanging currency is also easy. On the other hand, it’s very-very difficult for a non-citizen to be given a loan. Why? Banks are WARY OF LENDING MONEY TO FOREIGNERS because it may be extremely hard to collect it later.
❗ a foreign national may leave Russia at any time. And sometimes not even of his free will. For serious or repeated violations of the rules of stay, a foreigner may face deportation with a ban on entry into Russia for several years.
❗ in Russia, judicial practice for collecting debts from foreigners located in another country is not developed.
❗ bank scoring and credit history inquiry are designed for Russian citizens only.
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🫢 Needless to say, the conditions for such a consumer loan wouldn’t be the most favorable: increased interest rate, short loan term, and reduction in the maximum possible amount. It’s impossible to apply online; loans are issued only at a bank branch. You’re also required to justify the purpose of lending. Your application is more likely to be approved if the loan is secured; the co-borrower is a Russian citizen, and the borrower is a salary client of this bank. By the way, citizens of the CIS are granted consumer loans more often than persons with citizenship of other countries.
WHAT POSITIVELY AFFECTS YOUR CREDITWORTHINESS?
A RESIDENCE PERMIT (esp. permanent) greatly increases the chance - those who are in Russia on a visa are almost never granted loans. Also, if you:
✅💰 are registered in the bank’s region
✅💰 have a long work history in one company
✅💰 have Russian citizen relatives
✅💰 own real estate or a car in our country
✅💰 are employed
the bank will be more willing to provide you with a loan. Although this is not a 100% guarantee of success - everything depends on the bank’s policy. #Money #Business
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