What to Look Out for When Taking a Loan
Automatically translated summary. The full text is available in Romanian.
An information note from the National Bank of Moldova and Independent Think Tank “Expert-Grup”, produced under the National Financial Education Campaign, advises consumers in Moldova on how to assess their need for a loan, compare offers, understand the risks and use their legal protections before signing a credit contract.
Before borrowing, consumers should check that the purchase is truly necessary, that their income can cover repayments and that the benefit outweighs the cost. Under Law 202/2013, offers should be compared using the annual percentage rate (APR, or DAE), which includes interest and fees, alongside repayment terms, early repayment charges (capped at 1% or 0.5%) and collateral requirements. The main risks are variable interest rates, currency fluctuations, loss of pledged assets and a negative credit history.
Contracts must be clear, with uniform text and no unilateral changes by the lender, and consumer loans can be cancelled within 14 calendar days. The law caps annual interest at 50% and daily charges at 0.04% of the loan, and total cost cannot exceed the amount disbursed, except for home loans. Violations can be reported to the National Financial Market Commission; the lender may then claim only the principal.
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