The Borrower’s 10-Point Safety Checklist: Before You Click “Apply” Online
Applying for a microfinance loan (MFO) or any online credit product can be fast—but so can falling for a scam. Fraudsters copy legitimate lenders, fake official portals, and promise instant approval to steal your data or money. This checklist walks you through the ten critical checks you must perform before you submit any application or payment. Use it every time, no matter how urgent the need.
Important: No legitimate lender guarantees approval, instant funding, or government support without a proper review. If an offer sounds too easy, it likely is.
1. Verify the Official Domain
Scammers often create lookalike websites with subtle typos (e.g., `gosuslugi-credit.ru` instead of `gosuslugi.ru`).
What to do:
- Double-check the URL in the address bar. Look for misspellings, extra hyphens, or unusual top-level domains.
- For any lender claiming to be affiliated with an official government portal, only use the official domain. No legitimate MFO operates directly on government portals—they may use them for verification, but the application is on their own site. Any claims of direct integration are unverified.
- Bookmark the official lender site from a trusted source rather than clicking ads or emails.
2. Read the Consent Text Carefully
By law, you must give explicit, informed consent for your personal data to be processed. Scammers often bury harmful permissions in vague text.
What to look for:
- The consent form should clearly state what data is collected (passport, income, contacts), why (credit scoring, verification), and how long it is stored.
- It must specify if your data will be shared with third parties (e.g., credit bureaus, collection agencies) and allow you to withdraw consent.
- Check for any checkbox that says “I agree to receive promotional offers” – uncheck it unless you want marketing spam.
3. Confirm the Lender’s Identity
Never assume the website name matches the legal entity. Many scammers use a familiar brand name but are not the real company.
What to do:
- Look for the full legal name and the registration number (e.g., OGRN or INN, depending on your jurisdiction).
- Cross-check this legal name and number on the official financial regulator’s register of MFOs (e.g., Central Bank of Russia registry).
- If the lender claims to be a bank, verify it on the official bank registry. MFOs are not banks and cannot offer banking services.
4. Check the MFO Registry (Source Data Only)
The official financial regulator’s registry is the only authoritative source for whether a lender is legally allowed to operate.
How to use it:
- Go to the regulator’s registry page and enter the lender’s registration number or full legal name.
- Confirm the entry is active (not revoked or suspended). The registry also shows the lender’s license number and date of inclusion.
- If the lender is not listed, do not apply. Operating outside the registry is illegal and almost always a scam.
Red flag: The lender says they are “registered with a government portal” but cannot provide a registry number.
5. Calculate the Full Cost of the Loan
The Total Cost of Credit (TCC) – including interest, fees, insurance, and any other charges – must be clearly shown before you sign. Scammers hide these costs until after you pay.
What to demand:
- The annual percentage rate (APR) and the TCC in local currency for the entire loan period.
- A breakdown of all fees: application fee, service fee, late payment penalty, early repayment charge, insurance (if mandatory).
- For MFOs, the maximum daily interest rate is legally capped in many jurisdictions. If the rate is higher than the legal limit, it is illegal.
6. Assess Your Repayment Ability Honestly
No lender can guarantee you will be able to repay. Overborrowing is a common cause of debt problems.
Self-check:
- Calculate your monthly income after taxes. Subtract all fixed expenses (rent, utilities, existing loan payments, food).
- The loan payment (principal + interest) should not exceed a reasonable percentage of your disposable income (e.g., 30%).
- If you cannot afford the payment for the full term, do not take the loan. Extensions and rollovers only increase total cost.
7. Check Card Requirements
Scammers often ask for your bank card details to “verify” or “activate” a loan, then steal money.
What is normal:
- A legitimate lender may ask for your card number to receive funds (via transfer) or to set up auto-repayment. They should not ask for your CVV or PIN for verification.
- If you are asked to pay a “processing fee” or “insurance deposit” before receiving the loan, this is a classic scam. Legitimate lenders deduct fees from the loan amount, not from your card upfront.
8. Review the Required Documents
Legitimate lenders need to verify your identity and income. Scammers ask for excessive or unnecessary documents to steal your identity.
What is standard:
- Government-issued ID (main page + registration page).
- Income proof (e.g., salary certificate, bank statement, or pension certificate). Some MFOs accept a simple self-declaration for small loans.
- Tax identification number for credit bureau checks.
- Request for your bank login password, PIN code, or full ID scan without a secure upload system.
- Asking for documents that are not required by law or asking you to email them to a free email address (e.g., Gmail, Yandex) instead of a secure portal.
9. Protect Your Privacy
Your personal data is valuable. Scammers can use it to open loans in your name.
What to verify:
- The site uses HTTPS (lock icon in the address bar). This encrypts data during transmission.
- The privacy policy explains how your data is stored, for how long, and whether it is sold to third parties. Look for phrases like “data may be transferred to partners for marketing purposes.”
- If you are applying via a government portal, only use the official portal’s consent mechanism. Never enter your government portal password on a third-party site. Any claims of direct integration with government portals for MFO applications are unverified.
10. Identify Scam Signals
Beyond the individual checks, look for these universal warning signs:
- Pressure to act fast: “Apply now – offer expires in 10 minutes!” Scammers create urgency to bypass your caution.
- No physical address: Legitimate lenders have a registered legal address (found on the official registry). If the site only has a P.O. box or no address, be wary.
- Guaranteed approval: No lender can guarantee approval without a credit check. Any site that says “100% approval” is lying.
- Unprofessional website: Typos, broken images, missing contact pages, or a design that looks copied from another site.
- Upfront fees: Any request for payment before you receive the loan is a scam.
- Report to the relevant financial regulator and law enforcement (e.g., cybercrime unit).
- Contact your bank immediately to block your card if you entered details.
- Change passwords for any accounts you used on the site.
Final Checklist Summary (Print or Save)
| Check | Done? |
|---|---|
| 1. Official domain (no typos) | ☐ |
| 2. Consent text read and understood | ☐ |
| 3. Lender’s legal name and registration number found | ☐ |
| 4. Lender active in official MFO registry | ☐ |
| 5. Full cost (TCC) obtained and understood | ☐ |
| 6. Repayment ability assessed (affordable portion of income) | ☐ |
| 7. Card details only for legit use (no upfront payment) | ☐ |
| 8. Document request is standard | ☐ |
| 9. Privacy policy clear and HTTPS active | ☐ |
| 10. No scam signals (pressure, guarantees, no address) | ☐ |
If any box is unchecked, do not proceed. A few minutes of checking can save you months of debt and identity theft.
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