Loan

In the nominative case, the singular normative spelling is the variant through the letter ё - loan ^{[6] [7]} . At the same time, in indirect cases and in the plural, the basis is simplified to loan- : for example, gender. p. loan , pl. hours loans . In colloquial language, an arises: the singular nominative form takes the form of a loan , but this option is marked as incorrect in the prescriptive language norm ^[8] . Moreover, this option is sometimes used in professional literature ^{[9] [10] [11]} .

In Russia

In accordance with Article 807 of the Civil Code of the Russian Federation ^[12], a loan agreement is considered concluded from the moment of transfer of money or other things. From 01.06.2018, new rules are in effect (paragraph 1 of Article 807 of the Civil Code), allowing for entrepreneurs a model of a consensual loan, which is valid from the moment of signing the agreement (agreement on the main terms of the agreement).

Loan Agreement Form

A loan agreement between citizens must be concluded in writing if its amount exceeds 10,000 rubles ^[13] , and if the lender is a legal entity , regardless of the amount.

In support of the loan agreement and its conditions, a receipt of the borrower or other document proving the transfer of a certain amount of money or a certain amount of things to him by the lender may be presented.

Types of loans

1. target - if the loan agreement is concluded with the condition that the borrower uses the funds received for certain purposes.
2. a state institution under a state loan agreement is a federal or municipal institution or any other institution (private, etc.) that has state insurance guarantees, and a lender is a citizen or legal entity.
3. non -target loan agreement without limiting the use of borrowed funds by the borrower. As a rule, such loans are more expensive than targeted loans.

Basic conditions of a loan agreement

The loan agreement establishes the essential conditions without which the agreement is deemed not concluded:

1. Loan amount or the number of things transferred.
2. Loan term - the time for which money or things are provided. In cases where the term for repayment by the contract is not established or determined by the time of demand, the loan amount must be repaid by the borrower within thirty days from the date the lender submits a request for this, unless otherwise provided by the contract. The interest-free loan amount can be repaid by the borrower ahead of schedule. The loan amount provided at interest may be repaid early with the consent of the lender.
3. The amount of interest . If the interest rate is not established in the loan agreement, their size is determined by the bank interest rate ( refinancing rate ) existing at the place of residence / location of the lender on the day the debt is paid. A loan agreement may be interest-free. An interest-free agreement is considered to be an agreement concluded between citizens for an amount not exceeding fifty times the minimum wage established by law, and not related to the implementation of entrepreneurial activity by at least one of the parties. An agreement is also considered interest-free, according to which not money is transferred to the borrower, but other things determined by generic characteristics.

Important: Obtaining an interest-free loan by residents of the Russian Federation may have tax consequences. According to the Tax Code of the Russian Federation, transactions with interest-free loans can be recognized as controlled transactions with the corresponding tax consequences.

Other terms of the loan agreement

1. Consequences of a breach by a borrower of a loan agreement (Article 811 of the Civil Code of the Russian Federation) ^[12]
   1. Unless otherwise provided by law or a loan agreement, in cases where the borrower does not repay the loan amount on time, interest shall be paid in the amount specified in paragraph 1 of Article 395 of this Code from the day it was to be returned until the day its return to the lender regardless of the payment of interest provided for in paragraph 1 of Article 809 of this Code.
   2. If the loan agreement provides for the repayment of the loan in installments (by installments), then if the borrower fails to meet the deadline for repaying the next part of the loan, the lender is entitled to demand an early repayment of the entire remaining loan amount along with the interest due.
2. Challenging a loan agreement (Article 812 of the Civil Code of the Russian Federation)
   1. The borrower has the right to dispute the loan agreement for its non-cash, proving that the money or other things have not actually been received by him from the lender or received in a smaller amount than indicated in the agreement.
   2. If the loan agreement is to be completed in writing, it is not allowed to challenge it by means of monetary evidence by means of testimony, unless the agreement was concluded under the influence of fraud, violence, threat, malicious agreement of the representative of the borrower with the lender or a combination of difficult circumstances.
   3. If, in the process of contesting a loan agreement by a borrower for its lack of money, it is established that money or other things have not actually been received from the lender, the loan agreement is considered to be not concluded. When the money or things are actually received by the borrower from the lender in a smaller amount than specified in the contract, the contract is considered concluded for this amount of money or things.
3. If the borrower fails to fulfill the obligations stipulated by the loan agreement to ensure repayment of the loan amount, as well as if the security is lost or its conditions worsen due to circumstances for which the lender is not responsible, the lender is entitled to demand from the borrower an early repayment of the loan amount and payment of interest due, unless otherwise provided by the contract ^[14] .
4. Target loan (Article 814 of the Civil Code of the Russian Federation).
   • If the loan agreement is concluded with the condition that the borrower uses the funds received for certain purposes (target loan), the borrower must ensure that the lender can control the intended use of the loan amount.
   • If the borrower does not fulfill the terms of the loan agreement on the intended use of the loan amount, as well as in violation of the obligations provided for in paragraph 1 of this article, the lender has the right to require the borrower to repay the loan amount ahead of schedule and pay the interest due, unless otherwise provided by the contract.

Microloans

In July 2011, Federal Law No. 151 of July 2, 2010 “On Microfinance Activities and Microfinance Organizations” entered into force. With the advent of the above Federal Law, activities related to the issuance of microloans began to be regulated in the same way as the activities of credit organizations. So the law establishes restrictions on attracting funds from the population by microfinance organizations ^[15] .

July 1, 2019 new restrictions on the issuance of consumer loans developed by the Central Bank came into force ^[16] :

• daily interest rate is limited to 1% (365% per annum)
• the maximum amount of payments that lenders may require from the borrower is limited to twice the amount of the loan (we are talking about interest, fines and other payments related to the loan).

At the same time, the introduction of further restrictions is planned:

• since October, the regulator will complicate the issuance of loans to borrowers with a high debt burden (the ratio of monthly payments on all loans and borrowings to the average monthly income).
• 2020, it will not be possible to demand from the client more than one and a half times the size of the loan.

State and municipal loan

In the Russian Federation

General Provisions

A state loan is one in which the borrower is the Russian Federation , a subject of the Russian Federation , and the lender is a citizen or legal entity .

A state loan agreement is concluded by the lender acquiring issued government bonds or other government securities that certify the lender's right to receive money from the borrower or, depending on the loan conditions, other property, established interest or other property rights within the time period stipulated by the conditions issuing a loan into circulation.

Government loans are voluntary.

Changing the terms of a loan issued is not allowed.

The rules on the state loan agreement respectively apply to loans issued by the municipality .

In various cultures

Inca Empire Loan

During the lean years of storage, which were filled with crops obtained from the chakar fields of the ruler of the Inca , the kuraki administrative officials, with the permission of the Inca himself, provided food to the poor people of the settlement, and at the same time submitted reports to the pile about how it was received in this way. Therefore, these contributions were made as a loan, that is, it can be argued that the Incas had a financial credit institution ^[17] . Also, everything that, as Pedro Siesa de Leon pointed out in his Chronicle of Peru , was given out to individual residents from the warehouses of the ruler of the Inca, they were handed over to the kamayos employees who worked on the bale. It was clear in the pile what every Indian did, and everything he did was deducted from his tax, which he was to give. But the return of the loan was not done by the same types of products, but was paid for by various types of work. The same was the case with the issuance of provisions from the warehouses of the trains for the whole community or province:

... if any bad year came, they also ordered to open warehouses and provide the provinces with the [prestar] loan the necessary provisions, and then, in the year of plenty, they gave and delivered to them [that is, to the warehouses] again, according to their account , a certain amount of.

- Cieza de Leon, Pedro. Chronicle of Peru. Part two. Chapter XIX. ^[18]

Loans of the Russian Empire

External loans

From the 1880s , when the Crimean War of 1854 - 1856 was forgotten, they traditionally focused on France, where there was a large class of rentiers who lived only on interest from capital invested in bonds.

The interest payment period in Russia from the second half of the 19th century is traditionally calculated at three or six months .

Domestic Loans

World War I War Loans

• Liberty Loan

USSR Loans

With the exception of Gorbachev's “perestroika” ( 1986–1991 ), external loans were not held on the international financial market.

Government domestic loans

The first loans of the USSR were placed in 1922. In the 1930s, a powerful propaganda campaign was launched for a huge number of internal loans among the population, both state (defense, national economic) and local (for the construction of a particular institution). Although loans were called voluntary, in fact, payments were compulsory, on average, a resident of the USSR gave 2-3 salaries a year to state loans. The state during these years received as much from loans as they brought all other taxes and fees from the population. In 1936, the state practically declared default on government loans - bonds of eight percent loans were forcibly exchanged for three percent, repayment of which was delayed for 20 years.

Despite the increased patriotism during the difficult war and post-war years, the loans held at that time were less profitable - the increased general devastation and impoverishment made themselves felt, as did the sagging credit of trust. If during the war the soldiers marching around Europe could give out colored paper for Soviet money and exchange goods with ignorant Europeans for them, then after the war pasting the toilets with seemingly useless bonds or simply throwing them into the bin became a mass phenomenon .

It should be noted that in almost all loans, the theoretical yield on bonds was paid in the form of winnings on the lottery tables published in the central press. Despite the actual devaluation of the ruble at times compared to the time of the loan, indexation was not carried out, and the winnings were paid at par.

Russian Loans since 1992

External and internal borrowings of the Russian government under the leadership of Gaidar , Chernomyrdin , Kiriyenko eventually led to the 1998 economic crisis , the devaluation of the ruble and default on domestic public debt.

The peak of Russian public debt fell in 1998 (146.4% of GDP). As of January 1, 2000, external debt reached $ 158.7 billion (and total external and internal government debt was 84% ​​of GDP).

For comparison, according to the IMF in 2009, the public debt of Great Britain was 68.2% of GDP, Germany - 72.5%, France - 77.4%, Canada - 81.6%, USA - 83.2%, Italy - 115.8%, Japan - 217.6%. ^[20]

• OGSZ - bonds of the state savings loan, repayment of Sberbank of Russia, paper form.
• Government short-term bonds , non-cash (electronic) form.
• OFZ - federal loan bonds
• Bodmeria - a loan secured by a ship, freight or cargo