The high rejection rate for POS loans is primarily related to stricter requirements regarding the assessment of borrowers' income and debt burden. Kirill Chernovol, researcher at the Gaidar Institute’s International Best Practices Analysis Department discussed this issue with the Nezavisimaya Gazeta daily.
Kirill Chernovoll noted that the changes to the Central Bank of Russia’s requirements do not imply a sharp reduction in lending volumes. According to him, the regulator aims to improve the quality of extended loans and is making banks assess clients' financial standing more rigorously.
At the same time, a refusal of POS credit may lead the buyer to turn to other financial instruments, such as credit cards, microfinance organizations or installment plans. This, in turn, creates new risks for borrowers.
“An increase in the rejection rate does not necessarily mean that banks have significantly reduced their lending. In August 2026, the volume of POS loans issued totaled Rb24 bn, an 8.7% increase over the previous month, and is nearly equal to that of August 2025. At the same time, POS lending accounts for only about 2.2% of the retail credit market. Rather, it suggests that banks have become more selective regarding borrowers. Consequently, the quality of unsecured loans is improving; however, some consumers who are turned down may turn to credit cards, microfinance organizations or installment plans instead. Therefore, it is important to consider not only the number of rejections but also the specific financial instrument the individual ultimately chooses to use," noted Kirill Chernovol.
According to an expert, a high rejection rate currently characterizes retail lending as a whole. In August, banks rejected 77.9% of retail loan applications and 76% of cash loan applications. Kirill Chernovol believes the rejection rate could keep rising amid further tightening of requirements to borrowers.