The consumer credit market in Moldova is actively growing, “fueled” by high inflation, declining real incomes and easy access to borrowed funds. Perhaps, accessibility becomes the factor that “blinds consumers’ vigilance” and leads to the growth of unsecured or “bad” loans, which affects the borrowers’ capacity.
There are two ways: to reduce the appetite of lenders, catching them in the substitution of terms and conditions, and “open the eyes” of the poor, counting on quick and easy money. The regulator, authorized to protect the rights of consumers of financial services, has chosen both.
In 2025, the National Commission on Financial Market (NCFM) revised more than 3 thousand loan agreements, protecting the interests of consumers, and introduced new standards of protection in the financial market. Going forward, the supervision of lenders will intensify with the advent of new legislative norms.
Results of inspections and contract revisions
As a result of the regulator’s intervention, justice was restored for many borrowers by recalculating debts and refunding overpaid amounts. The main focus was on hidden fees and excessive late fees.
Thus, according to the NCFM, the NCFM reported that the refund of all payments (except for the initial payment) under 3,190 loan agreements by three NCOs for the amount of about 195 million lei was realized with the application of penalties.
As a result of the inspection of 48 currency exchange bureaux, sanctions were applied to 7 organizations for violations in the way of displaying exchange rates, which may mislead consumers.
The insurers paid compulsory fines for unjustified refusals (2,752 insurance cases settled in 2024) to compensate for damages under health insurance when traveling abroad.
Last year, banks and non-bank credit organizations were fined 11 fines totaling 225 thousand lei at the initiative of the NCFM for non-compliance with transparency requirements in the advertising of financial services.
Common violations
During 2025, about one thousand complaints were received from consumers of financial services. Here are the most frequent complaints:
Loans and deposits – 630 complaints about abuses in contractual provisions, lack of transparency and the method of calculating interest.
Frequent problems included unreasonable penalties and fees, unilateral change of variable interest rate without notice and application of external tariffs to the contract without clear criteria.
The inspection revealed violations of Law No. 202/2013 on consumer credit contracts, resulting in 5 fines for offenses, 25 corrective decisions, and insurance payments worth about MDL 3.35 million were refunded or canceled.
Insurance – 163 complaints concerned the amount of insurance compensation, the procedure of damage assessment and the application of exemptions in damage compensation cases.
The regulator imposed 4 fines for offenses and issued 3 decisions, finding violations of Law no. 105/2003 on consumer protection and Law no. 106/2022 on compulsory civil liability insurance, including insufficient transparency of information in AUTOCASCO policies. As a result of the actions carried out, insurance compensation in the amount of about 877 thousand lei was awarded.
Payment and foreign exchange services – 121 complaints were registered regarding fraudulent withdrawals, blocking of cards, delays in payment processing and incorrect display of the exchange rate.
The regulator issued 2 decisions, finding violations of Law No. 114/2012, as well as considering the incorrect display of the exchange rate as an unfair commercial practice. As a result of these actions, 218 thousand lei were recovered.
What is consumer protection for?
The situation is dangerous because consumer loans are often used as a substitute for mortgages or to cover basic needs, which with the high cost of borrowing (interest, commissions, insurance) leads to a serious debt hole for citizens.
At the same time, moneylenders go for small and big tricks to circumvent the National Bank’s requirements for credit checks or the established rules for granting loans: the ratio of loan payments to income should not exceed 40% of the consumer’s confirmed income.
Citizens are forced to borrow to maintain living standards despite rising prices, and banks and microfinance organizations (MFIs) offer quick products, increasing the population’s debt burden.
Banks offer fast, often unsecured loans (unsecured loans, online loans), while lending organizations cover the high-risk segment. They offer both unsecured loans for any purpose and products secured by real estate for larger amounts. Flexible solutions have emerged, such as the possibility of splitting a purchase already made with a debit card into parts (post-factum installments).
The NBM approved responsible lending regulations to reduce the risks of overcrediting the population, but the demand remains high. Competition forces banks (such as maib, Victoriabank, OTP Bank) to issue loans online in minutes. The process has become so accessible that loans “chase” the consumer in mobile apps, offering instant credit to the card.
New security standards
An important moment for the financial market was the entry into force on October 25, 2025 of a new regulatory framework for the protection of consumers of financial services, which complies with European standards. The new regulations provide additional safeguards for citizens, including:
– Standards for the protection of credit contracts provided by savings and loan associations;
– clear and uniform procedures for resolving complaints;
– enhanced protection in loan contracts and mandatory restructuring policies for borrowers;
– mandatory provision of pre-contractual information and assessment of client needs prior to entering into an insurance contract;
– rules for the combined sale of insurance products.
These and other measures are aimed at reducing the risk of over-indebtedness, increasing transparency and strengthening consumer confidence in financial services. Transparency of conditions and financial literacy become here, perhaps, the main guarantors of safety, along with the measures taken. And they are as follows.
Introduced a form of standardized European information sheet for all lenders. Limitation of value: Stricter limits on the total value of the loan have been set to prevent a debt trap.
Responsible lending: Companies are required to more thoroughly check a customer’s creditworthiness before granting a loan.
Simplified Complaint: The regulator has launched updated online petition mechanisms for prompt response to violations.
What does this bring to borrowers?
Reduction of hidden costs: Consumers see the real cost of the loan before signing the contract.
Right to early repayment: Clear rules are established for reducing the cost of the loan when closing early.
Protection from aggressive collection: Ethical behavior norms for dealing with debts are introduced.
Special status for mortgages
Andrian Gheorghita, Vice Chairman of NCFM:
“Efforts to improve the legal framework in the field of consumer protection in accordance with European standards will be continued by us throughout 2026. NCFM continues to improve the legislation and presents for discussion the draft law on mortgage loans.
The draft law provides clearer rules for the application of mortgage loan agreements, increased consumer protection, greater transparency, clearer rights of early repayment or debt restructuring, as well as – stricter sanctions for violations, new rules for the execution of mortgage guarantee. At the same time, the draft will regulate real estate credit intermediaries, appointed representatives and non-financial lenders.”
From the end of 2025, regulations requiring banks and non-banking organizations to disclose the full value of the loan (DAE) in large print in all advertising and contractual materials came into force.
The draft law also introduces control of mortgage brokers. The activities of intermediaries will be licensed and inspected to exclude the imposition of unfavorable schemes and hidden commissions, to ensure transparency of conditions and protect consumers from “financial traps”.
The main provisions of the bill expand the scope of application and extend the rules to loans for the purchase, construction or renovation of housing, as well as loans secured by residential real estate. Stricter standards for assessing the creditworthiness of a borrower are introduced to prevent over-indebtedness.
One of the bill’s major innovations is the sale of homes while retaining the mortgage. One of the main proposals is to allow owners to sell condos even if the loan is not yet paid for. The buyer would be able to “roll over” the mortgage on the same or updated terms, making it easier to switch homes.
The new bill enshrines the right of the borrower to early repayment of the loan before the deadline with clearly defined rules of compensation to the lender and the ability to change the method of repayment. For example, in another currency or against the pledged real estate. In other words, it provides for the possibility for borrowers to sell mortgage real estate before full repayment of the loan in certain situations.
Another innovation is the verification of “hidden” conditions. The NCFM has previously repeatedly pointed out bank “tricks” that can artificially increase the cost of a mortgage loan for the client. Lenders will be required to provide a standardized sheet of European information (ESIS), which allows easy comparison of offers of different banks. And borrowers will be given the right to “reflect” (7 days) before the final signing of the contract.
