My Wild Ride with Yandex Credit: Pros, Cons, and a Few Surprises
add_circle Pros
- The loan application process was relatively easy, and I got approved after a few months.
- I could repay the loan using my Pay card without any fees.
- Early repayment is possible, either by paying the full amount or by reducing your monthly payments.
- I could transfer the loan amount to my bank account.
- The loan amount was sufficient for my needs.
remove_circle Cons
- The APR was super high, which made the loan more expensive.
- I had to repay a lot of interest, which added to the total repayment amount.
- The loan terms were not favorable, but I needed the money.
- I had to close my credit card using the loan amount, which was not ideal.
- The early repayment benefit was minimal since I paid all the interest at the beginning.
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Editor's Summary
I recently took out a cash loan from Yandex, which was a surprise, considering they initially rejected me. The loan had a high APR, but I needed the money, and I couldn't wait. I repaid the loan ahead of schedule, but the early repayment benefit was minimal. I'd recommend being cautious when taking out loans with high interest rates.
I gotta say, I've been trying to improve my credit score in 2024, and I've been applying for various credit products - from store credit to credit cards, and now, loans. I recently got approved for a cash loan from Yandex, which was a surprise, considering they initially rejected me. I kept reapplying every few months, and finally, in December 2024, they approved my loan - not for a specific purpose, but I didn't care.
Loan Details
I applied for 60,000 rubles on December 11th, as I needed a new laptop for work. I could finally work from home, lounging on the couch, instead of sitting at a desk, which was affecting my health. I got approved after providing access to my government services and credit report, despite having a high credit load at the time - my existing Yandex loan with an improved split was 267,000 rubles, with 10% going towards the load, which is 26,700 rubles. That's a lot, but I managed.
Loan Terms
APR: 39.9% per annum
Annual overpayment: 13,697 rubles
Total repayment amount: 73,697 rubles
I know, the interest rate is super high, but I needed the money, and I couldn't wait. After getting the loan, I compared it with my existing Yandex loan with an APR of 35% and decided to use it to buy a new laptop and close my credit card with Sberbank using the loan amount.
UPDATE: I closed this loan ahead of schedule in August, but the early repayment benefit was minimal since I paid all the interest at the beginning.
Loan Repayment
Yandex allows you to repay the loan through their mobile app, and you can even transfer the money to your bank account. However, you can't transfer it to Yandex Bank. You can repay the loan using your Pay card without any fees, but other banks might charge a fee.
Early repayment is possible, either by paying the full amount or by reducing your monthly payments.
My Second Loan
I took out a second loan for 79,000 rubles over 24 months to close my credit card. I needed the money after a trip, and I wasn't sure if I could repay it on time, considering my reduced income after the trip.
Loan Terms
APR: 47.4% per annum
Total repayment amount: 123,612 rubles
I know, it's a lot, but I had to do it.