OOO Koltso Urala Commercial Bank came up with some much improved consumer loan offers: the interest rates on all the loans for private individuals have been decreased to 12% a year.

The bank used to offer its loans for 19.9% a year, now it’s only 12%.

The bank’s Retail Director Konstantin Bogatyrev explains the unprecedented drop in the interest rats is seen as a special offer for customers who need the money for a short time period. Most other banks usually offer such borrowers the so-called express loans: expensive loans for a short period of time. Koltso Urala came up with an alternative: a consumer loan called Bye-Bye Recession. The loan period is twelve months; the interest rate is set at 12% a year.