“Fast loan” equals robbery

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"Fast loan" equals robbery Sep 27th 2013, 14:02   Picture: AFP "Fast loan" equals robbery 28 September 2013 | 00:02 | FOCUS News Agency Home / World Sofia. The Weekend weekly tells the stories of clients of fast loans companies whose debts inflated beyond belief due to the unfair conditions offered by non-bank financial institutions. Nikolina Apostolova and her niece Elka Tsvetanova drew a BGN 1,000 loan from Profi Credit as no bank would have issued them a credit with their low income. As they failed to deposit several instalments the company initiated arbitration proceedings. In the end the two women's debt had grown to BGN 10,000 with all the penal interests, fees, expenses on a private enforcement agent, etc. According to the statistics of the Bulgarian National Bank (BNB) 20% of all loans issued by banks are problematic, compared to over 30% for non-bank financial institutions. The BNB data also shows that the assets of fast loans companies exceed BGN 2.6 billion. One of the most popular companies in the branch - Easy Credit - even boasted about entering the market in Romania and Ukraine. © 2013 All rights reserved. Reproducing this website's contents requires obligatory reference to FOCUS Information Agency!

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