Bulgarians have resorted more and more often to fast loans

Bulgarians need more and more often fast loans. This shows statistics of BNB.

Customers of payday lending companies receive them without having to prove solvency but at a high rate, inform the "Nova TV".

Emergency small amounts are taken for approximately 30 minutes, only for ID card without a guarantor.

Monthly interest rate of these loans however is monstrous 30% - so if you take 100 levs loan after 30 days will have to return 135 levs.

The annual interest rate on payday comes around 400%.

Usually urgent cash need families with low and middle incomes. According to statistics, people resort to such loans mostly to pay bills and purchase of equipment for home.

BNB data at the end of June showed that the volume of granted credits is almost 2 billion levs - or 2.38% more than last year.

Source: http://bg-daily-news.eu/

03.09.2013, Finance and Taxes