New Amendments Introduced to Consumer Credit Act
Bulgarians will pay fewer fees when getting a new loan after the amendments to the Consumer Credit Act come into effect as of July 22.
These include the fees for utilization and management, and the penalty interests for repayment of mortgage loans, Nova TV informs.
The changes will apply to existing contracts, too. If a customer repays their mortgage early in the first 12 months of the term of the loan, the fee will be up to 1%. Previously it has reached 5%.
The changes concern the so-called fast loans, as well. The most important change is the new annual percentage rate ceiling - no more than five times the legal interest rate. The penalties for delayed payments will also increase.
There are certain indications of appreciation of credit product elements, but generally the expectations are not for the appreciation of the entire loan, financial analyst Ivan Stoykov told Bulgarian National Radio in connection with the forthcoming amendments to the Consumer Credit Act.
- » Inflation in Bulgaria for February 2018 is 0.3%
- » In 2017 Bulgarian Exports to the EU Grew by 10.8% in Comparison with 2016
- » Bulgarian Exports to Third Countries Decreased by 16.3%
- » EU Women Earn 16 % Less than Men: Eurostat
- » GDP for 2017 Increased by 3.6 per 100 Compared to 2016
- » China Expects its Huge Economy to Grow More Slowly This Year