Bulgaria Mulls Capping Interest Rates on Quick Loans at 30%
Bulgaria's government plans to tighten the regulatory regime for companies offering quick loans.
The Bulgarian Socialist Party (BSP) plans to boost consumer protection through changes to the Credit Institutions Act, according to reports of Nova TV.
Under one proposal, interest rates on quick loans will be capped at 30%.
Rumen Gechev, socialist MP and Deputy Chair of the parliamentary economic committee, reminded that it often happened that debtors were asked to pay back several thousand leva to settle a loan of BGN 300 M.
Another proposal is to set minimum equity capital at 20% for companies offering quick loans.
According to reports of Pressa daily, a total of 117 companies specializing in providing loans have been registered with the Bulgarian National Bank (BNB). They are not subject to a licensing regime but are required to maintain minimum equity of BGN 250 000.
Under another proposal of BSP, the Consumer Loan Act, which now applies to sums of BGN 400 to BGN 147 00, is to include loans from BGN 1 to BGN 399.
- » Europe's Youth Unemployment Poses Risk to Democracy
- » Developing Countries' Debt has Doubled in the Last 10 Years
- » Bulgarian Central Bank to Enforce Guidelines on Bad Loans by End of 2017
- » Hourly Labour Cost in Bulgaria Rose by 11.0% Compared to the 2nd Quarter of 2016
- » Bulgaria’s Central Bank Published Handbook on Financial Products and Services
- » A Protest Against the Limitation of Cash Payments in Sofia
Quick Loan Just on your door step,
Good day,We can offer you loan from Top banks in the uk,So quick and fast.Loan Here all problem regarding Loan is solve between a short period of time with a low interest rate of 2% and duration more than 20 years what are you waiting for apply now and solve your problem or start a business with Loan paying of various bills just email us today at firstname.lastname@example.org Thanks.
DAVID SOUTHGATE: <email@example.com>
Tel: +44 702 4008 494. all city, UK, 11:45 13/march/06