Bulgarian authorities have started massive checks on quick loans

The Commission for Consumer Protection begins with republican controls of fast credit companies, said the acting the Minister of Economy, Nikola Stojanov. Non-banking financial institutions will be checked if they violate the rights of consumers from concluded loan agreements with unfair and illegal practices.

The commission has already performed a preliminary review of the contracts and accounting documents of the companies for fast loans operating in our country and found serious violations that disrupt the market, the Ministry of Economy specifies.

Now KZP inspectors will enter the companies' offices. The reasons for the inspections are numerous reports of unclear or confusing terms in contracts and wrong information, which is a violation of the Consumer Protection Law, "Segabnews" reports.

Years ago, an attempt was made to solve the problem through a new law. However, expert analyzes show that the root of the problem is the lack of control and prevention. Unlike commercial banks, fast loan companies are not under the supervision of the BNB. Companies were left to insert unregulated clauses in their contracts that bound consumers, the Ministry of Interior said.

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