Armenian central bank urges citizens to be beware of unlicensed credit companies

31.01.2019 17:48
Armenian central bank urges citizens to be beware of unlicensed credit companies

YEREVAN, January 31. /ARKA/. Armenia’s Central Bank has urged citizens today to beware of unlicensed companies offering loans. It said in a statement that a study revealed that the so-called credit consultants (intermediaries), offering loans are conducting aggressive advertising campaign on social networks and media outlets.

This in view, the regulator has called on the citizens to beware of the services of such companies (private individuals) and to apply for a loan only to licensed companies operating under the legal framework. It said those citizens who suffered from such companies should immediately contact law enforcement agencies.

The statement says that such companies (persons) charge very high commissions for their services, provide distorted information and do not always provide the promised services. The Central Bank reminded also that only licensed banks, credit companies and pawnshops are eligible to provide loans.
It said all the licensed companies are represented throughout Armenia and provide loans through their branches. In addition, there are many credit companies offering loans online.

"By contacting licensed companies, one can avoid fraudsters, get the appropriate services and all the information about the rights and obligations of borrowers," the Central Bank said.

It said to get information on the types of loans, the process of loan obtaining and interest rates, one can visit its official website. It said also the terms of credit organizations can be compared using the financial reference system. -0-

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