For a year and a half, the Consumer Protection Commission has imposed fines for nearly BGN 800,000 for various violations related to quick loans. This is one of the areas in which the commission finds violated consumer rights.
"Before starting the inspections on the companies for quick loans, the commission made some preliminary analyzes of their contracts with the accounting records to them, how the payments of the users are related to some of the main operations. In 90% of cases, we found that fast loan sellers use unfair commercial practices," said the chairman of the Commission for Consumer Protection Stoil Alipiev in the Brlgdria ON AIR studio.
In his words, they are most often characterized by imposing penalty payments that are not due, accounting for larger amounts than are owed by consumers and inventing all sorts of reasons for penalties and additional payments that are not were known to the user at the date of conclusion of the contract.
"Users of quick loans are people who usually have to make a very quick decision due to some extreme need that presses them. When you make a decision within a few hours, it's not enough time to read what you're signing and to be able to understand the content of the contract you're entering into with the merchant. Therefore, the information that should be given to the user before concluding such type of contract should be extremely easy to understand, so that he can easily make an informed decision", explained Alipiev