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Bulgaria Imposes Interest Ceiling on Quick Loans

Published: January 23, 2014; 12:31 · (Vindobona)

The Bulgarian parliament plans on putting a lid on the interst rates of quick loans.

Bulgaria Imposes Interest Ceiling on Quick Loans / Picture: © Vindobona.org

As reported by the American Chamber of Commerce in Bulgaria and daily Standart, the Bulgarian government is planning to introduce a 24 percent interest ceiling on quick loans. So far quick loans revealed interest rates of up to 400 percent.

The changes will be submitted by Georgi Atanasov, member of the Bulgarian Socialist Party (BSP). "This is the answer to combating gangsters who are obsessed part of the so-called credit institutions," he said.

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