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Every third quick loan is not repaid –

/ world today news/ The Bulgarian owes nearly BGN 2 billion to companies for fast loans. BGN 1.960 billion are the quick loans taken out by non-banking institutions in the country, according to the statistics of the Bulgarian National Bank at the end of the third quarter of 2013.

The amount has increased by BGN 150.8 million (+8.3%) compared to the same period of last year 2012, when quick loans were withdrawn to BGN 1.809 million. Against the background of this growth of just over 8%, non-performing loans reported an increase of as much as 42%, or BGN 182.1 million within the same period. Thus, bad quick loans reached the amount of BGN 612.1 million at the end of the third quarter of this year. Or in other words – every third quick loan granted in Bulgaria is not repaid. For comparison, 12 months ago, the amount of bad quick loans was slightly over 430 million BGN. The money withdrawn by individuals amounted to BGN 1.389 billion (70% share), while the money allocated to companies was BGN 491.9 million (25% share). From the point of view of lending, the current year 2013 is far from the most successful for non-banking institutions. In 2009, for example, quick loans were granted for a total of BGN 2.495 million, or over half a million BGN more than this year. At that time, however, the amount of non-performing loans was much lower – BGN 243.8 million, or only 9.77% of all granted loans.

In addition, it should be noted that since 2009, the competition in this market has grown significantly, as the number of non-banking institutions has multiplied. Currently, around 150 quick loan companies are operating in our country.

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