Avoid Services Offered by Loan Advertising Intermediaries: Central Bank Warns

Recently, there has been aggressive advertising of "Loans" through media, social networks, and posters, which, according to the studies of the Central Bank, are usually offered by so-called loan consultants (intermediaries).

In this regard, the Central Bank has issued a statement emphasizing the protection of consumer interests in the financial system:

“In this context, the Central Bank informs that:

Such organizations (individuals) charge very high commissions for their 'services', provide distorted advice, and often do not deliver the promised services, and the personal data of the borrower becomes known to them. It is advantageous for the borrower to contact lending organizations directly and independently.

In Armenia, loans can only be offered by banks, credit organizations, and pawn shops licensed by the Central Bank.

Organizations licensed by the Central Bank are present throughout Armenia and, through their branch network, allow obtaining loans if the proposed requirements are met. Many lending organizations also offer 'online' loans.

By applying directly to licensed organizations, it is possible to avoid falling victim to fraud, to receive satisfactory services that meet requirements, and to obtain complete information about the loan, the borrower's rights, and obligations.

For information about types of loans, loan processes, interest rates, and other useful tips, you can visit the Central Bank's website at www.abcfinance.am.

You can find the list of loan providing organizations on the Central Bank’s official website at www.cba.am.

You can compare the loan terms offered by them by visiting www.fininfo.am, a financial information guide system.

Considering the mentioned circumstances, the Central Bank urges to avoid services offered by such organizations (individuals) and to apply only to licensed, legally operating organizations for loans, and those affected are advised to immediately contact law enforcement agencies.