Financial Services, Latvia, Loan
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Quick loan market increases 20% in 2015 in Latvia
BC, Riga, 18.05.2016.
Print version
Print versionThe so-called "quick" loans continue to be popular with Latvian residents, and in 2015 the quick loan market increased 20%, the Consumer Rights Protection Center's Director Baiba Vitolina said in an interview with Latvian Radio today, cites LETA.
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The Consumer Rights Protection Center is concerned, however, about borrowers' ability to pay their debts. Many persons who borrow quick loans later apply for loan repayment extension.
While much has been done to straighten out the quick loan market, one option that has not yet been used is to limit advertisements of quick loans, said Vitolina, adding that advertisements of quick loans were banned in many countries.
Part of the problem is that residents do not realize what quick loans are. Vitolina believes that lenders should also change their attitude and, for instance, not issue loans based solely on information provided by the borrower.
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