Sun, 24 August
30.1 C
Yerevan
USD: 384.03 RUB: 4.80 EUR: 443.29 GEL: 142.29 GBP: 510.11

Armenian central bank urges citizens to be beware of unlicensed credit companies

YEREVAN, January 31. /ARKA/. Armenia’s Central Bank has urged citizens today to beware of unlicensed companies offering loans. It said in a statement that a study revealed that the so-called credit consultants (intermediaries), offering loans are conducting aggressive advertising campaign on social networks and media outlets.

This in view, the regulator has called on the citizens to beware of the services of such companies (private individuals) and to apply for a loan only to licensed companies operating under the legal framework. It said those citizens who suffered from such companies should immediately contact law enforcement agencies.

The statement says that such companies (persons) charge very high commissions for their services, provide distorted information and do not always provide the promised services. The Central Bank reminded also that only licensed banks, credit companies and pawnshops are eligible to provide loans.
It said all the licensed companies are represented throughout Armenia and provide loans through their branches. In addition, there are many credit companies offering loans online.

“By contacting licensed companies, one can avoid fraudsters, get the appropriate services and all the information about the rights and obligations of borrowers,” the Central Bank said.

It said to get information on the types of loans, the process of loan obtaining and interest rates, one can visit its official website. It said also the terms of credit organizations can be compared using the financial reference system. -0-

spot_img

POPULAR

Armenia registered an inflation rate of 3.4% in July.

According to the National Statistical Committee (NSC) of Armenia, 12-month inflation in the consumer market amounted to 3.4% in July of this year.

Ranking of Armenia’s most profitable banks in 2024

ARKA news agency has released a ranking of the most profitable commercial banks in Armenia in 2024.

Net loan portfolio of Armenian banks in Q2 2025 increased by 6.11% to AMD 6.8 trillion

The combined loan portfolio of 17 Armenia-based commercial banks upped  by 6.11% in Q2 2025 compared to Q1 2025, amounting to AMD 6.82 trillion, according to a ranking compiled by  the ARKA news agency.

Unibank Issued Preferred Shares with a Fixed Annual Dividend of 12%

Unibank announces a new issue of Class “G” convertible preferred shares, offering investors a fixed annual dividend of 12%. The total issue volume amounts to AMD 1.5 billion.

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

LATEST NEWS

spot_imgspot_imgspot_img