Banks Still Issuing Loans at 99% APR

access_time2018-02-12 15:08:36

According to National Bank (NBG) , loan rates are increased on the market. In the fourth quarter (Q4 / 2017) percentage rate of up to one- year consumer loans increased from 17.8% to 18.5%. In the same period last year (Q4 / 2017) a decline in rates from 19.9% ​​to 17.8% was observed.

Market rates cover all types of loans, including secured loans. The unsecured loans rate increased to 20.07% in the last quarter of the reporting year (01.01.2017 - 18.8%).

The dynamics of the quick, so-called online loan prices are not broken. The category of a loan for which the  central bank set  a 100% upper limit to protect consumers.

Market rates are slightly below the limit for this time. Annual loan rates (effective) range within 91% -99.7%.

The widest  choice is offered by Liberty Bank, except for 12- month, it offers a 6- month at  93.3% annually, a one- year loan at  98% (effective). Liberty Bank offers a loan worth up to GEL 2 500 . TBC and Bank of Georgia issue  only a one- year  up to GEL 1 500. A similar loan is  issued by VTB but it is only a one -month (with prolongation) worth  up to GEL 300  at  99.03% APR (annual percentage rate.

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