Bad fast loans reach 20.9%

At the end of June 2012, non-performing credits extended by companies offering fast loans reached BGN 407.3 mln, accounting for 20.9%. At the end of June 2011, these totaled BGN 350 mln. At the same time, the receivables of fast lending companies reached BGN 1.947 bn, accounting for 2.5% of GDP. A year earlier, their size was BGN 1.937 bn, the Bulgarian National Bank (BNB) reported in its monthly statistics on the loans drawn in Bulgaria. Bad fast credits increased by 0.5% (BGN 9.9 mln), compared to Q2 2011 and fell by 2% (BGN 38.9 mln), compared to March 2012.

According to Easy Credit - one of the largest companies in this branch, the most frequent reason for people to resort to fast loans in the spring and early summer of 2012 was to pay bills. In April-June, every third fast loan was intended for shopping or payment of electricity, water, gas, fuel, telephone, mobile service, cable TV, Internet and other bills. The second most common reason for drawing such credits – 27% of all - was home repair and refurbishing.

Within a year, the loans intended for payment of utility bills increased significantly - by over 67% - replacing home repairs as the main reason for taking fast credits. By comparison, in the spring of 2011, 24% of all fast loans were for payment of bills and 26% - for home repairs and the purchase of furniture. As much as 9% of all fast credits were earmarked for financing a small family business and 6% - for spending on proms.

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