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Ekonomia

Here is how pyramid foundations rob citizens, from commissions and interests up to 38%, to maneuvers with penalties

Here is how pyramid foundations rob citizens, from commissions and interests up

Microfinance institutions in the country apply higher interest rates and lending costs compared to banks in the country. Constantly, the newspaper "SOT" has published cases where it was shown that non-banks use fraudulent schemes to rob citizens, ranging from high interest rates to forgery of customer documents. Recently, the Bank of Albania has noticed the violations that microfinance is committing in the lending market and for this reason has set an interest rate ceiling for each type of loan. Non-bank institutions oppose this decision, saying that they apply higher interest rates than banks because they take a higher risk of being available to customers. Meanwhile, The data on interest rates and commissions that these institutions apply clearly show that their high level of small loans is not at all justifiable. Specifically, the interest rate in commercial banks starts from 0% to almost 20%, while in non-bank institutions the interest rate starts from 3% to 38%. This type of level is applied in almost all microfinance, when we more specifically mention "IuteCredit", "Credo.al" and "Fondi Besa", from where we have collected real data. “The loan processing commission applies for the information service, application processing, approval and loan disbursement at levels such as: Basic loan for the first time; Commission: 5.9% -32.0%. Basic Dealer Loan for the first time; Commission: 6.2% -21.1%. Fidel loan for existing clients; Commission: 5.9% - 28%. Fidel XL loan for existing clients; Commission: 5.9% - 31.8%. Fidel XL Extra loan for existing clients; Commission: 15.% -38%. Dealer loan for product purchase; Commission: 8.6% -30% ”, determine the information areas in these institutions. Immediately, from the complaints of the citizens and the findings of the BoA, it is evidenced that along the way to obtain a loan, the commissions are increased for other services.

Scheme for additional costs

In addition to high commissions, non-banks also seek to benefit through the maneuvers they make in the interest rate scheme. From the collected data it stands out that from non-banks the percentage added to the monthly installment for arrears is much higher than the level applied by banks. But it does not end there, in addition to late interest, the client must also pay for messages or letters sent by the company to remind him of the deadline. According to the data, only one message sent by the non-bank to the client, are automatically added to him as a cost in late interest of 200 ALL, while for sent letters are added as a cost of 750 ALL. So with more than 2 messages and 4 letters per month, in two months delay the client has to pay 4000 thousand ALL only for the warnings that are sent to him. “The penalty for the first installment in arrears is calculated 0.85% * 13725.67 lekë = 116.6 Lekë * 70 days = 8166.77 lekë. The penalty for the second installment in arrears is calculated 0.85% * 13725.67 ALL = 116.6 * 30 days = 4666.82 ALL. In this case, the client in a delay of 70 days is sent to 7SMS notification with a cost of 200 ALL each = 1400 ALL; 4 notification letters are sent to him at a cost of 750 lek each = 3000 lek. The cost of notifications, according to this case is 4400 ALL ", the data determine.

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