Ivan Stoykov

In 11 years, less than half of the amount of the guaranteed student loans have been reimbursed to the state. Students refrain from borrowing money because of the high interest rates, although a total of EUR 20 million was earmarked for student loans in 2021. In 11 years, only 1,274 students have applied for a student loan.

Processes in recent months have had an impact on returns in individual accounts managed by private pension funds as savings for a second pension.

Bulgarians will pay fewer fees when getting a new loan after the amendments to the Consumer Credit Act come into effect as of July 22.

These include the fees for utilization and management, and the penalty interests for repayment of mortgage loans, Nova TV informs.

Some 46 % of Bulgarians lack information as to how interest rates on their mortgage loans are calculated, according to expert Ivan Stoykov.

Loan frauds are common, however in some cases consumers are the ones to be blamed as they are not interested enough in the credit terms, Stoykov told Bulgarian National Radio.