Bulgarians Opt for Expensive Quick Loans Over Credit Cards Despite Better Rates

In Bulgaria, there has been a significant rise in the use of quick loans, a trend driven by several factors. According to Bogomil Nikolov, chairman of the "Active Users" Association, the country's banking system has created a niche for these types of loans due to the cumbersome procedures involved in traditional bank loans, particularly for smaller amounts. Although credit cards, which typically offer better interest rates, are less common in Bulgaria compared to other countries, many Bulgarians prefer the more expensive quick loans for their ease of access, Nikolov noted during an interview on Bloomberg TV.

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