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← Agency brief

Focus area

Predatory lending and aggressive debt collection by Universal Credit Organizations (UCOs) Critical

First analysis period

Model-generated

Borrowers are highly distressed by extremely high effective interest rates (100% to 300% annual) charged by fast-loan providers (such as Varks.am, Mogo, Vivus, Good Credit, and Aregak). They report aggressive daily harassment and a complete lack of repayment flexibility, with liquidated entities demanding full principal settlement within short windows despite the state of emergency.

Affected groups

Low-income borrowers, unemployed individuals, and daily-wage workers

Geography

Nothing to show.

Actions for this focus area

  • Launch a focused audit on UCOs regarding aggressive debt collection and compliance with consumer protection rules during the emergency. · Within 7 days

Supporting citizen requests

0 supporting requests