The government of Georgia is working to find a proper balance between regulating online loans and allowing online lenders the flexibility they need to meet consumer demands. Economic Minister Dimitri Kumsishvili noted that, in an attempt to protect consumers from exorbitant interest rates, the first attempt of government reform actually hurt many people’s access to the financing they needed. Many feared that this first reform attempt would actually drive people to the black market, although this did not appear to have happened.
What the government has learned is that demand for online loans will not go away. People want to borrow money, and they want to borrow it conveniently.