Creative fees offset Georgian attempts at cheaper financing

Some lenders are setting traps for customers in their online services designed to compensate for financial losses suffered following stricter interest rate regulations imposed by the government of Georgia. One such example that has appeared is the ‘Quick Transfer’ service fee, which transfers loan funds to approved clients more quickly but also with a service charge of up to 20%. Although such services are voluntary, they are often defaulted as ‘on’ online, meaning that users have to pay for the service if they do not see and actively turn off the option.

If Georgia is serious about making access to financing cheaper, then they will have to tackle this problem as service fees like this could end up making the cost of credit more expensive than before for the average consumer.