Loan-Sharks Fill Credit Gap

Getting a bank loan is so long and complex a process in Kyrgyzstan that many people turn to private lenders, without thinking of the risks.

IWPR

Institute for War & Peace Reporting

Thursday, 11 June, 2009

Loan-Sharks Fill Credit Gap

Getting a bank loan is so long and complex a process in Kyrgyzstan that many people turn to private lenders, without thinking of the risks.

Jyldyz Joroeva reports on cases where people have signed up to loans on huge compound interest rates and are unable to pay them back.

A private loan agreement is only valid if it is signed in the presence of two witnesses, or is notarised.

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