UniCredit Bulbank and UniCredit Consumer Financing release on the market consumer loan “Fast, loan”, which is approved in two hours time only and it takes one business day for the disbursed funds to become available to the customer.

The loan is suitable for customers with stable monthly income from employment under termless labour agreement, who need a fast approval of a loan of up to BGN 4,000. The loan can be used for repair of a flat, vacation, education, purchase of equipment, furniture, etc.

The procedure for disbursement and the loan documentation is simplified as much as possible for the customer. “Fast, loan” is offered in fixed amount of BGN 1,000, 2,000, 3,000 or 4,000 with a maximum period of up to 4 years. No collateral or guarantors are required. All the customer needs is an I.D. card. A grace period of up to 45 days is allowed.

The annual interest rate of “Fast, loan” is from 12% to 16.5% according to the amount and duration. It is fixed in the agreement as flat and is valid for the whole term of the loan. A flat fee of 7% from the loan is payable by the customer for administration of the amount. The fee is added to the requested amount, i.e. the customer receives the full amount for which he/she has applied. For example, if the requested amount is BGN 3,000 for three years, the customer will receive a loan of BGN 3,338.52. The amount above BGN 3,000 is used for covering Life Insurance, which also covers the risk from “Undesired unemployment”, as well as the fee for examination of the documents. In the above example the annual expense rate is 22.16%, which is competitive for the market of similar type of fast loans, provided by financial and other non-financial consumer financing companies.

Prior to signing the loan agreement in accordance with the Law on Consumer Credit and the European practice the customer receives a form with detailed information about all expenses under his/her loan.

Full information about the loan and application documents are accesible in the branch network of UniCredit Bulbank.