Published on: 07 Feb 2020
International microcredit and fintech company IuteCredit has opened its new business line in Bulgaria, which is the 6th international market for the company.
CEO of IuteCredit Europe, Tarmo Sild stated that the company is proud to be able to bring its fast and simple fintech service to a new ambitious market. “We are excited to bring our best fintech knowhow to Bulgaria and start offering fast installment loans, which enable Bulgarians to buy goods or to pay for services that improve the quality of life,” Sild brought out.
Sild explained that installment loan is a loan where the principal, interest and other fees must be repaid according to a mutually agreed monthly schedule. “IuteCredit’s loan products are unsecured consumer loans with maturities between 1 month and 36 months and car-secured loans with maturities up to 60 months. However, they should not be confused with payday loans, as that is a different type of service which we do not offer,” Sild said.
CEO of IuteCredit’s new branch in Bulgaria, Kaloyan Radosslavov, said that even though the real work begins only now, the team feels already proud to have achieved an important milestone in IuteCredit group’s growth strategy. “Our mission is to create extraordinary experience in personal finance by exceeding customers’ expectations,” Radosslavov stated.
IuteCredit is planning to open 5 offices in 4 cities in Bulgaria by the end of 2021. In order to use an installment loan, customers must turn to the local IuteCredit office with necessary documents, such as an identity card or a passport. Later, when the customer has registered already, they can apply for the loan via online customer service or call center. More information about the service can be found on www.iutecredit.bg.
IuteCredit is an Estonian-origin international microcredit and fintech company focusing mostly on installment loans, including car loans. The average loan period is one year. IuteCredit, established in 2008, has become a leading microcredit company in Europe with a balance sheet of 100 million euros and more than 200,000 active customers. The company raises its funding through publicly traded bonds that are listed on the Frankfurt Stock Exchange.
Company operates in Moldova, Albania, North Macedonia, Bosnia & Herzegovina and now in Bulgaria. The portfolio of business partners of IuteCredit includes state postal services, international teleoperators Orange, VodaFone, Deutsche Telekom, large electronics stores, etc.