The fight against the oligarchy waged at the expense of the poorest Bulgarians continues, MP Tsoncho Ganev of the Vazrazhdane party told journalists in Parliament on Wednesday. “Having ‘frozen’ the pensions and maternity benefits of ‘oligarch-pensioners’ and ‘oligarch-mothers,’ the government and the parliamentary majority have now passed two new laws that further this ‘fight against oligarchs’ by targeting people who have fallen into extreme insolvency and are forced to rely on payday loans”, said Ganev.
Ganev explained that the consumer credit bill passed at first reading on Wednesday removes the interest rate cap and eliminates provisions stating that, in cases of early repayment demands or penalty interest on payday loans, interest is charged only on the outstanding principal. Under the newly passed bill, regardless of how much you have already paid off, you will still be charged interest on the total loan amount, the MP clarified.
Granting payday loan companies access to the Civil Registration and Administrative Services General Directorate database creates the potential for harassment, said Ganev. According to him, the parliamentary majority refused to consider the alternative bill proposed by Vazrazhdane.
Vazrazhdane MP Accuses Government of Targeting Vulnerable Borrowers with New Credit Bill 2026 THE NEWS FROM BULGARIA – NEWS AGENCY 2009-2025 2026-09-23 14:22:15
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BULGARIA NEWS – NEWS AGENCY 2009–2026 2026-09-23 14:22:15