Competition Committee Warns Microloan Borrowers
Experts described cases where borrowers were required to repay the entire remaining debt early due to overdue payments
Analysis of one agreement revealed that the nominal microloan amounted to 19,656,000 Uzbekistani soms. The borrower received 13,650,000 soms on their card, while the operator automatically withheld 6,006,000 soms as payment. However, the entire contractual sum had to be repaid.
The agency notes that applying for a microloan via a mobile app can be done in just a few minutes. Due to this simplicity, consumers often do not read the contract in full, fail to assess the consequences of overdue payments, and incur unexpected financial obligations.
Article 736 of the Civil Code allows the creditor to demand early repayment of the remaining balance if the loan is repaid in installments and the payment deadline is missed. Before signing, borrowers should determine the actual amount disbursed, the total repayment volume, the size and deadlines of monthly payments, as well as the consequences of delays. Reports of consumer rights violations can be made to the trust line at 1159.
