In Uzbekistan, concerns are mounting over questionable financial practices where borrowers receive significantly less money on their bank cards than stipulated in their initial loan agreements. The Competition Committee has issued a public reminder regarding the critical need for consumers to carefully scrutinize loan terms before committing to financial obligations.

According to recent agency reviews, a notable case involved a microloan contract totaling nearly 19.66 million soms, yet the consumer received only 13.65 million soms on their card. The remaining portion—exceeding 6 million soms—was automatically deducted to cover operator services, highlighting a troubling lack of upfront transparency in the lending sector.

The Committee reported that consumer grievances frequently stem from a failure to read agreements in full, a poor understanding of basic legal rights and obligations, and a general disregard for the severe financial consequences of delayed payments. Many applicants reportedly overlook crucial repayment conditions until financial distress occurs.

Furthermore, authorities referenced Article 736 of the Civil Code of Uzbekistan, which stipulates that if a borrower breaches the schedule for installment-based loan repayment, the creditor retains the legal right to demand the immediate, early return of the entire remaining debt. Experts advise thoroughly assessing personal financial capacities before entering into such agreements.

Source: podrobno.uz