When taking out a microloan, there is a risk that the borrower will receive an amount on their card significantly less than stated in the contract. Furthermore, in case of a payment delay, the borrower may face a demand for full early repayment of the entire outstanding debt. The Competition Committee has drawn attention to the necessity of carefully studying the terms before signing such agreements.
In one of the incidents reviewed by the agency, the microloan amount was 19 million 656 thousand soms, but only 13 million 650 thousand soms were credited to the consumer's card. The difference of 6 million 6 thousand soms was automatically withheld as payment for operator services.
According to the Committee, consumer appeals often reveal cases where borrowers do not delve into all the provisions of the agreement, are insufficiently aware of their rights and obligations, and ignore the potential consequences of late payment.
The agency also reminded about the provisions of Article 736 of the Civil Code of Uzbekistan. According to this article, if the borrower violates the established deadline for the next loan payment, which provides for phased repayment, the creditor has the right to demand full early repayment of the entire remaining debt.
The Committee advises potential borrowers to clarify in advance exactly what amount will be credited to the card, what the total repayment amount will be, what the deadlines and amounts of monthly payments are, and what sanctions are provided for late payment. The importance of preliminarily assessing one's own financial capabilities to prevent the emergence of unplanned obligations is also emphasized.