While the Bank of Albania warns about the dangers of uncontrolled loans and is trying to curb irresponsible lending that has caused financial drama in thousands of families, a state institution is acting in the opposite direction.
The Albanian Post has opened its doors to microcredit companies, practically becoming a public subsidiary of Iute Credit, one of the most criticized entities for its high interest rates and extortionate practices against citizens.
In a post on social media, the Albanian Post announced that citizens can apply for Iute Credit loans directly at its counters, presenting this as an "easy opportunity" to get financed.
In reality, these are loans with much higher interest and commissions than bank loans, which often put the borrower in a spiral of debt that, as the microcredit scandal confirmed, can end with serious economic and social consequences, writes Skyweb.al.
Microcredit clients are usually individuals who are unable to obtain credit in the banking system, due to lack of verifiable income, unemployment, or poor payment history.
These people become easy targets for microcredit institutions, which lend seemingly small amounts, but with interest rates that can multiply the debt within a few months.
We recall that microcredit scandals in Albania have produced not only thousands of cases of legal robbery of citizens, but also two victims who lost their lives after fierce pressures to repay debts. Despite these cases, the Albanian Post – a state institution – now offers these companies its official network to expand their activity and practically legitimize the extortion of citizens with the state logo.
This move contradicts the stance of the Bank of Albania, which has long warned about the need for rigorous control of borrowers' solvency and for limiting access to high-risk loans. Instead of helping citizens avoid unjust debts, the Albanian Post has become their intermediary.
This is a blatant example of how state offices are turning into instruments of financial extortion, betraying the public mission that they should protect the interests of citizens.
Editorial
