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Varks.am

by on Mar.04, 2018, under Money

varks-am

 

 

 

 

Varks.am was established in 2016 and offers universal credits to relatively broad number of customers. According to its business presentation, it is licensed and supervised by the Central Bank of Armenia. Furthermore the following was stated (partially unconfirmed, though):

  • Paid share capital of 455 million AMD (~770000 EUR)
  • Single payments loans of up to 250000 AMD (~425 EUR)
  • Reliable client identification through branch network
  • Quick application process and reduced paperwork
  • Repayment up to 30 days
  • Target client age group: 21-75 years
  • 7 days a week service
  • 180 employees in all 10 regions of Armenia

They furthermore stated, that as of January 2018, both, their assets and their liabilities/equity were € 8,567,000. The loans currently come with interest rates between 13%-14% p.a. Despite the presence of a buy-back-guarantee one should always be cautious when it comes to investing since the company is still rather new.

I actually did invest a small amount and the payment was a few days late (around 6 or 7 days) but it included the eligible interest rate of all overdue days when it was paid back. However, the total amount of outstanding loans on Mintos as well as the number of delayed loans has increased ever since I began to monitor this loan originator, which is somewhat alarming.

Update 2018-03-28:
Varks.am shareholders have decided to increase the registered share capital of Varks.am from AMD 455 to AMD 600 million (the equivalent of approximately EUR 1 million). (Source)

Update 2018-04-06:
The total amount of loans outstanding on Mintos finally has started to decrease again.

Find some statistics of the past few days below (all data was taken from the Mintos website):

Date (yyyy-mm-dd) Loans outstanding on Mintos Loans originated Loans available on Mintos # Grace period # 1-15 days late # 16-30 days late # 31-60 days late
2018-04-20 € 9 542 067 18m EUR 2572 212 790 558 822
2018-04-16 € 9 377 078 18m EUR 11550 647 880 325 803
2018-04-06 € 9 768 706 18m EUR 26194 663 713 189 658
2018-03-29 € 10 230 936 18m EUR 37697 440 83 573 267
2018-03-28 € 10 318 242 18m EUR 38836 381 27 753 94
2018-03-27 € 10 341 449 18m EUR 39752 321 28 850 0
2018-03-26 € 10 353 964 18m EUR 40024 646 114 780 0
2018-03-23 € 10 163 279 18m EUR 38994 0 211 689 0
2018-03-21 € 10 063 141 18m EUR 38190 0 222 692 0
2018-03-20 € 9 647 021 18m EUR 36681 39 188 696 0
2018-03-19 € 9 390 452 18m EUR 35113 41 190 701 0
2018-03-18 € 9 220 693 18m EUR 34274 43 191 701 0
2018-03-16 € 8 736 086 18m EUR 31951 0 428 477 0
2018-03-13 € 7 494 602 18m EUR 26449 109 748 101 0
2018-03-09 € 7 092 629 18m EUR 22701 149 770 0 0
2018-03-08 € 6 965 818 18m EUR 21663 0 782 0 0
2018-03-07 € 6 827 166 18m EUR 22114 0 782 0 0
2018-03-06 € 6 540 166 18m EUR 21231 3 824 0 0
2018-03-05 € 6 296 573 18m EUR 20411 150 709 0 0
2018-03-04 € 6 089 283 18m EUR 19441 328 547 0 0
2018-03-02 € 5 039 956 18m EUR N/A N/A N/A N/A N/A
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