Online loans in Georgia

Abstract

The main purpose of the article is to review the online loan market of Georgia in order to clearly see and evaluate the current situation. Online loans are relevant in today's Georgia, both theoretically and practically. Theoretically, because it is a new phenomenon and poorly studied: in Georgia, there is no relevant literature and/or research that deals with this issue exhaustively, and no official statistical data is available. Information can only be obtained based on the mass media; And its practical importance is expressed in the fact that it has already covered the majority of the country's population (according to the "Creditinfo" organization, there are 4 million records related to these loans), it has become a source of social instability, a motivator for criminal "extraction" of money, etc. In this market today, there are many problems associated with controlling the market and bringing it into a certain "frame". The main way to solve the mentioned problem is the changes in the legal regulations, which came into force on January 15, 2017.