Don’t know how much you can afford?

Don’t know how much you will have to pay?

If you don’t understand the contract?

Not exercising your right to complain?

Letting debt control you?


How much can you afford to pay?

Do you know how much you will pay?

Do you understand the contract?

What should you do if you need to complain?

Control debt - don’t let it control you!

How much can I afford to borrow?
  • Learn to calculate accurately your monthly savings.

  • Monthly loan repayments should not exceed 70% of your monthly savings.

  • E.g. If Income = 1000 and Expenses = 800 then Savings = 200.
    Monthly repayments = 140 max.

  • Take a loan in the same currency as your income.
    ECLOF will also assess your capacity to pay to ensure
    you can afford the loan.

Do I know how much I will pay?
  • Learn how to compare different offers to make
    an informed choice

  • It is a legal requirement in Armenia to provide APR/EIR
    to help you compare the costs of loans.

  • Remember, a lower interest rate does not guarantee
    a cheaper loan.

  • Ensure you include all costs and charges when calculating
    your monthly repayments, not just interest payments

  • Beware of aggressive lenders – special offers
    are seldom special

  • Carefully analyze the length of the loan – lower payments
    over a longer period may not work out cheaper

  • ECLOF, like all MFC members, discloses all charges
    including arrangement fees and penalties – not all loan
    providers do.

Do I fully understand the contract?
  • Read the contract from beginning to end/ Your loan officer
    should give you enough time for this. Understand the costs,
    penalties, timings and mechanics of payments

  • Ask your loan officer for help to understand every point.
    Always ask for clarification of professional/financial jargon
    used in the contracts (e.g. ask for explanation of terms like:
    APR, annuity method, nominal rate, prepayment
    commission etc.)

  • Take your time – take it home and consider - don’t be rushed

What should I do if I need to complain?
  • Please tell us if you are not satisfied

  • Always execute your right to complain.

  • Please contact us Head Office
    2/1 Bagramyan str., Etchmiadzin, Armenia
    Tel. (+374) 94 75-75-75
    or The Office of Financial System Mediator
    “Elite Plaza” Business Center, 7th floor,
    15 Khorenatsi str., Yerevan 0010, Armenia
    Tel. (+374) 10 58-23-22, 58-23-21

  • Your opinion helps us provide a better service for our customers

Control debt - don’t let it control you!
  • Too much debt can lead to problems with repayment

  • Avoid multiple loans: with several loans you are at greater risk
    of over indebtedness

  • Take loans for investments, avoid taking loans for things
    you desire but don’t need

  • Care about your credit history the records are there forever

  • Don’t take out a loan for someone else

  • Be careful about being a guarantor for someone else’s loan

  • Talk to your ECLOF loan officer if you are in trouble.
    We are here to help.