Romanians borrow EUR 590 mln from mutual benefit societies
The mutual benefit societies, known in Romania as CARs, have increased their financings by 70% in the past 10 years, to some EUR 590 million.
The average loan granted by a CAR last year was some EUR 1,335, reports local Agerpres.
The members of such mutual benefits societies usually take microloans to cover expenses such as utilities, personal events (weddings, baptism parties), school costs, holidays, according to the CAR National Union. The union had 1,659 member societies in 2015.
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