Azerbaijan's central bank unveils pros and cons of remote lending

The Central Bank of Azerbaijan (CBA) has recently unveiled the advantages and disadvantages of remote lending. In response to a request by Report, the CBA highlighted the benefits of online loans, including speed, convenience, time-saving, and the ability to secure a loan without visiting a bank. This method also allows customers to compare various loan offers easily.

However, the regulator also pointed out the potential risks associated with distance lending. These include issues that may arise due to incorrect customer identification and possible gaps in information security. Moreover, customers may receive less support when obtaining such loans, making it harder to understand the information correctly.