🔶 The boom in buying and selling loans in Iran; When the goods are won.
Reporting by Omid Bryan
Morteza, a 30-year-old man from Karachi, when he wanted to start his small cafe, soon realized that the doors of the banking system were closed to people without capital and acquaintances. Out of necessity he went to advertisements on the black market for loans and bought a franchise of one billion tomans for 300 million tomans. But the main problem was elsewhere: finding an evening.
When none of those around him entered the burden of bail, Morteza's feet were opened to the dealers' market in front of the court; When the guarantor and collateral, like the loan itself, become the cash of the deal. He says: "I found a guarantor who took 100 million tomans in cash and is also encumbering my apartment document." But later I found out that he had rented my document to someone else to get his prisoner on vacation. "This loan ruined my whole life and it took me years to get back to zero."
Morteza's story is the story of thousands of citizens caught in the trap of the informal credit market. Although the central bank considers the purchase and sale of loans illegal and constantly warns against fraud and misuse of identity documents, citing regulatory guidelines, the reality on the street level is further proof; Paper instructions will never be a desperate adversary to companies knocking on every door to provide liquidity.