Sanctioned consumer credit company resumes operations in Lithuania
the Lithuania Tribune
Wednesday, January 27, 2016
4finance Group S.A., a Riga-based online and mobile consumer lending group, has announced it has re-started lending operations in Lithuania through its subsidiary UAB Credit Service under the group’s brands Vivus and SMSCredit.
After the Bank of Lithuania revoked the licence of 4finance, the country's leading consumer loan company, last week, it said it would contest the decision. Less than a week later, however, the company's shareholders sacked its general manager Gediminas Velička.
Although more than half of Lithuanians believe their knowledge of personal finance planning is "good" and a third think that it is at least "average", as many as 45 percent of those surveyed would have difficulties to pay for unexpected expenses of up to EUR 300.