Réglementé
- Niveau de risque
- Très élevé
- Risque-rendement
- Mauvais
- Dès
- €10
Credirect
Bulgarie
Credirect EOOD makes online payday and instalment loans in Bulgaria. Afranga investors lend to it directly and earn interest. Our memo scores it 50 out of 100, but a test that overrides the score makes it an E, and puts the chance it fails to pay within a year at at least 25%.
Chiffres clés
- Taux moyen
- 9.86%
- moyenne, non garantie
- Portefeuille de prêts
- €113,900
- Dès
- €10
Capital à risque. Le taux est convenu, et non garanti : si un emprunteur fait défaut, vous pouvez perdre une partie ou la totalité de votre argent.
L'IA investirait-elle ?
IA 50 MoyenNotre IA attribue à ce projet 50 sur 100 : Moyen. Comment fonctionne le score IA
Information, et non conseil en investissement personnalisé. Le score IA évalue les documents publiés par la plateforme, peut se tromper et ne prédit pas les rendements.
Analyse IA
IALender memo · Bulgaria
Credirect: how likely is it to fail to pay its lenders?
Credirect EOOD is an online Bulgarian lender making payday and instalment loans. Investors on the Afranga platform lend money to it directly. This memo asks one question: what is the chance it fails to pay those lenders back in the next 12 months, and why.
THIS IS NOT FINANCIAL ADVICE. This memo was prepared with the help of AI from publicly available documents. It is general information for education only — not a recommendation to buy, sell or hold anything, and it does not take account of your circumstances. Figures may contain errors; check them against the original documents. Investing through P2P platforms can result in the loss of all money invested.
Our score
50/ 100
E Veto
ABCDE
at least 25%chance it fails to pay in the next 12 months
at least 1 in 4the same number, put the other way round
Where that sits on our scale
Our framework caps this lender at 0% of a portfolio — nothing at all. That is not a view about the company’s future. It is what our scale does whenever one of the tests that override the score is triggered, and one is. Bulgaria as a country allows 15% for all its lenders added together, but the company limit is the one that binds, and here it is zero. These caps are a convention of our scale, applied to every lender we cover. They are not advice about your money.
A very profitable lender whose sister companies owe it two-thirds of its equity — and which has published its 2025 result three different ways
Credirect grew from almost nothing to €25.84m of income in three years and made money in every one of them. Owners’ money is 58% of what it owns, which is unusually high. No dividend has ever been taken.
Two things override that. At 30 June 2026 companies in the same group owed Credirect €4.69m — 65% of its €7.26m of owners’ money, which is past the line where our method stops scoring and sets the answer to a floor. And the 2025 accounts exist in three versions, published between February and July 2026, with three different profits and total assets that go from €7.07m to €12.13m. No document explains the changes, and we could not obtain the 2025 audit report.
On the six questions alone this company scores 50 out of 100 — a C, about 1 in 17, or 6.0%. The override takes it to at least 25%.
💶 Earnings and cushion C
about 3.8%Owners’ money is 58% of assets and it has been profitable for three years — but the first-half figures imply a loss in the second quarter of 2026.
📉 Are its loans being repaid? D
about 12.5%Bad debts took 51.56 of every 100 of income in 2025. There is no arrears table anywhere, because the published accounts have no notes.
🇧🇬 How risky is Bulgaria? C
about 3.8%The euro since January 2026 removes currency risk, and the cost cap is about 52%. The thing to watch is a consumer-credit bill now in parliament.
⚖️ Trust and warning signs E
about 26%The worst card in this memo, and the reason is the paperwork: three versions of one year, no audit report for 2025, and accounts filed very late.
This is the finding that overrides the score — and it is the one place in this memo where you might reasonably reach a different answer from ours.At 30 June 2026 related companies owed Credirect €4.69m, against €7.26m of owners’ money. Our test fires above half the cushion, which is €3.63m, so 65% is well past it. But Credirect also owed those companies €4.07m. Set one against the other and the exposure is €0.62m — 9% of the cushion, which would not trigger anything. We test the gross figure, and we want to be plain about why: the accounts present the two sides separately rather than as a single balance, they disclose no right to set one against the other, and nothing in them says the company owed and the company owing are the same company. A right of set-off has to exist before a lender can rely on it, and in an insolvency it is precisely the kind of thing that has to be documented to work. If that right exists and is written down, our answer changes. A reader who assumes it exists should read this memo as the 50 out of 100 — about 1 in 17 — that the six questions give.
The 2025 accounts have been published three times, with three different profits and a total-assets figure that nearly doubles.In February 2026 the company published a 2025 profit of €3.49m and total assets of €7.07m. In June, as the comparative in its first-quarter statement, the profit was €3.43m. In July, as the comparative in its half-year statement, it was €3.36m — and total assets were now €12.13m, with loans to customers cut from €5.53m to €2.75m and €2.81m appearing as “long-term financial assets”. None of the three documents explains any of it, and we could not obtain the 2025 audit report. The profit differences are small. The balance-sheet differences are not: a company’s own statement of what it owns is not a figure that should not move from €7.07m to €12.13m without a word of explanation.
Why this number matters
Every investment carries risk, and risk is not really a letter or a mark out of ten. It is two plain questions: how likely is it that this company fails, and how much of your money would you lose if it did. Put those together and you can see whether the reward is worth it.
For Credirect: Afranga showed an average return of 9.86% a year on 5 November 2026. On our reading the chance of this company failing in the next twelve months is at least 25%. If a quarter of lenders like this one fail and about 70% of the money is gone when they do, the risk costs about 17.5% a year — which is more than the rate pays. On those numbers the reward is about −7.6% once the risk is paid for. That is our arithmetic on our own scale, and you are entitled to disagree with the scale; what you should not do is read the 9.86% on its own.
Three things worth holding on to
1. Gross and net are different promises
Money you are owed and money you owe only cancel if someone has written down that they cancel. Until then they are two separate things, and only one of them is an asset you can lose.
2. Accounts without notes are half a document
Everything published here is a bare set of figures. No split of loans by how late they are, no provision cover, no write-offs. We can tell you what bad debts cost; we cannot tell you what the book looks like.
3. There is no buyback here
On Afranga you lend to the company directly. No promise from the platform to take a loan back, and no guarantee from its much larger parent.
The company at a glance
What it is
Registered financial institutionOn the Bulgarian National Bank’s register as BGR00459 since 28 September 2022. Online only, with 142 staff.
What it sells
Payday and instalment loansPayday loans up to BGN 1,400 for 30 days, and instalment loans up to BGN 10,000 over 18 months. It issued 66,195 loans in 2025, 58% of them instalment loans.
How big
€7.05m of loansNet, at 30 June 2026. Income of €25.84m in 2025, against €21.00m in 2024 and €4.92m in 2023.
Who owns it
City Cash OODAll of it. City Cash is a far larger Bulgarian lender — 1,362 staff in 2024 — and is itself 70% owned by MV Finance OOD and 30% by Parti Serviz OOD.
Where an investor can lend to it
Platform
AfrangaYou sign a loan agreement with Credirect itself, under the EU crowdfunding rules. This company is not on Mintos.
How much is actually lent
€113.9kThat is what Afranga investors had lent to Credirect on 5 November 2026 — a small sum. Afranga separately shows a “portfolio size” of €5.9m, which it does not define and which is not investors’ money.
Rate and buyback
9.86%, no buybackThe average return Afranga showed on 5 November 2026. There is no buyback and no guarantee from City Cash or anyone else.
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