Sanctioned consumer credit company resumes operations in Lithuania

Lithuania’s central bank suspended the company’s licence to issue loans last December, quoting “irresponsible lending” and repeated violations of finance regulations.

4finance said in its press release that the company, respecting the requirements of the Bank of Lithuania, has worked to ensure its procedures and policies are in compliance with both existing regulation and the new legislation coming into effect on 1 February 2016.

4finance, owned by the Luxembourg company 4finance Holding, was offering consumer loans in Lithuania under the brands SMSCredit and Vivus. It was the biggest consumer credit company in the country with a market share of 37.8% over the first nine months of 2015.

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