Maria Petkova
Creditchoice Ltd. Helps Us Finance Our Dreams
Success in fields like banking and lending requires years of hard work, consistent growth, and experience. Maria Petkova’s story is a perfect example. Before founding Creditchoice Ltd. in 2017—a credit brokerage company—she climbed the steps of the banking hierarchy from a mobile bank consultant to Head of the Agent Network Department. Today, after less than ten years on the market, Creditchoice Ltd. has helped thousands of clients successfully finance various projects. As part of the management of the Association of Credit Intermediaries in Bulgaria (ACIB) from 2019 to 2024, Maria Petkova was among the initiators of the Code of Ethics, which protects consumers, partner banks, and credit intermediaries from unfair practices.
Lending has been your career for 20 years. Why did you decide to start your own company?
My banking career spanned 12 years at the same bank. During that time, I learned the top priorities of end clients seeking financing and how to build and develop a team. When the Law on Mortgage Loans for Consumers came into force in 2016, my team and I had to implement the necessary changes in the bank’s documentation.
By observing the behaviour of our own agent network’s clients and those of our external partners, I realised that customers would increasingly need to compare multiple banks before choosing one for their home/mortgage loan. I understood that the future lies in credit brokerage, which offers a choice between offers from various banks rather than just proposals from a single institution.
I decided to establish a credit intermediary because I was convinced that the market and consumers would quickly mature for this service. At that time, the share of credit brokerage was no more than 15-20% of the total home/mortgage loans disbursed. Today, that share is over 50%. Since 2017, the Creditchoice Ltd. team has grown from four to 14 people. To date, we have helped over 3,000 clients obtain loans totalling more than 300 million BGN.
What professional, ethical, and personal principles did you instil in Creditchoice?
Fair, principled, and conflict-free relationships with partner banks, clients, and within the team. In our line of work, reputation is of paramount importance. People need to know who we are, how we work, and why they should trust us—after all, we collect personal information from them, such as marital status, income, children, existing loans, and payment delays. That is why people should always check the reputation of the Mortgage Broker they intend to work with. They should verify if the intermediary is registered with the Bulgarian National Bank (BNB) and is a member of the Association of Credit Intermediaries in Bulgaria (ACIB).
At Creditchoice, employees work exclusively under labour contracts. Our internal procedures guarantee the consumer a choice of at least three bank loan offers. We are also one of the few intermediaries working with 15 banks. This gives the client a real opportunity for choice.
How does the credit market in Bulgaria look at the moment?
Lending in Bulgaria remains extremely favourable. Despite predictions that interest rates on consumer and home/mortgage loans would rise, this did not happen. Average interest rates on home loans are around 2.5%, with the lowest at 2.18%. For personal loans, rates start at 4.25% and average around 5.5%. Of course, to benefit from the best rate, it is important to know which bank values which criteria when determining interest rates. The easiest and fastest way to conduct such research is with a Mortgage Broker. It is also vital that the type of loan be determined by its purpose.
What do consumers not know about lending in Bulgaria?
Many consumers are unaware of interest rates and what type of loan to choose. They don’t know about specific offers, whether to choose a fixed or floating interest rate, which index is safest for a floating rate, whether the loan should be in BGN or EUR, or how much and what type of income the bank would recognise when reviewing the request.
Purchasing unfinished properties (under construction) has specific nuances. For example, when signing a preliminary contract, the developer’s proposed payment scheme must align with the bank’s approval. Therefore, we strongly recommend that the client first obtain pre-approval for a loan based on income before signing a preliminary sales-purchase agreement, under which a 10% deposit is usually due.
Bank lending changes daily. We are the ones who stay informed and adapt promptly to these changes. The specialised software developed for Creditchoice Ltd. helps us in this regard.
Does it matter whether the client seeking a loan is Bulgarian or a foreigner?
Banks do offer loans to foreigners, but they have specific requirements, such as their status, how long they have been working in Bulgaria, their income, and whether they can provide a Bulgarian co-debtor. A foreigner may not always meet the banks’ lending requirements at our first meeting, but when we map out the steps and clarify the timelines together, things often fall into place.
How do you think the credit market in Bulgaria will develop in the near future?
I do not expect sharp changes at least until we enter the Eurozone, and even after that, things are unlikely to change significantly. Bulgaria is still among the last in Europe in terms of home purchases with a loan—only 10% of the total housing stock. Lending will continue to develop at a high pace.
In project financing, we face a huge challenge—practically, if you have a business idea backed by documents, figures, and facts, but you do not have a co-debtor with proven income, there is almost no option for bank financing. The quality and scope of credit brokerage must also improve. Much more needs to be done to ensure the consumer always receives a high-quality service.
