Varks – how short term loan works?

When you invest on Mintos, you can either trust that Mintos does not provide loans from companies that are incompetent, insolvent, or outright illegal, or you can do some of the research yourself. With some of the companies it is difficult as you might not understand the language the loan originator is using. In this article you can read translated FAQ of Varks. It is interesting reading as it help you understand a lot how short-term loans providers operate in general. Varks is lender on Armenia and offers quite high rates on EUR loans, up to 14%.

Who can apply for loan?

You can get a loan from if you are an Armenian citizen and are 21-75 years old.

What is needed for a loan application?

We do not require proof of income, any guarantor or pledge. You only have to submit your ID and Social Security account for a loan application and ID card to verify identity. You can complete the credit application online or at one of our branches. After completing an online application for new clients, you will need to visit branch for final review and loan approval.

Can I apply for a loan if I do not have regular income?

Yes, you can. Our loans are designed to meet the shortage of short-term funds. So even if you do not have regular earnings, we can provide a loan, hoping you will make a loan repayment in time. The more payments you make, the better the offer we will be able to present to you in the future.

Is it necessary to have a guarantor to postpone the loan?

No, we do not require a guarantor or any pledge. We trust you. Timely payments and repayments will enable us to offer a better offer in the future.

What makes unique? offers the best conditions. The first loan is up to AMD 150,000 with 0%, and repetitive loans have the best commissions. Besides, lets you get a loan without waiting for it. Visit each of our branches and get a loan within 10 minutes. It’s very simple. We do not require proof of income, guarantees or collateral. Complete the application and we will answer you immediately.

For recurring customers, we offer you the option of choosing a loan through a bank transfer or at each of our branches. Use for free and have a long-term partner.

How to Apply?

You can easily apply for your loan at , calling + (374 12) 700 000 or visiting any of our branches.

How much can I get?

For the first time you can apply for up to 150.000 AMD, but the credit limit for each customer will be determined individually. The better you payment behavior will be, the better you’ll be able to offer. We provide up to AMD 300,000 for best customers.

What is the loan repayment period?

We offer loans for 30 days. Also note that you can delay the repayment term for an additional 7, 14 and 30 days, by paying off the interest rate.

Can I get a loan through a bank transfer?

Our policy requires that every new customer should visit one of our branches before signing the credit line contract and receiving the money. For further credits, you will be able to choose how you want to get a loan, cash or bank transfer. So after the first loan you can apply online. There is no need to visit a branch if you do not want to.

How fast can I get my loan?

We are fast. We will respond as soon as we receive a credit application. You will be able to get cash when visiting one of our branches. For further credits, you can also choose a bank transfer option. We are confident that the dram will reach you without loss of time.

I already have a loan at, can I apply for another loan?

Obviously, we are able to take several loans simultaneously, taking into account your total credit line limit.

What should I do after my initial loan application?

We only need to do a final review at the branch. After initial confirmation on, all new customers must visit one of our branch offices for final study and cash withdrawal. Do not forget to bring your identity card, social card or ID card.

Can I apply for a loan on weekends?

Of course we are always ready to serve you. We also work on Saturdays and Sundays from 09.00 to 20.00. Apply any day of the week and get the loan the same day. If you are completing the application on our website in the evening, then we will answer first in the morning.

Why has my application been denied?

There are cases when your credit application is denied for the following main reasons:

  • negative credit history (for example, overdue liabilities are available at the time of application submission)
  • Providing you with no credible data
  • Based on your insufficient creditworthiness level
  • You are inactive, you are under the influence of alcohol, drugs and / or psychotropic substances

If you find that a misunderstanding took place with a loan refusal, please let us know and we will review it further.

For how much is the first loan provided?

We know that you will become our friend. You will receive the first loan from at 0% and without a commission. Get up to 150,000 drams for 30 days and pay as much as you can before the deadline. No extra money.

First loan is without interest. And how much will the next loans be provided?

We think you’ll be surprised. offers the best in the market for quick loans, without income revision, guarantor and collateral. The interest rate and commission will depend on your required amount and timing. You can see the cost on There may be additional fees depending on how much you get for your selected loan. Do not worry. Our professional staff will explain all the options and fees associated with them.

How do I pay credit?

Loan payments are easy:

  • make a payment in one of our branch offices. Find your nearest branch here.
  • Make a payment through non-cash payment (Please include the credit contract number and payment purpose in the loan payout area)

In case of a delay in the loan repayment period, please include the word “Submit” in the target field and the deferment period you need is 7, 14 or 30 days. Please also note that the non-cash transfer can take 1-2 banking days.

Remember, we are always ready to help. In case of temporary loan repayment issues please inform us and we will find the best solution for you.

How can I postpone the loan repayment day?

It’s easy! You only need to make a deferred payment until the loan repayment date. You can delay your credit for an additional 7, 14 or 30 days. You can see the amount of deferral in your loan agreement or on your personal page.

What will happen if I do not pay the loan in time?

If we have a problem with paying a loan, please immediately inform us and we will look for the best solution for you. In case of late payment of the loan, we will have to calculate 1% penalty for each delayed date. Keep in mind that we always give the opportunity to delay the loan repayment period. You can find more information here .

The solution is always there – we need only your cooperation. Unfortunately, if you do not cooperate with us, we will have to resort to legal action, including the lawsuit.

How do I know about the amount payable?

We will notify you of the amount to be paid, as well as the postponement payment, after each loan confirmation. You can find information on our site, on your personal page, or you can contact our call center staff and they will provide you with that information.

Will I have an advantage if I pay a loan before the repayment date?

Yes, we value good customers and in the future we will provide you with the best conditions.

What should I do if my personal data has changed?

Please contact us for any change in your contact information as it is important for us to contact you. You can send this information to: mail at or call us at (374 12) 700 000 .

Can not login to my personal page?

Do not worry if you can not remember your password, you can always reset it via your email or phone number.

What do you need to do if I want to stop the credit line contract?

Please visit any branch and submit a written application for termination of the credit line. Credit line is subject to closing within one month after receipt of the application.

In what case will my credit line limit be changed?

Based on the Borrower’s application or at the Borrower’s initiative, the Credit Line Limit may increase within the limits of the possible credit line. By means of the Borrower’s solvency solvency assessment and the Borrower’s internal legal acts. The Borrower may not increase the Credit Line Limit or may reduce it, and also reset it if the Borrower’s solvency has changed. The credit line limit change is made unilaterally by the Lender and can not affect the Disbursement Loan or its repayment terms.

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