25. Is there a ban on candidates taking loans in relation to election campaigns?
Armenia
2. The campaign fund of a candidate shall be formed from:
(1) his or her personal funds;
(2) funds provided by the political party that has nominated him or her;
(3) voluntary contributions by persons having the right to elect.[…]
Source: Art. 26.2, Electoral Code, 2016 (amended 2020)
The list of allowed sources of income for candidates does not include loans.