Borrowing money, costs money

Banks fail in lending advice

January 19, 2017

If you want to take out a revolving credit, there is a piece of advice. In most cases this is not a daily routine. Then it is nice that the lender gives you text and explanation about the loan that you are going to take out. Research by the NIKWA, Netherlands Institute for Quality Test, has drawn the following conclusion: the advice from ABN Amro, ING, Rabobank and SNS Bank on taking out a revolving credit falls short on a number of points.

Banks fall short

The research conducted was conducted at eight different branches of the four banks spread across the Netherlands. The investigation had not been announced. In all cases, the test person made an appointment for a consultation, applied for a revolving credit with a fixed amount of monthly repayment. The amount of credit and loan target were the same for every appointment of the test person, the mystery shopper of NIKWA. The study did not investigate taking out a personal loan.

Research results:

  • In many cases, the test person was not told the pros and cons of a personal loan and the pros and cons of a revolving credit
  • Often the total amount (the loan amount plus interest after expiry) of the revolving credit was not mentioned
  • The test person received a written quotation in only slightly more than half of the appointments
  • The conversations took place in a room where other customers were also in less than half of the tests. For some appointments, the consultation took place at the counter in the branch itself

Good advice when taking out revolving credit

After reading the results, it will not surprise you why online lenders are getting more and more customers. When taking out a revolving credit, you would like to be helped by an expert independent party with guarantee of your privacy. This applies not only when taking out a revolving credit but also with a personal loan .

Good advice is the basis for taking out a responsible loan. This advice arises from the risk inventory, the loan goal, the financial situation and the choice of a revolving credit or personal loan. The loan must have good conditions and favorable interest rates . We can offer you these favorable rates because we do not have a large office or many national branches. We also work as an intermediary with various banks. With us you do not pay any advice and closing costs.

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