A currency's value in relation to another currency is determined by the market. If more people want to buy a currency than sell it, its value increases. If more people want to sell, its value decreases. The value is set by individual banks. As they buy and sell currencies, they will adjust the exchange rate.
Some credit brokers will not even take a commission for their services (their interest will be formally satisfied by the bank on the terms of partnership, but in fact, of course, you will pay). It should be understood that the broker's task is not to take a loan for you, but to bring you to a credit institution. Entering the door, you are left alone with the bank. In fact, a broker is a banal advertising agent.
The real benefit of a good broker is its aggregator capabilities (a solid database of credit products) and an insider component (because a credit manager in a bank is also a person).
P. S. Once on the radio, in one of the programs about financial literacy, they voiced the idea of the dubious expediency of taking a loan at all. The meaning was as follows: a loan can be taken only for the purchase of means of production or assets whose value growth exceeds the current loan rate.
The mortality statistics of people who go into poverty rise hugely for a whole range of reasons. So the banking crisis isn't just about becoming poorer, it was about killing people as well.
By 2010 the ratio had risen to 1:37.
That is, for every pound of Treasury-created money, there were 37 pounds of bank-created money.
In the 10 years prior to the 2007 crisis, the UK commercial bank money supply expanded by between 7 to 10% every year.
A growth rate of 7% is the equivalent of doubling the money supply every 10 years.
The amount of money they're creating out of nothing is just incredible, 1.2 trillion in the last 10 years.
In the end what the Bank of England decide to do, we don't know. You see a widespread proliferation of alternatives normally during periods of capitalist crisis. In the Great Depression, you had the rise of a lot of script currencies particularly in North America, and experiments in Europe as well.
So rising house prices does not create additional net GDP value to the economy. Actually, what they do is they re-distribute wealth towards those people who already have houses, i.e. wealthier people, and remove it from poorer people who can't afford to get on the housing ladder.
How I use money, what I use money for, who's controlling money and where it ends up over time can completely transform society. The kinds of businesses that get preferred by certain types of money systems, so at the moment we have a money system that prefers large businesses that can take a lot of their wealth offshore because that's more efficient for them to do that, but that means that money ends up leaving communities.