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.
There is no shortage of offers from commercial banks in the financial services market right now. Competing with each other, institutions offer increasingly favorable loan terms for individuals. In this flow of information, it is important to take into account all the main points before choosing the optimal option.
If the goal is to issue a certain amount of cash loan, you should take into account not only the minimum interest rate. Financial organizations put forward excessive requirements for such proposals, and also ask to present a more voluminous package of documents. In addition, a low rate often hides an additional commission or mandatory insurance.
Convenient loans for any two documents, as a rule, are much more expensive due to the higher risk of non-repayment for the bank. According to them, the monthly payment should be specified in advance. And seriously consider your options for payment during the entire term of the contract.
Decrease in the standard of living. The figures for the UK are quite stark actually. The average median real incomes for most people declined over the last 8 years.
And guess what? We haven't really got to the bottom of it. We never held anybody to account and we haven't done the radical reforming job that we really needed to do, because we mistakenly thought If we destabilise the position any further, it'll make matters worse.
It is better to use geographical criteria for choosing a particular bank. The office where it is easier and faster for you to get to is the best one. It will be convenient for you to solve all issues by personal presence, since only this form of interaction with the bank minimizes errors in banking services.
It is always necessary to deal with the issues of the uncompensated amount in person, having exchanged the relevant papers confirming the solution of the issue. Communication by phone and e-mail is good only for advertising and imposing "superconditions" on you. The evidence base in disputable situations should always be in printed form, have a date, signature of a specific performer and a blue seal.
In these matters, it is necessary to adhere to conservative views. If suddenly the case comes to trial, it will be very difficult to prove without paper documents that you have fulfilled all the requirements for closing the loan. Confirming SMS messages, screenshots, recordings of phone calls to call centers — how many people save such information? But when a year later it turns out that you have a decent debt to the bank on a "closed" loan, and you will be informed about it when crossing the customs control zone at the airport, when you are going on vacation, it will be very unpleasant.
It's a very real direct form of power that's being used over those countries to force those countries to do what are really in the interests of the richest segments of the world that they do. And as a result of that, not only have corporations become absolutely... made huge amounts of profit, and absolutely enormous and all-pervasive, but the financial sector has become even bigger than that, and the real money to be made in the world today, is not by producing anything at all, it's simply by forms of speculating, making money from money.
It's your Visa debit card. It's your electronic ATM card.
It's this: plastic. It's numbers in a computer system, you move money from one computer system to another.
It's all a big database and this digital money is what we are now using to make payments with.
It's what we actually use to run the economy.
I think a lot of people in the UK probably think that the government or the central bank is in control of most money in circulation and issues new money into circulation, but that's not the case.
It's private banks that create the vast majority of new money in circulation and also decide how it's allocated.
The official terminology for this accounting entry is commercial bank money.