Father
Professional
- Messages
- 2,602
- Reaction score
- 798
- Points
- 113
Bob:
I really needed a loan to repair my car, and the banks refused. I think it's about my credit history - it's not very good. Didn't always pay on time. And then I see an advertisement: we will help people with a bad credit history get a loan. I called. Yes, they say, we, financial brokers, help those who are directly denied by banks to receive money.
I left them my details. The next day they called: you were approved for a loan in such and such a bank. But first, I need to insure my life - this will, as it were, confirm the seriousness of my intentions. A courier arrived, brought an insurance contract. I signed it and paid what was demanded.
Then he went to the bank. It turned out that they didn’t approve of any loan, they didn’t know any brokers, and the insurance was phony. Hit like a fool. As a result, even less money was left for repairs.
Financial Culture Expert:
Fraudsters often pose as credit and insurance brokers. They take advantage of the fact that many people do not understand what the functions and powers of brokers are.
Insurance brokers are legal intermediaries between clients and insurers. They have the right not only to help choose a suitable insurance policy, but also to conclude an agreement on behalf of the insurance company. But before signing such an agreement, it is worth checking whether the broker has a license. The register of licensed insurance brokers can be viewed on the Bank website.
There is no concept of "credit broker" in the legislation, and no intermediary can conclude agreements on behalf of banks. Credit brokers usually call themselves financial consultants who help potential borrowers choose a bank, collect documents and apply for a loan. Consultants have the right to charge money for their advice and assistance. And it's up to you whether to pay for their services.
Honest financial advisors never promise that you will get a loan for sure. After all, the decision is most often made not even by a bank employee, but by a program that automatically evaluates the borrower based on documents on his income, work experience and credit history. The consultant is not in a position to influence this program.
Fraudsters, on the other hand, "guarantee" that their "connections in the bank" will provide you with a loan. And they take money not just for advice and information, but also “for guarantees”. They can also bill the customer for fake insurance.
It should be borne in mind that insurance cannot be a condition, let alone a guarantee of obtaining a loan. According to the law, the borrower is obliged to buy a policy in the only case - when he is applying for a mortgage. Homes pledged by the bank must be insured.
The bank has the right to offer the borrower to insure his life and health, as well as the loan collateral. And if the client agrees, he can lower the interest on the loan. But the bank has no right to impose insurance.
If you have a bad credit history, you should not trust “helpers” who promise you a loan. Better to try to fix the situation yourself. You can read about how to do this in the material "Credit History".
I really needed a loan to repair my car, and the banks refused. I think it's about my credit history - it's not very good. Didn't always pay on time. And then I see an advertisement: we will help people with a bad credit history get a loan. I called. Yes, they say, we, financial brokers, help those who are directly denied by banks to receive money.
I left them my details. The next day they called: you were approved for a loan in such and such a bank. But first, I need to insure my life - this will, as it were, confirm the seriousness of my intentions. A courier arrived, brought an insurance contract. I signed it and paid what was demanded.
Then he went to the bank. It turned out that they didn’t approve of any loan, they didn’t know any brokers, and the insurance was phony. Hit like a fool. As a result, even less money was left for repairs.
Financial Culture Expert:
Fraudsters often pose as credit and insurance brokers. They take advantage of the fact that many people do not understand what the functions and powers of brokers are.
Insurance brokers are legal intermediaries between clients and insurers. They have the right not only to help choose a suitable insurance policy, but also to conclude an agreement on behalf of the insurance company. But before signing such an agreement, it is worth checking whether the broker has a license. The register of licensed insurance brokers can be viewed on the Bank website.
There is no concept of "credit broker" in the legislation, and no intermediary can conclude agreements on behalf of banks. Credit brokers usually call themselves financial consultants who help potential borrowers choose a bank, collect documents and apply for a loan. Consultants have the right to charge money for their advice and assistance. And it's up to you whether to pay for their services.
Honest financial advisors never promise that you will get a loan for sure. After all, the decision is most often made not even by a bank employee, but by a program that automatically evaluates the borrower based on documents on his income, work experience and credit history. The consultant is not in a position to influence this program.
Fraudsters, on the other hand, "guarantee" that their "connections in the bank" will provide you with a loan. And they take money not just for advice and information, but also “for guarantees”. They can also bill the customer for fake insurance.
It should be borne in mind that insurance cannot be a condition, let alone a guarantee of obtaining a loan. According to the law, the borrower is obliged to buy a policy in the only case - when he is applying for a mortgage. Homes pledged by the bank must be insured.
The bank has the right to offer the borrower to insure his life and health, as well as the loan collateral. And if the client agrees, he can lower the interest on the loan. But the bank has no right to impose insurance.
If you have a bad credit history, you should not trust “helpers” who promise you a loan. Better to try to fix the situation yourself. You can read about how to do this in the material "Credit History".
