Credit advisor, is it worth using his services?
A credit advisor or credit intermediary are people who help to choose the best and the cheapest loan for the client.
The credit acquisition specialist usually serves individuals. It has a wide range of cash and consolidation loans , credit cards and limits. When we are looking for a business loan or a loan with income from business activity, it is definitely better to turn to a specialist in the field of assistance to companies.
A credit counselor or credit intermediary can work in a larger consulting company, run his own business or be an employee of one of the banks. The first two persons mentioned have offers from many institutions, a bank adviser will advise you on the selection of the cheapest offer from a specific bank.
When we want to get the cheapest loan possible, in our situation it is worth turning to a credit advisor or agent. Specialists who know the offers of most banks, by comparing them with the client’s situation, will help you get the cheapest offer on the market.
What will the credit counselor ask me?
When applying for a loan, the adviser will carefully assess our credit, income and expectations. To do the initial simulation, a few simple questions are enough, and we will know how much approximate our installment can be. What will the advisor or loan broker ask you during the interview? We present a summary of the most important issues:
What amount do we need
The loan period we prefer
Type of installments ( decreasing , where each subsequent one will be lower or equal throughout the period of the loan agreement). Do we have own contribution (if we apply for a mortgage or investment loan).
Income and its amount
Form of employment
What we are already paying back, a short list of our obligations (where, what installment)
Do we have any other obligations (loans, leasing)
Current or historical arrears in loan repayment
From banking inquiries in which banks we asked for a loan
Not all issues will always be met. The loan repayment period depends on the bank’s offer. Not every bank offers loans with a 144-month repayment period. In some, the maximum period is only 72 months. There are many variables depending on age and seniority. The advisor’s role is to ask the client in detail and simulate the loan, followed by a binding offer. The final decision as to the use of the loan offer always belongs to the borrower.
Features of a good credit advisor / intermediary
What are the key features of a professional credit advisor? As in any profession, honesty and integrity will be most valued. No less important will be having the necessary competences in the field of knowledge about loans and finances. A proven credit broker has at least a few years of experience in the profession. It is always worth verifying the experience of a broker or credit advisor by assessing his office, checking the entry in the register of credit brokers at the PFSA.
Using a credit counselor requires a thorough check of the person, trust is always needed, no less well when it is supported by appropriate knowledge of a specialist. We provide such person with very sensitive data, proof of information, information about the employer or our obligations.
A proven adviser will certainly answer our difficult financing questions. It’s always a good idea to ask an adviser about his qualifications or competences to confirm his belief in using a reliable person.
Applying for a loan yourself or helping a loan broker?
A large number of clients refuse to use the help of credit counselors or agents. They believe that only a visit to their proven bank will always be good for them, they will get the cheapest possible loans. Unfortunately, this is not entirely true, banks do not save customers by pushing insurance and additional commissions. This belief is most often due to the lack of prior contact with advisors or agents.
A credible credit broker always puts the customer’s interests first. Honesty and discretion in action are the most valuable qualities. Only advisors worth recommending are able to stay in the competitive market for longer, which is why it is worth checking how long they have been operating and the opinion about their work.
Choosing a bank yourself
As mentioned above, choosing a bank yourself is not always a good idea. We will not always find more favorable conditions. If we meet a bank adviser who just sold too little insurance for loans in a given month, we can expect obligatory insurance for our loan agreement. If the adviser has too low sales, he decides to add an additional commission to us. Unfortunately, this is a common situation in banks. That is why, when getting an offer from a bank, it is worth asking the advisor whether he will find something cheaper for us. We can see from experience that customers get 10-15% lower installments than in their home banks.
The loan offer should also be tailored to our vision of the future. If we consider the option of early repayment, a product with a lower bank commission and a higher interest rate will be definitely cheaper . A professional credit counselor will certainly take these facts into account when preparing your offer.
There are many benefits to using an experienced credit intermediary. We save time running around banks and asking for offers. The adviser on our behalf will choose the cheapest offer and will negotiate with the bank. Due to the cooperation with banks, it is able to win much better offers than those commonly available on the market. Online advice is also a quick and easy way. An even faster , discreet (if necessary) and secure way to get a good loan offer.