Loans are loans or credits in which the bank provides the borrower (as opposed to bank loans) with cash and / or cash. In the case of a cash loan, the lender leaves the borrower a certain amount. The contracting parties of credit bureau are companies that lend money to natural persons on a commercial basis, credit goods or services, and companies that collect claims on a commercial basis. Cash credits, loan products or services as well as companies that do business. The companies that offer money loans or loan products are primarily credit institutions, which account for the vast majority of credit bureau information.
Money lending is exclusively about the provision of funds, ie domestic (USD-credit) or foreign (foreign currency loan) cash in the form of cash. By and large, the intended use remains with the lender. Exceptions to this are bank loans, which are always cash advances to finance business start-ups, construction projects, the acquisition of real estate or other assets.
In addition, cash loans are issued by banks as investment loans, working capital loans or cash loans to finance goods. Supplier loans, on the other hand, are not money loans and installment purchases or financing, which are given by retailers / retail chains such as home improvement stores, furniture stores, car dealers and online retailers for the purchase of consumer goods, are not included as these are commodities loans. Lenders can be any financial institution active in the market (universal, national, professional, large, direct, co-operative) and non-governmental (private, government, non-profit).
A personal loan is a loan that borrowers receive from private individuals. The loan may be a non-interest bearing, fixed rate, floating rate and short, medium or long term loan facility. Conditions such as debit interest, repayment, processing fee, any surcharges, which of course also apply to cash advances, are included in the loan agreement, which must always be provided in writing for personal loans.
A loan broker, what is it?
The loan broker arranges an institution, which gives the applicant an appropriate amount. In short, he arranges a house bank. In general, the way to the credit broker for the average customer due to the commissions is not worthwhile. If lending has already been denied by several banks, there is legitimate concern about impending payout problems.
In this case, you should turn to debt counseling and not a credit broker. 2. A credit intermediary may not provide debt advice. You should seek debt advice. The effective interest rate of the new loan (including the agency commission) must not exceed that of the existing loan. Note: Debt counseling helps debtors, dependents and households help themselves to eliminate or reduce debt or over-indebtedness.
The credit intermediation may not exceed five per cent of the contractual loan amount (without interest). Of course, the sum of the commissions is negotiable. Attention: The brokerage commission is supplemented by bank processing fees or the insurance premium demanded by the house bank for the life insurance. Commission claim: A commission claim arises only when a successful conclusion of a contract, ie when a loan agreement has been closed or the house bank has granted a loan.
It is also owed if the lender does not make use of the obligation of the house bank. If the credit terms (eg interest, installment amount) do not match the conditions in the brokerage contract, no brokerage commission can be charged. Often there are difficulties with intermediaries when a contractual penalty in the form of a penalty has been determined in the form of a fee, if incorrect or insufficient information from the client has led to the fact that no credit is obtained.
The way to the credit broker is not worthwhile for borrowers with appropriate credit rating. Because the (almost) consistently required commission of five percentage points appreciably enhances the loan. A credit intermediary may not provide debt advice. If a credit broker is contacted for debt restructuring, he must point out the possibilities of non-profit debt counseling.
The lending contracts must be in writing and must contain the following information, otherwise they are invalid: the contract must cover the loan brokerage, the net loan amount, the total fee, the annual percentage rate, the number, amount and duration of the installments, the maximum commission of the loan Loan broker and the maximum total fee, the latest date for the existence of the loan commitment, the term, the loan collateral, the interest rate clause. A loan applicant must provide the loan broker at his request a draft contract of the concluded loan negotiation contract free of charge.
The commission claim arises only upon successful completion. If the credit conditions do not match the conditions in the brokerage contract, no commission can be calculated. Disregard cases: In addition to the maximum legal maximum commission of five percentage points of the broker, bank processing fees or the life insurance premium demanded by the house bank also apply.