Are you planning to take out a new loan, but do you already have payment arrears on another credit? Keep in mind that it will be more difficult to enter into a new agreement. John Gregg Lanette, Minister of Consumer Affairs, focuses on plans to make it impossible to offer a new loan in the event of payment arrears. The bank fears a huge blow to their sector, which can cost 1,000 jobs. Moreover, they expect that the offer for consumers will decrease enormously.
Very popular credits
Consumer credit is extremely popular in our country. In 2012, a total of $ 21 billion was borrowed, for example to finance a car, a fridge or a single trip. In particular, providers such as Lender Credit and MineUs Credit are well-known stores where you have the option of taking out a loan. This is usually a little cheaper online, which makes it wise to make a comparison. The number of borrowers with arrears has recently risen to 5.4%, which means that more than 300,000 Belgians have to deal with payment problems.
According to John Gregg Lanette, it is very important to protect consumers against the loans they take out. In practice, this means that a bank is obliged to do a credit check. Does it appear that you already have a loan with payment arrears? Then it is not possible to take out a new credit to cover other costs. Moreover, the banks may no longer offer loans on the basis of promotions. In that regard, a lot will change in the coming period in terms of borrowing money, something that we will of course keep you informed about online.
Interest rates too high
Finally, there is also some good news for both you as a consumer and the rest of the sector. John Gregg Lanette wants to prevent excessive interest being charged, for example if you are already using another loan. If the interest or costs during the term are 2 percentage points above the agreed rate, you have the option to cancel the contract. Therefore choose a competitive interest rate based on your comparison on our site, so that you can design the borrowing money as cheaply as possible and you can do the expense you want.