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Guarantees to the consumer should be required when hiring the famous "quick credit" (19/08/2008)

The Department of Consumer Affairs of the City of Totana, through the Municipal Bureau of Information to Consumers (OMIC), has launched an information campaign about the guarantees that the consumer should be required when hiring the famous "quick credit."

Through this information campaign, as explained by the council in the industry, Isabel Maria Sanchez, is intended to inform consumers a series of basic recommendations when purchasing a loan of this nature to the growing success of the claim of "money instantaneous. "

Financial credit is between 500 and 6,000 euros, whose main attraction is a quick and free granting of complex formalities.

To subscribe to this type of loan is only necessary to provide a photocopy of the DNI, the last payroll, and have a household bank account where the loan.

In some cases, the user is forced to pay high interest rates, typically over 20 percent, often masked by advertising the unique reference of the monthly amount.

The institutions that granted the credits allocated to the loan repayment period of relatively long in relation to the amount by making monthly payments more attractive to the consumer, who is unaware that this circumstance will affect the significant increase in the final amount to pay .

Therefore, from the OMIC is recommended to analyze in detail advertising, assess whether it is really necessary spending and, if so, whether there are alternative sources of funding, and consider the long payback periods and high interest rates are to pay substantial amounts of interest relating to the credit provided.

It also advises consumers try to adjust the quotas to the possibility of a refund, and have reference to the Annual Equivalent Rate - APR - such magnitude that indicates the actual cost of the operation, and compare with other offerings in the market and also check that the entity granting the credit is properly registered with the Bank of Spain

Source: Ayuntamiento de Totana

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