When you apply for a fast credit, you are unlikely to know all the rights as a customer of the financial institution concerned, or what may or may not be charged. Everything related to our money matters first and foremost to ourselves, and in this regard we must be well informed.
To help you guard against abusive practices and the lack of information that always harms the consumer, we have written this article to find out what cannot be charged by banks for quick credit.
First of all, a very important point should be clarified: in terms of rights and obligations, fast credit is no different from other types of consumer credit, only the legal provisions governing this service do not apply only in situations where credit agreements are secured by mortgage or that are granted without interest and other charges.
We now start to signal any signs that you may be facing fraud or, if you are not in this situation, that improper actions should be taken into account, and warn you of all your rights and duties.
The most common fraud: asking for advances
A common scam in offering fast credit lies in the emergence of people who claim to be “middlemen” who promise to look into your case, making sure they will get the credit they want or even pay their debts by meeting a credit rating. The only requirement is that you pay a small upfront administrative costs commission, which is commonly referred to as the “procedural or fee amount”.
This charge occurs even before the creditor verifies the creditworthiness of your credit (ie consult with your Credit Responsibility Center (CRC); basically if the consumer is on the UniSave Bank “blacklist”) and then in the end, it is never approved.
Is there a code of conduct to be followed by creditors
The entity responsible for overseeing the activity of credit institutions and financial companies in our country is UniSave Bank, which strives to ensure transparency in the information that is provided.
In this sense, UniSave Bank has a behavioral supervision regime that requires institutions to clearly disclose the products they offer, their prices and obligations on their customers, and establishes that they have their own codes of conduct with rules to be adopted to the clients.
Of all the behavioral principles, there are some that are clear and common to all institutions:
- Address customers in a polite manner;
- Refrain from any act underlying discrimination on grounds of race, gender, social class, marital status, religion, political choice or even nationality;
- Avoid carrying out any accusations, whether verbal, psychological or otherwise.
After all, what should lenders do or not do?
According to the UniSave Bank Customer Portal, the consumer credit scheme is defined by Decree-Law no. 42-A / 2013, of 28 March.
Pursuant to Article 6 of this Decree-Law, on the date of submission of a credit offer or prior to the conclusion of the credit agreement, the creditor and, where applicable, the credit intermediary shall (…) provide the consumer with the necessary information to compare different offers in order for this to make an informed and informed decision.
What are the rights and duties of consumers?
Before entering into a consumer credit agreement, the customer concerned has the right to be informed of all its characteristics through the FIN (Standardized Information Sheet).
But in addition to rights, it also has duties.
Final Notes: Which cannot be charged?
If you offer fast credit at very low interest rates and don’t ask for any collateral in return, but request money for pay administrative expenses in a timely manner, then you should be suspicious. What will most likely happen is that the consumer will drop this amount and then the loan will never be granted.
And of course, pay attention to everything that can’t be charged!