Credit brokerage is a relatively new service in the lending market and not everyone knows what it is. A credit broker will help save not only time, but also the money of the bank client, because the remuneration for the work of a specialist will be much less than the final overpayment on the wrong loan.
When should you contact a loan broker?
When you want to get a loan, you start looking for a suitable loan program, call banks, compare interest rates, plan visits to bank offices and talks with loan managers. In fact, all these processes are time consuming.
After a long search and calculations, you choose a specific bank and start collecting the necessary documents. When all the documents are ready, you go to the bank office to apply for a loan. Having sent your application, the manager says that the decision will be in a week. A week passes, but the creditor is silent, then you yourself go to the bank's office, where they do not tell you anything intelligible and ask you to wait a little longer. In the end, you get a call from the bank and inform you that you are being denied a loan.
Such situations often occur when obtaining large consumer loans, loans for business development and mortgages. Therefore, in some cases, a credit broker is simply necessary, because having turned to him for help, the likelihood of getting a refusal is significantly reduced, since he knows from his own experience which bank, what requirements and how he assesses the borrower.
but on the other hand
If things were so simple, then everyone would turn to credit brokers when applying for loans. However, in reality, everything is not so great. Some brokers increase the volume of sales of loan products of a particular bank for a certain fee. Thus, such a specialist no longer acts in the interests of the client, since this loan program may not be the most profitable for him. It is almost impossible to check whether your credit broker is a “mishandled Cossack”. Sometimes even the heads of brokerage agencies do not know that there is a dishonest person in their ranks.
Another common option is a fake broker. He promises to help a person who is eager to get a loan, but in reality he does nothing, receiving money for the "dust in the eyes", let the gullible borrower. The fake broker will wait a couple of days, giving the appearance that he is busy selecting the most profitable credit program. Then he will offer the client the first loan product that he found out about from the announcement on the post, while taking money from him for his work.
That is why you should choose a credit broker very carefully, carefully weighing all the pros and cons. Sometimes it is better to start looking for a profitable loan on your own.
