A quarter of consumer credit advertisements are illegal, something that the federal government has been strictly monitoring since 2013. This is confirmed by Paul Solas , spokeswoman for the Federal Public Service Economy. She indicates that advertisements are regularly published that are contrary to the regulations, for example because they do not paint a representative picture of what a consumer can expect. It is therefore wise to always compare several loans. You can then borrow money at a competitive interest rate, whereby you are aware of the interest, the term and other additional costs.
It is mainly the written advertisements that often lead to problems. A total of 555 advertising messages for consumer credit were checked in 2013. A total of 144 official reports were drawn up because there was a breach of legislation. In many of the cases there were misleading figures or information was distorted or concealed. As a consumer, it is important to pay attention to that. Can you borrow money at a low interest rate? Then it is wise to make a comparison online and ensure that you are not faced with any surprises.
Nowadays you can borrow money for both large purchases in the form of products and services. It is possible to borrow money for a new television, but also for the organization of a wedding party, for example. Nevertheless, the 1991 law imposes clear rules on anyone who wishes to offer consumer credit. This, of course, to prevent consumers from getting over their heads into debt and getting out of it themselves. The clear regulations in this area are not always sufficiently complied with.
In total, more than 319,000 Belgians are currently experiencing payment arrears on loans for cars, electronics and travel. This backlog amounts to a total of 1.78 billion dollars. Do you want to borrow money yourself and be sure that you are not dealing with an advertisement that does not comply with the legislation? Then it is wise to make a comparison here online. List the various money loans and make sure that you know exactly what you agree with, or where you put your signature at the bank.