Paula Alexandrescu18 Decembrie 2008 15:33, English
The waning economic climate, the ever-growing complexity of financial instruments and products and tougher lending conditions enforced by National Bank of Romania (BNR) make our choice for the right loan to be more difficult. An alternative in this problem may be the specialized assistance – loan broker who has the required information for a loan application.
“More and more clients confused by the recent changes in the banking system contact a specialized consultant when they find themselves in need of a loan”, said Liviu Andrei, executive manager at DBSol Consulting.
Thus, according to insiders, the tendency to address to a financial assistant is more often observed amid these tough market conditions when contracting a loan is not as easy as it was few months ago.
“It is certain that it is harder to get a loan, than it was 3 months ago, and this situation will surely last 1-2 years from now. As a result, the proper thing to do is to contact a specialist who knows the lending criteria of each of the funding sources,” said Anca Bidian, CEO Kiwi Finance.
Loan broker is a specialist in personal finance who helps the borrower (client of a bank or NBFI) in all loan approval stages, from choosing the best product until the conclusion of the agreement with the lender. Any person, who wishes to contract a loan, will have to choose the bank and the product he needs, in a first phase.
“It is a very important phase that, in the event of a worse decision, entails long-term consequences, that unfolds on the entire duration of the lending period. Thus, it is necessary for the borrower to find the suitable bank that takes into account his needs and his options. The assistance provided by a loan broker is the necessary mean in this ‘hunt for financing’. It allows you to make a comparison between the offers of several lenders and to choose the best decision to meet the applicant’s needs”, said Raluca Dobre, financial analyst at IpoteciDirect.
How do we choose the right consultant?
In order to make sure the intermediation of borrower’s interests is as uniform as possible, the financial consultant must be independent of any institution he has established relationships with and to provide real and specialized support to the client.
“Afterwards, the assistance service must go forward in a professional framework, at the head office of the advisory company, and certainly not at the street corner”, said Dobre.