Marketing of consumer credit and instant loans is now a hot topic given that, later this year, new legislation will come into force that will lower the price of consumer credit. After that, the current expensive credit can no longer be offered.
The monthly payment does not tell the whole truth about the price of credit
In addition to the amount of the loan, the final complete price of credit is affected by the interest, fees, and other costs. When choosing credit, don’t just stare at the monthly payment, compare the costs and actual annual interest of different kinds of credit. Read more about the price of credit.
Claim compensation for unreasonable credit costs
If the costs of credit are unreasonable, you can demand they be reduced. Advice on what can be deemed reasonable is available from the Consumer Advisory Service, and disputes with businesses can be referred to the Consumer Disputes Board. Read more about how to make a claim for unjustified costs of consumer credit.
The Consumer Ombudsman’s newsletter 6/2018 about credit and other financing services
Payments, bills, and debt collection