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02.01.2007 :: Find the most favorable
home loan with the assistance of the financial website MOITE PARI
The renovated version of www.moitepari.bg is provided with
new product comparison as well as considerably improved functionality
About New Home Loans Comparison
MOITE PARI--the Bulgarian Financial Guide--has launched a full comparison of over
400 home loans offers. The Annual Percentage Rate (APR), calculated dynamically
for each unique search, represents the loan’s complete cost, including the announced
interest rate and all additional fees and insurance premiums (Life Insurance and
Property Insurance). Home loans APR comparison, unlike that of other financial products,
is not regulated by the Law of Consumer Loans that came into force in Bulgaria in
June 2006. However, it is expected that soon the law will be altered to include
home loans.
Since 2002, EU member states have practiced a “Voluntary Ethics Code.” Over 2,500
European banks and financial institutions have signed it. The Code obliges banks
to publicly announce the APR on loans as well as several other conditions such as
the type of interest rate, all possible fees, etc. A special Home Loans Directive
based on a recent Green Paper on Mortgage Regulation is forthcoming with a White
Book anticipated for 2007. These measures will be the last steps towards the Directive
ratification in 2008.
Regardless of legislation MOITE PARI will provide a full APR comparison of home
loans in order to empower consumers to make well-informed decisions about their
personal finances.
About the new version of the website
The renovated version of www.moitepari.bg boasts considerably improved functionality
that enables visitors to search for and easily find necessary information for financial
products. The new version is organized to lead the consumer more quickly to his/her
desired page on the website.
The following functions optimize the time that visitors spend in searching:
• All news and advices are classified by product subjects for easier navigation;
• A new option is added for choosing and comparing up to three offers. The information
can be accessed and compared via dynamic and personalized searches;
• Consumers can now apply for a certain product from the “Search” screen
• A financial news section added to inform consumers about financial institutions
current news. These will be published immediately after their official public announcement.
• The web site now has improved screen resolution that provides a considerably better
visibility and the opportunity for showing more information on the screen at the
same time.
“With the development of our newest product--comparison of home loans, we have made
one more step towards closing the cycle of financial products comparisons. Also,
we plan to direct our attention to some products outside of the financial sphere.
Our final aim is to cover the majority of comparable services”- said Kamen Kanev-
an executive director of MOITE PARI. “Our ambitions are to become the leading provider
and analyzer of information about consumers’ personal finances throughout the South-Eastern
region. The variety of financial products conditions on the one side, and consumers’
lack of time to study the different offers on the other – are the basis of the services
we offer.”
01.25.2007 :: MOITE PARI Top Nominee
for “Companies” Award at “IT project 2006” Competition
www.moitepari.bg Again Demonstrates Its Effectiveness and Social
Significance by Achieving Public Recognition for a Third Successive Year
On January 24, 2007, MOITE PARI gained public recognition at the IT project 2006
awards. MOITE PARI was one of three companies nominated for the “Companies” category,
which recognizes useful and innovative projects of public importance. Thirty IT
projects from Bulgaria took part in the event. Candidate companies were classified
into two categories – “Public Organizations” and “Companies”— and judged by an independent
7-member panel.
2007 marks the third year that this competition has been arranged by “Computerworld
Bulgaria” newspaper with the kind support of First Investment Bank. For further
information please visit www.computerworld.bg.
In its year-and-a-half of operating history, MOITE PARI (www.moitepari.bg) has gained
consumers' trust as a reliable and easily-accessible source of information and advice.
The site won the Bulgarian Web Association's prestigious "Financial Website of the
Audience" award in 2005 and 2006 respectively.
11.20.2006 :: MOITE PARI – Financial Website of the Audience
in 2006!!!
On the 17th of November, MOITE PARI won for the second consecutive
time the Bulgarian Web Association's prestigious "Financial Website of the Audience"
award for 2006. We feel proud for winning the public recognition and promise to
all our consumers to continue developing our website. We have new additions and
enhancements coming next month! Owing to all of you, our customers, we won this
prestigious award for the second successive time- thank you for your recognition
and trust.
11.06.2006 :: The first credit guide
portal launches in Turkey
The first credit comparison portal – www.finzoom.com.tr,
that brings all banks to one place is now online in Turkey
November 6, 2006 – Istanbul - FinZoom Turkey, www.finzoom.com.tr is the consumer finance portal which informs
consumers about all home loans, consumer loans and auto loans offers on the market.
FinZoom Turkey is part of the The FinZoom Financial Guide® Network www.FinZoom.com,
which successfully operates the leading comparison portals in Romania (finzoom.ro), and Bulgaria (www.moitepari.bg). In the next few months comparison for
new product categories, such as credit cards and deposits will be added to the site.
FinZoom visitors can search all bank offers and get complete, accurate and unbiased
product information freely on the site. People who seek loans don’t need to spend
time anymore going from bank to bank in search for the best offer. They can view
and compare all rates and loan terms through FinZoom’s objective, clear and up-to-date
comparison tables.
FinZoom is working with all interested banks to provide APPLY buttons next to banks’
offers so our visitors can apply for a loan directly on www.finzoom.com.tr. FinZoom is launching with Garanti bank
application form, but plans to add other banks’ application forms shortly. Although
there is no apply button for non-partner banks, you can still see all of their current
offers in same result tables.
WHY DO CONSUMERS VISIT
www.finzoom.com.tr?
They always get FREE detailed constantly-updated information about consumer loans,
home loans and auto loans offers of all active banks in Turkey.
They can see and compare rates, total costs and other details for each related product.
FinZoom also dynamically calculates and displays the real loan cost - , Annual Percentage
Rate (APR) for each loan offers. APR is a new concept on the Turkish market, but
is widely used in USA and Western Europe.
There is also a APR calculator on the FinZoom site.
FinZoom Turkey will also partner with media to provide them comparison tables and
periodic consumer finance articles and analyses.
08.21.2006 :: Leading Eastern European Consumer Finance
Portal Launches in Romania
Site First to Compare Truly Dynamic APR Calculations Personalized
for Each Unique Search
FinZoom Financial Services®, a member of the FinZoom Financial
Guide Network, today launched www.finzoom.ro
in Romania. The new website offers comprehensive, accurate information about all
loans currently available on the market in Romania (194 consumer/personal needs
loans, 154 mortgage loans and 100 auto loans/leasing offers). All information is
easily-searchable and updated daily, designed to empower consumers to make the best
decision, save them time, and reduce the stress involved with applying for a loan.
FinZoom’s distinct advantage lies in its dynamic calculation of Annual Percentage
Rates (APR), which represents the complete cost of a credit and the most objective
measure for comparison. The robust, flexible software powering the Finzoom portal
matches each consumer’s individual search criteria (loan type, amount, term length)
with the unique requirements, fees and conditions from every bank offer in our database,
calculating APRs that are identical to those calculated within the banks. The result
is a highly accurate, targeted and relevant comparison table from which the consumer
can apply directly.
Finzoom.ro additionally displays a detailed repayment plan for each loan, including
the monthly payment (principal and interest), all the commissions paid (initial,
monthly or annual) and total amount repaid over the entire loan term. Other unique
features include:
• Comprehensive offer details
• Dynamic APR calculator
• Consumer-focused advice articles published regularly
• Extensive glossary of relevant financial terms
“We bring a superior online comparison service to the market in terms of accuracy
and breadth of information,” says FinZoom Director Irina Chitu. “We hope that all
consumers in need of a loan, information or advice will come first to www.finzoom.ro
to compare all offers, educate themselves and decide with confidence on the offer(s)
that best suit their needs. And we want them to remain on our site to apply for
the offer, which they can initiate directly from the comparison tables.”
The FinZoom Financial Guide Network (www.finzoom.com)
already successfully operates in Bulgaria (www.moitepari.bg
and www.creditland.bg) and
will launch soon in Turkey (www.finzoom.com.tr).
In the coming months FinZoom.ro will continue to add new product categories for
comparison, including credit cards, deposits, investment funds, small business loans,
and insurance.
06.23.2006 :: The first Index
on the average Annual Percentage Rate on Mortgage loans starts in Bulgaria
For the first time the customer can see on www.moitepari.bg what is the real average market
price of Mortgage loans as well as the trends in changes in conditions on credits
In the calculation of the average market price of Mortgage
loans, the market shares of the 15 leading banks (that hold a market share of 98.72%
in the Mortgage loans in leva in Bulgaria) are taken into account. My Money uses
the Annual Percentage Rate (APR) of the best standard offer in leva for every bank
participating in the Index. APR is the only objective criteria that include not
only the interest rate announced but also all taxes and commissions covered by the
customer. According to the calculations made by My Money, the average value of APR
on Mortgage loans in leva in May is 8.02%.
The customers had no chance so far to see the change in the average price of Mortgage
loans in Bulgaria that could help them orientate in the trends and in the real price
of the credit. However, this has changed with the launch of the first APR Index
on Mortgage loans that can help assess bank offers for mortgage loans. And this
is one of the most important financial decisions in everyone’s life.
It should be taken into account that APR calculation for Mortgage loans uses the
same methodology as the one included in the Consumer Finance Law which adds in the
calculations all expenses, commissions and taxes related to the credit. In the APR
calculation it is assumed that the credit is reimbursed regularly during the entire
period and that interest rate remains the same in the course of the period.
The Index My Money reveals a clear trend for decrease of APR on Mortgage loans –
from 11.10% in September 2005 to 8.02% in May 2006. That is, if we take 20-year
mortgage loan of 50 000 leva and property value of 80 000 leva, the customer would
pay on average a total of 99522.46 leva with a monthly installment of 366.63 now,
while 9 months ago the total sum paid would be 120124.71 leva and the monthly installment
- 469.34 leva. The drop of the Index is due to the more intensive competition between
banks and the starting process of smooth harmonization with West-European interest
rate levels.
On www.moitepari.bg you can
use a user-friendly credit calculator that can help you calculate APR on specific
credit offers.
My Money is the Bulgarian Financial Guide whose mission is to help customers seek
and find the best financial products on the market. My Money compares impartially
all actual offers for Automobile credits and leasing, Consumer loans, Credit cards
and Deposits. In the following months we will continue to add new product categories
(goods leasing, stock exchange investments, business credits, and other).
12.12.2005 :: Full comparison
of consumer loans starts in Bulgaria
For the first time the customer can see on www.moitepari.bg how much will he really pay
for the consumer loans offered by all banks in Bulgaria
In the comparison of over 80 consumer loans, My Money – the
Bulgarian Financial Guide, uses the Annual Percentage Rate (APR). APR is the only
objective criteria that include all additional taxes and commissions – for e.g.
taxes for application, for application processing, for credit management and obtaining,
insurance, and other.
The customers had no chance so far to compare the different credit offers which
would help them choose the better bank product. However, this has changed with the
Interbank agreement for the announcement of APR in their advertisements, enforced/concluded
on December 7th. The agreement is signed so far by 23 banks.
The Consumer Finance Law is also expected (to come into action), and the law will
be a mirror translation from the European directive for Consumer Finance (87/102/EEC)
that Bulgaria is obliged to adopt upon its integration in the European Union.
My Money is the Bulgarian Financial Guide whose mission is to help customers seek
and find the best financial products on the market. My Money compares impartially
all actual offers for credits, credit cards and deposits. In the following months
we will continue to add new product categories (automobile and goods leasing, insurance,
business credits, and other).
10.12.2005 :: My Money – the
new portal for comparison of credits and deposits
New portal,
www.moitepari.bg, has been launched, and it enables easy comparison of bank
products and direct application for the good offers. At the same time, My Money
company realizes intermediary activity for mortgage and consumer loans. All services
of My Money are free for the consumer.
Sofia, Bulgaria, October the 12th 2005 – My Money, www.moitepari.bg, launches the first portal of
its kind for comparison of credits, credit cards and deposits. The consumer has
the first-time opportunity to obtain detailed comparative information for bank products
offered in Bulgaria. The first two presented products are term deposits and credit
cards.
The information is being constantly updated and is presented in an easy-to-use and
comprehensive way for the consumer. The aim of the Bulgarian Financial Guide My
Money is to help people that seek the best financial product, saving time, money
and efforts for them to research in details every offer separately. The access to
the portal is completely free and does not engage the consumer in any way.
But why is quick comparison of bank products and services so important? Financial
market becomes more and more diversified/various and intensive, and advertisement
of financial products not always gives full information on the full price. For example,
it can happen that a 3-year loan of 5000 leva with an interest rate of 11% is more
expensive than a 3-year loan of 5000 leva with an interest rate of 12% because of
the additional conditions on the two credits.
The experience and skills for bank product choice already established in developed
countries still lacks in our country, and that provokes the need of advice and help
in the area of finance. Up to now there was no access to detailed information of
quality taking into account the consumer needs and making it easy for him to select
bank offers.
The financial portal My Money acts in a user-friendly way: the consumer enters the
basic criteria and in the deposit or credit card search form. Next, the Data Base
generates results according to his requirements as well as detailed information
for every offer. My Money gives the opportunity for online application to the products
of banks with which there are concluded partnership agreements. Also, My Money offers
the full cooperation of its consultants for every kind of specifications for the
process of product choice and application.
“In USA and Western Europe such portals exist for years” – says the CEO of My Money,
Deyan Vassilev. “We decided that it’s high time to launch such a portal in our country.
The Bulgarian consumer has to be maximally well prepared before choosing a given
offer. Banks will also take the opportunity to understand how their products are
positioned vis-à-vis the competition. In the following months we will actively continue
to add new bank and financial products. So, our customers can expect much more useful
information in the upcoming months.”
My Money Ltd. started its activity in May 2005 with the main aim to help people
seek and find the best bank products for them on the Bulgarian market. My Money
is in the course of concluding brokerage agreements with several leading banks whose
mortgage loans will be a priority in the mutual work with clients. Besides the financial
guide, My Money offers a free service for mortgage and consumer loan brokerage that
gives to customers an excellent opportunity for an informed choice and easier application
for the most suitable product for them.
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