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2005
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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