What are the advantages of using a credit intermediary?

We could summarize this article in just one expression, which would be “Saves time and money,” but the advantages of using a credit intermediary go far beyond this restricted version, and that is what we will introduce to you in this article.

Let’s start by imagining, for example, in the process of buying your house, you will certainly need a mortgage. Do you know the offers from most banks? How to know the best proposal for your case? Will you opt for the lowest installment, the lowest rate, or the lowest spread? Which one to choose?

This is just one example where the credit intermediary can help save you a lot of time since you won’t have to travel to several banks to obtain various simulations.

What does a credit intermediary do?

The intermediary is a professional or company, registered and authorized by the Bank of Portugal, who, taking into account your objectives, analyzes your financial situation and will seek to obtain the best solutions and proposals from banking institutions to present to you. They will also help you select the best and most suitable options for your case. The credit intermediary does not grant credit but, in practice, will handle the entire process for you. Visão Financeira – Credit Intermediary has a team with extensive experience that accompanies you through all phases of the process.

Advantages of using a credit intermediary?

– The credit intermediary mediates between the client and the banks or the credit institution(s);

– Handles the entire process of granting credit, namely in the collection and sending of documents, but not only;

– The credit intermediary usually has greater negotiating power and will tend to obtain the best conditions for your credit;

– The process is usually faster because credit intermediaries have their own channels with banks;

– You will have personalized advice and support during and until the completion of the process;

– You may have advice on complementary products;

– The final decision is always yours;

– The service is completely free, unless the credit intermediary is not bound.

Occasionally, some clients may feel that they do not have control over the processes, which could be pointed out as a potential disadvantage; however, in a good trusting relationship with your credit intermediary, you will always have information regarding the status of the process at any moment.

Precautions

– Check the category in which the credit intermediary is registered, the credit intermediation service is completely free for bound credit intermediaries (as is the case with Visão Financeira Credit Intermediary) and credit intermediaries as an accessory. Only unbound credit intermediaries can charge for the consulting services they provide and must do so through a written contract.  

 – Credit intermediaries are not authorized to lend money, be alert and always distrust entities that may suggest or advertise loans easily and without bureaucracy, avoid scams;

– If you have doubts, or to ensure that you are dealing with a properly authorized and registered credit intermediary, always consult the updated list of registrations on the Bank of Portugal’s website, you can do so through this link https://clientebancario.bportugal.pt/pt-pt/intermediarios-de-credito-autorizados