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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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