A loan quote has a duration
Which must be specified on the document. Precisely for this reason, if the loan is requested and granted within the terms set by the expiry date in the document, it must have the conditions faithfully reported in the estimate itself. However, it is necessary that the estimate is official and that it contains all the necessary data. To prevent shadow areas from taking over, the EU intervened for some time with a directive that introduced the SECCI module. This represents a standard document that must be used by banks and financial companies to provide mandatory data in a simple and transparent form for the customer.
This standardization also allows different estimates to be compared with each other so as to choose the solution that best suits your needs ( Attention: it is not always said that the best situation for your situation is also the economically lowest one ). Among the mandatory data there must also be:
- the day on which the estimate is calculated;
- the date by which the conditions remain unchanged;
- signature or identification code of the operator who issues the quote itself.
If, then, it is a loan with subsidized conditions linked to specific conditions or requirements, or to promotional rates, all the indications must be reported both on the improvement or promotional rate, and on the conditions that would be applied in the absence of such a concession. paying attention to receive a loan estimate with the form and content required by law, you obtain a reliable document that provides the right and clear indications.
Online or traditional?
The development and diffusion of loans on the web, often also available in 100% online mode, through the use of the digital signature, led to the development of online quotes. However, a loan quote and a calculation or simulation should not be confused with each other, which can happen when using simulators or online installment calculation tools. To understand what has just been said, take for example the tool of Best Bank, the Italian/French financial company which over time has specialized above all in the provision of online loans:
To obtain the estimate, it is necessary to choose the duration to repay the loan, on which the Tan and Taeg rates applied will also depend. Suppose we choose the 60 installments as the duration. Having done this, in order to print, view or download the quote, we must click the red button with the word View and print SECCI.
Warning! It is not necessary to go through this point. In fact, you can immediately proceed with the loan request by clicking on the button at the bottom right Request Now. That said, it is logically always recommended to take a look and save the quote. In the case of our example, the quote is in this form:
This merely exemplary criterion however applies to any type of online request. When it comes to a traditional loan quote, you must explicitly request to get a quote based on the desired amount and duration.
Even in the case of a ‘traditional’ quote made in the branch or through a consultant, it is not necessary to sign anything (instead, the signature or identification code of the operator who issues the quote itself is always required). The only exception is the signature of privacy in the case of a ‘nominative’ estimate by a credit institution of which you are not already a customer. For security, this document must also be read carefully before signing.
Copy of the estimate
Issuing a copy of the loan estimate, even if you make the request to a bank or financial institution of which you are already a customer, is at the same time a customer’s right and a duty on the part of the financing company (a principle that applies equally to Good lender, Post offices or large banks such as Single loan, Nice bank, etc.). Despite this, it is often the customer who must make an explicit request, also asking for a certified copy for himself.
Warning : however, this is a regular situation. So if you request a loan, without having the budget released or without having carefully evaluated it, then there will be no margin to act against a bank that has provided a loan which you are not satisfied with. Based on what has been said, it is in the applicant’s interest to have more estimates made, view them and compare them before making a decision.
The only irregular situation occurs when those who have to issue a quote request a fee: the quotes must be free and not binding. If different proposals are made then it is necessary to carefully avoid continuing and contact serious and consolidated companies.