Borrow wisely campaign 2016
For a second consequent year SIS Credit is the Bulgarian partner in the Borrow wisely campaign. This year our partner in Bulgaria is Bulgarian industrial capital association.
This is an international campaign that aims to enhance the financial skills of people in the field of wise borrowing (e.g. how to calculate the actual price of a loan, how effectively to manage their family budget, which are the common use hidden costs by lenders, etc.). The campaign is organized for a third year consequent year by Microfinance Centre (http://www.mfc.org.pl/ ). International partners this year are 21 financial institutions in 15 countries across Europe and Asia. We hope this year the Campaign to be even more successful than last year!
There are 3 factors that SIS Credit is considering as most important for our motivation to join the Campaign:
- 1) Financial education of people- to be capable to manage their budget, when is it really needed to take a loan, how much can their afford to borrow;
- 2) Transparency on Bulgarian loan market;
- 3) Responsible attitude of financial companies towards clients – it is high time all non-bank financial institutions in Bulgaria to understand the need of assessment of clients’ creditworthiness.
The lack of these three standards leads to the annoying tendency of over-indebtedness that the Borrow wisely campaign is fighting against.
Main questions that a client needs to find an answer prior taking a loan are:
- 1) Do you really need a loan (for many people is hard to define the difference between “I want” and “I need”);
- 2) Spend some time in exploring offers and choosing the right financial company (a wrong choice at this point could bring you troubles later);
- 3) Don’t hurry for taking the money! Take prior the preliminary contract and General conditions of the company (if there are hidden costs- they are there); ask for the penalties for late payment- everything could happen and you should be informed;
- 4) From the very beginning ask who to contact when you are not satisfied or when you have some troubles to pay on time;
- 5) Remember that lower interest rate doesn’t mean cheaper loan (there are numerous additional costs that you should ask for in order to calculate the actual price of a loan).
SIS Credit with rating BB-
We are proud that SIS Credit is among the little Bulgarian non-bank financial institutions that have been rated. In 2016 we received an institutional rating BB- with stable outlook, set by the international rating agency Microfinanza rating.
CRUCIAL FOR CLIENTS
In reliance to many request for help from clients regarding unscrupulous financial institutions, we decided to write down some valuable advices to you. Learn how to avoid being in a position to deal with disloyal institution and what to look at by signing a contract.
SIS CREDIT: ASSESSMENT
SIS Credit has received high score in a compliance with the European Code of Good Conduct assessment. The final report prepared by Microfinance Center- Poland shows that SIS is developing in line with the international standards in the microfinance sector.