How is Credit 24 paid?
You pay Credit 24 nothing: the lender pays us a commission, only once your loan is signed and paid out. Here is how we are paid, how we choose your lender and what our status as a broker requires of us.
The essentials
- Who pays us: the lender, through a commission, and only once your loan is completed, that is, signed and paid out.
- What you pay us: nothing, ever. No arrangement fees, no brokerage fees, no assessment fees.
- The price of your loan: going through Credit 24 does not make it more expensive. The APR of our loans is equal to the borrowing rate.
- The choice of lender: we have no exclusive agreement with any lender. We choose freely among our financial partners the one that suits your situation.
- Our status: a broker registered with the Belgian financial services authority (FSMA) and bound by its rules.
- Refusal or change of mind: you pay nothing.
Who pays Credit 24?
The lender. Once your loan is signed and the money has been paid to you, the lender that financed you pays Credit 24 a commission. Depending on the loan, it is a percentage of the amount or a fixed sum.
As long as your loan is not completed, we receive nothing. So it is in our interest to offer you a loan you can obtain and repay.
If you choose optional insurance with your loan, the insurer also pays us a commission.
Does going through a broker make my loan more expensive?
No. The lenders who work with brokers do not sell these loans directly: rather than opening branches and hiring staff to distribute them, they rely on brokers such as Credit 24. Our commission replaces those costs; it is not added to the price of your loan.
Your loan costs you what your agreement states: the capital and the interest, nothing more. There are never any arrangement fees at Credit 24, nor at our lenders, so the APR is equal to the borrowing rate. Only optional insurance, if you choose it, is added to your monthly instalments; it is not included in the APR.
How do we choose your lender?
We have no exclusive agreement with any lender: that is precisely the point of a broker. For each application, we choose freely, in this order, the lender:
- most likely to accept your personal and financial profile;
- offering you the best terms;
- granting the loan in the shortest time.
The difference in commission from one lender to another plays no part in this choice. A refused loan earns us nothing; a loan granted on good terms and quickly means a satisfied client.
Why don't you receive several offers?
As a rule, we present a single proposal, from the lender chosen according to the criteria above. It is not in your interest for us to submit several applications at the same time: we do the comparison beforehand, before offering you a loan.
What our status requires of us
Credit 24 is a trading name of PROXIF SRL, registered with the FSMA as a broker in consumer credit, mortgage credit and insurance (no. 108493 A), and with the Belgian Federal Public Service Economy (MAE no. 216326). We operate in Luxembourg from Belgium, under the freedom to provide services.
This status imposes obligations that protect you:
- a duty to advise: offering you a loan suited to your situation and needs;
- pre-contractual information: giving you, before you sign, the information you need to compare and decide;
- professional liability insurance;
- a ban on charging you anything to obtain a loan;
- a ban on granting a loan for certain purposes that would put your situation at risk or go against the law;
- mediation in the event of a dispute: if we cannot reach an agreement, you can contact Ombudsfin, the financial sector ombudsman. Its details are in our legal notice.
If your loan is refused, or if you change your mind
- If a lender refuses your application, we submit it to another lender, then keep you informed. If you do not want us to try several lenders, just tell us: we will stop after the first one.
- Before signing, you can withdraw at any time, without owing anything.
- After signing, you have 14 days to withdraw. You then repay only the capital received and the interest for the days elapsed.
In none of these cases do you owe us anything.
How do I apply?
Apply for your loan online, with no obligation, or call us on (+352) 20 20 34 41. The simulator first gives you the monthly instalment and the APR for the amount and term of your choice.