The national government supervises financial institutions in order to protect companies and consumers against taking out loans for which they cannot bear the burden.
In 2007, the Netherlands was hit by the credit crisis . We have become more aware of how vulnerable the financial system can be due to this credit crisis. When one financial institution gets into trouble, it can affect other institutions. Institutions overlap within the financial market. As a result, a crisis can affect other companies much faster. Even companies in other industries.
The stability of the financial system is safeguarded by financial supervision. Financial supervision also ensures that the markets work efficiently and protects consumers against intolerable behavior of a financial institution or even bankruptcy.
The WFT (Financial Supervision Act) protects consumers against irresponsible borrowing. By means of this law you only take out a loan that suits your personal and financial situation.
After you have applied for a loan, the lender must first assess it according to the legal standard. Lenders and banks are prohibited from advertising with terms such as '' Borrow money within 24 hours '' or '' Borrow money quickly ''.
The credit warning bar 'Pay attention, borrowing money costs money!' must be placed within each advertisement. Dimension requirements have been set that this warning must meet.
The credit warning bar 'Please note, borrowing money costs money' must be placed within each advertisement. This warning must meet the size requirements that have been set.
The term, day or time within which the loan is paid out or assessed may not be stated within the advertisement.
It is not the intention to create suggestions that current credit obligations do not play a role in the application.
Are you planning to make a major purchase? An attractive option is to apply for a loan. It is important to remember that borrowing money also costs money. An amount must be paid monthly in repayment and interest to the lender. These interest rates may differ per lender.