Anyone would think that when you go to ask for a bank or payroll loan you will receive an excellent service. After all, if they authorize you, the financial institutions will charge you commissions and interests that, of course, are not three pesos.
5 things you’ll hate to ask for a bank loan
However, the reality is very different. We went to request loan reports from six banks. Here we share five impressions with which we stayed after such a regrettable experience.
1. The service
There is nothing more obnoxious than going to ask for reports about a service or product and that they treat you as if they were doing you a favor, do not you think? Well, unfortunately that was what happened in most of the visits we made.
Except for what happened at Scotiabank, where they did pay attention to us, in the other banks we had to beg for information. The executives preferred to talk with their colleagues who gave information, provided sharp answers and did not stop observing his watch.
Another detail that caught our attention was the difference in the treatment a person receives based on what he says to win. To make the exercise more fun (you know, going to the banks is not the most pleasant experience in the world), part of the team said that it earned less than 15 thousand pesos, while the rest said that it earned 30 thousand pesos or plus.
Those who said they would win more were witnessing an incredible metamorphosis of the executives, who now answered in more detail to the questions, ignored the next mate and stopped watching the clock. It seems that, in terms of service, according to the toad is the stone.
With regard to personal loans, only one bank said that the average interest rate they charge is 26.9 percent.
In the other banks, they refused to disclose the data, arguing that said information was extremely variable. In order not to be left with the doubt, we asked them what were the highest rates, which in summary oscillate between 37.5 and 42 percent!
In regards to payroll loans the story was similar. one bank has an average interest rate of 36 percent !, while that of second bank is 24.2 percent. On the other hand, the rest of the banks charge a maximum rate that ranges between 40 and 43 percent.
3. The conditions
If you think about asking for a bank loan in an institution where you do not have an account, once we save you the return: most of them only offer this product directly to their clients or through an invitation, something that makes it very difficult to compare and know which alternative is more convenient.
The same goes for payroll loans. This is despite the fact that many banks say they offer great benefits so that you can change your account with them. Without exception, all executives showed little interest in sharing information or benefits of changing the payroll account with them and subsequently requesting a loan. “The truth, if you are not a client or not,” said an executive literally.
Another condition to access a bank loan is to open an account. In third bank you have to do it with a minimum amount of 1,500 pesos, while in one bank you are required to open it with a minimum amount of 2 thousand 500 pesos! No comment. And if you plan to advance payments, take into account that both third bank and one bank do not allow to do so before the third month of the loan.
And to end this block of odious conditions, third bank throws an incredible stitch with payroll loans: you have to accept the total amount they decide to lend you. Otherwise, they do not lend you a peso.
4. The commissions
In personal loans, commissions go from two to three percent. With regard to payroll loans, one bank charges two percent and second bank 280 pesos.
A case that caught our attention was that of fourth bank, because in the first instance the executive stressed that they did not charge commission for opening in either case, but as we asked more questions, we discovered that they do charge insurance (which they did not specify for what it is) whose amount is variable depending on the loan granted.
Lack of transparency was the norm in all visits. In no case did the executive mention the commission voluntarily. That is, it was necessary to specifically ask the data to reveal it. So you already know, if you are going to ask for a bank or payroll loan, do not forget to ask what fees or insurance they charge.
5. The waiting time
“I felt like I was in the”, as one of the members of our team described the time he spent waiting for him to be seen at third bank, where he was able to talk to an executive one hour after having taken out a file!
It is no secret to anybody that banks do not distinguish themselves by granting an agile service in a branch. However, what surprised us was that in many cases the banks were alone and, despite this, the service was slow, to say the least.