In order to satisfy the needs of consumer loan of the Vietnamese market in a healthy and legal manner, the development of a system of non-bank financial institutions is essential.
Developing a consumer finance market to fight against “black credit”
“Black credit” – The serious consequences with interest rate “pitfalls”, debt collection methods that make many families miserable, … are everyone knows. But why are so many people still looking for this type?
Talking in the seminar “Development of Consumer Credit – Solution to repel black credit”, Mr. Nguyen Tu Anh, Deputy Director of Monetary Policy Department, State Bank said that recently, “black credit” use has boomed in our country. This shows that the demand for small and urgent loans of the people is very large while traditional loans have not met these needs.
The need for loans of people is very diverse from daily essential living expenses, hospital fees, children’s tuition fees, capital for small businesses, … But reality shows that banks do not can solve all the needs of those who need such short term loans. If you want to borrow money from banks, you must go through a rigorous process of appraisal and review of documents … that makes people forced to find illegal solutions, unorthodox, or also known as “black credit”.
Facing this situation, experts say that the best solution to repel “black credit” is to develop consumer credit through official financial channels. They are consumer finance companies that are established in accordance with the law and are clearly licensed to operate; subject to the management and supervision of the State Bank.
Dr. Le Dang Doanh, former Director of the Central Institute of Economic Management emphasized: “The establishment of financial companies helps people not rely on “black credit” to make a usury. As for the economy, consumer credit also boosts demand in the market, encourages an increase in both quantity and quality from the service and production side, makes the economy more dynamic and higher growth rate ”.
Currently, in the world market as well as Vietnam, there exist many models of consumer finance such as cash loans, installment loans, … In which, with outstanding utilities, practical response both the need for daily consumption and the need for financial provision for urgent situations arise of people must include the Credit Cars – a product of VietCredit Finance Company.
VietCredit Credit Card – convenient financial backup solution
VietCredit is a pioneer company providing quick and simple financial solutions via Credit Card, helping customers to spend first – pay after convenience with a high limit of up to 100 million.
The criteria for implementing VietCredit’s Credit Card are based on the principle of “three no”, including no limit withdrawal amount up to 100% of the limit, no interest in the first 7 days since card activation and no fees such as fees card opening, annual fee, maintenance fee, re-issue fee (if lost), and even premature settlement.
Owning VietCredit Credit Card, cardholder has complete convenience to withdraw money at more than 15,000 ATMs nationwide at any time. Moreover, cardholders can borrow – pay continuously within the credit limit granted for 36 months without the need to re-apply loan registration procedures, saving time and maximizing convenience for customers row.
Ms. T.T.Yen (Tan Binh District, Ho Chi Minh City), one of the first customers of VietCredit, said: “The card is like a “savior” when the salary is late, or when I need the amount is not too much to had to go to the bank to withdraw from the passbook, instead of asking my acquaintances and friends, I actively withdraw money from the card, very quickly and safely. For example, I get my salary in mid-month while I need to pay some living expenses at the beginning of the month, I withdraw temporarily from the card and pay back when the salary comes.”
To apply for VietCredit Credit Card opening, please contact via: Hotline: 1900 6515 or Website: www.vietcredit.vn
Besides, the interest calculation is transparent, simple and easy to understand is also one of the points that makes customers feel secure when deciding to open a VietCredit Credit Card. Specifically, the interest rate is calculated on the actual loan amount, starting from the day immediately following the withdrawal date and only on the actual number of days of using the loan, helping customers not be bewildered with the payment tables “provisional” confusing.
“When using VietCredit Credit Card, I have the flexibility to pay the loan as soon as I can pay, without having to wait until the specified period, the interest is only calculated on the actual number of days of using the loan. I will not have to “bear” any extra interest. Even when I want to settle off the balance early, VietCredit does not charge any early settlement penalty fee. ” Mr. Minh (Tay Ninh), another customer said.
Talking about the value of the product, the representative of VietCredit said that the credit card is an effective assistant to help expand finance and promptly meet the essential consumer needs of the people such as: covering the subsistence expenses, travel, weddings, home repairs, or holidays, New Year, anniversary … thereby, helping to reduce the money pressure in everyone’s life.
“The superiority of the Credit Card compared to the types of cards issued by banks is also in its popularity to a large number of consumers, including customers with medium or low income in urban or rural areas. Since then, it contributes significantly to solving the need for safe capital for the people, repelling and preventing social instability caused by “black credit”, the representative of VietCredit shares more.
Commenting on the consumer loan trend, experts affirmed that in the context of increasing personal credit demand, loan on card is chosen by many people because it is fast, convenient and suitable for a small amount of money. However, consumers should not abuse loans when they are not really needed or borrowed beyond their ability to pay.