Wednesday, 3 February 2010

DECO finds personal loans have grown more expensive and confusing in past five years

The cost of personal loans in Portugal has risen dramatically since 2004, with fees increasing by over 70% in some cases. This is according to a recent study by DECO Proteste.

Consumers also face a confusing myriad of different
'entrance', 'opening', 'administration' and 'application' fees.

DECO believe that all banks in Portugal should use standard terminology to avoid consumers being 'deceived by jargon'.

'Even with lower interest rates, opening fees are more expensive. The Bank of Portugal and the Department of Consumer Affairs should impose a single opening fee with the same terminology across all banks.'

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