When it comes to making money online, there are a number of rules designed to make online loans as transparent and secure as possible. Among other things, there is a rule that the OPP is required by law to provide information when providing online loans to consumers on the Internet.
But who has set the rules for online loans? And more importantly, who is tasked with enforcing these rules? It is important that not only rules are laid down, but that they are followed up. See more on this page.
The Financial Supervisory Authority supervises lenders
The task of the Danish Financial Supervisory Authority is to supervise the money providers that offer loans online. Most people who have tried to apply for money online will know what information to provide in the application process. It may take time to fill, but it is certainly simple and straightforward.
So much so that it can sometimes be TOO simple, as one should only apply for loans when well thought out and well thought out. On the go you can easily forget important details and information, especially if they are not written clearly enough. This is one of the aspects that the Danish FSA ensures is in order.
It should give you a pleasant feeling in the stomach to know that the various lenders are actually watching. A classic and well-known area, which has become statutory and which must be clearly presented to the consumer. Which should make it easier to see what it really costs you.
The OPP is required by law to disclose
If you have borrowed online before, you probably noticed that Annual Cost Percentage has been abandoned in many places. Annual Cost Percentage stands for Annual Cost Percentage and shows what it costs to have a loan including all interest and costs. Therefore, OPP is an easy way to compare costs and providers with each other.
By law, it is enacted that all lenders must clearly state the OPP. In this way, it becomes much more transparent to assess what is up and down the various offers and providers.