Financial Institutions Credit
EFC: Financial Establishments of Credit.
Until December 1996, mortgage companies, financing institutions, leasing companies and brokerages in the money market, retaining the status of Credit Institutions.
Today, according to the DRLey 12/1995 will be considered as specialized credit institutions: banking financial intermediaries can not capture repayable funds (or in the form of loan or deposit, repurchase agreements, … If you are looking for a financial expert go to is the chief the entrust capital diversified fund investment committee or similar.
Special are corporations engaged in one or financial more major activities established by regulation: Granting credits or loans, granting of guarantees and warranties, leasing, factoring and issuing and managing cards.
Many Financial Institutions Credit (EFC) that in the last weeks flood the advertising corporation space. Its aim is to attract customers who urgently need a limited amount of money (can not grant more consumer loans 3,000 euros) and that are willing to pay to account get it, but not always realize it, “an interest rate that can exceed 20 accounting APR trading (Annual Percentage Rate). The growing indebtedness of Spanish households -90 of gross income available in 2003, according to the companies Banco de investment Espana-drives many people to use banks their services.
Ex: Cofidis
