BETTER FINANCE’s Romanian member organisation AURSF (the Association of Romanian Financial Services Users) has teamed up with the largest non-banking source of debt financing (consumer credit) in Romania to promote financial education, responsible lending and borrowing. The campaign was launched in June with the publication of a small guide to financial terms and concepts to accompany credit contracts, as well as seven principles to foster the responsible consumption of debt products.
In addition to that, Alin Iacob, Board member of BETTER FINANCE and President of AURSF, has contributed to the creation of a questionnaire that is handed out to prospective customers, encouraging them to inform themselves before taking out a loan. Those who complete the questionnaire get a 10% reduction on the products offered.
BETTER FINANCE congratulates AURSF for this initiative and believes that such campaigns are important not only to achieve better literacy amongst financial services users but also to ensure better compliance of providers with the law in providing clear and fair services for their customers.
Find out more on the Campaign for responsible borrowing here.