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Today a new credit portal, Compara.ee, starts operation in Estonia, allowing customers to promptly find the best loan offer available and sign the loan agreement right away through the web environment

ESTONIA - Compara provides customers with an opportunity to perform all the operations necessary for taking out a loan on one web page, from filling in the application for a loan to actually signing the contract. The important advantage for the applicant is that the application for a loan only needs to be filled in once, and in a couple of minutes the applicant will be able to see offers from various credit organizations. In addition to comparing the loan offers, Compara will also recommend the best offer to the customer. If the customer finds a suitable solution, the loan contract with the creditor can be concluded directly on the Compara.ee web page. The credit mediation service is free for customers. 

According to the head of Compara and CEO of LoanFiner OÜ Ando Noormets, there had not been a simple and convenient solution for comparing offers from various creditors in Estonia before: “In the process of developing the service, we followed 3 principles: it must allow customers to make faster loan decisions, the offers it displays must be comparable, and using the service must be simple. While until now, every applicant for a loan had to fill in a separate application for each creditor as well as study terms and conditions of the loan contract, the general terms and conditions of the creditor’s services and other instructions and documents, the Compara web portal will now be doing all of that for the customer.” 

Noormets adds that similar credit mediation services have been successfully operating in the rest of the world since the end of 1990s; for instance, Sweden has had one since 2007. The core clientele of the service belongs to strong middle class. Various studies show that in addition to clear offers which the applicant can easily understand added value lies in the speed of the solution: the time period between applying for a loan and receiving the funds has decreased by a third. 

Initially, Compara will allow customers to apply for unsecured loans in the amount of up to 15,000 euros, but mortgages and car leasing are to be added to the range soon. “The creditors that have already joined Compara, – TF Bank, Credit24, Laen.ee and Monefit, – have made their loan application forms uniform, which allows their offers to be compared. We hope to see other banks and creditors join Compara in the nearest future,” Noormets said. 

The Compara information system was created by Compara’s own team. It was developed to provide the highest attainable level of user-friendliness and to be compatible with the creditors’ technology solutions. Modularity and service-based approach are central to the software architecture. Best development practices and modern technological approaches were implemented. “We believe that our solution is setting a new standard in communication with creditors through technology”, Ando Noormets added.  

Compara is a trade mark owned by LoanFiner OÜ, which has received an activity license as a credit intermediary from the Estonian Financial Supervision Authority. The core shareholder of LoanFiner is Aktiva Finants, the largest group of companies in the Baltic States providing credit management services. The balance sheet total of Aktiva Finants is 20 million euros, and the companies of the group employ 100 people. 

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