Credit intermediary: what it is, what it costs and what you have the right to demand

We are not a bank and we do not lend money. We are the ones who go to the banks for you, registered with Banco de Portugal and bound by strict rules. This article explains what to expect, and what not to accept.

What it is (and what it is not)

A credit intermediary presents, analyses and negotiates credit offers with institutions on behalf of the consumer. The activity is regulated by Decree-Law 81-C/2017 and can only be carried out with authorisation and registration at Banco de Portugal.

It is not a bank: it does not decide on approval and does not lend money. And it is not someone who can present themselves however they like: the law defines what it may and may not say, including in advertising.

Tied or untied: the difference that matters

Guru Poupança is a tied credit intermediary. That means it works with a defined group of banks, which pay it for the intermediation, and that by law it cannot charge the consumer anything. The list of banks is in our footer and in the Banco de Portugal public register.

An untied intermediary may charge the client fees. Neither model is better by definition; what matters is knowing which one you are in and what you pay.

Where the real advantage is

• One application, several banks. Instead of repeating the process nine times, you hand over your documents once.
• Comparison by APRC, not by the spread in the window. Insurance and fees go into the sum.
• Negotiation with context. We know what each bank is accepting this week on spreads and terms.
• Time. We follow the valuation, the paperwork and the deed. You decide, we run.

What you have the right to demand

• To see the registration number at Banco de Portugal and confirm it on the Bank Customer Portal.
• To know who pays the intermediary and whether there is any cost to you before going ahead.
• To receive the ESIS (European Standardised Information Sheet, FINE in Portugal) for each offer, with APRC and total amount payable, so you can compare like with like.
• A valid professional liability insurance policy. Ours is with Allianz and the validity is on our credit intermediary page.
• That nobody promises you guaranteed approval or unbeatable rates. Anyone promising that is breaking Banco de Portugal's advertising rules.

How the process works, step by step

• 1. A 20-minute conversation. What you want to buy, what you earn, what loans you already have. No obligation.
• 2. Documents, once only. Tax return, payslips, statements, property documents. We prepare the file for each bank.
• 3. Offers side by side. You receive the ESIS from the banks that responded, with APRC, total amount payable and what each one requires.
• 4. Negotiation. We go back to the banks with the best offer in hand and ask them to beat it. You choose.
• 5. Valuation, approval and deed. We stay with you until the day you get the keys. Usually four to eight weeks.

Warning signs

Requests for upfront payment, pressure to sign today, offers without an ESIS, social media contacts with no verifiable registration. If it happens, confirm the registration at Banco de Portugal before handing over a single document.