The Central Bank of Montenegro has created a mobile application, mCBCG, which allows users to access information in one place about the consumer loan offers of all credit institutions in Montenegro.
The application is available for download on the Google Play Store platform.
“The informative list of consumer loan offers, the overview of discounted interest rate offers, and the financial glossary, which were previously available only on the CBCG website, are now integrated into the mCBCG application. Through the app, users can quickly and easily compare the interest rates of all credit institutions in Montenegro and make a loan decision in line with their personal needs and capabilities,” explained representatives of the Central Bank.
The application, they added, includes information on offers for eight of the most common types of consumer loans: unsecured cash loans, cash loans for pensioners, housing loans, mortgage loans, reconstruction and renovation loans, refinancing loans, car loans, and education loans. The data available for comparison include interest rates, repayment periods, type of interest rate (fixed, variable, or combined), and other important information for users.
The mCBCG application also features an overview of loan offers with reduced interest rates, as a result of a recent CBCG initiative that was accepted by all banks in Montenegro.
Additionally, the application includes a financial glossary to help users better understand financial terms and concepts.
The CBCG mobile application was developed by the CBCG team, with the aim of providing users with the best possible experience when choosing consumer loans.
“The goal of CBCG is, through this application as well, to enable faster and easier comparison of banking product offers, thereby contributing to better consumer awareness and stronger protection of their rights. Increased transparency is expected to encourage market competition and lead to adjustments in the pricing policies of credit institutions, ultimately resulting in lower costs for users,” the CBCG statement concludes.
