Buyer’s Remorse

Good morning, In my line of work as a banker I meet many clients who seek financial services.

At first, they approach you, and they act all confident and very much aware of what they are getting into especially when acquiring loans, only for them to come and act all ‘lured’ into the commitment.

How should you handle such a client without involving feelings that will end up leaving the client-business relationship on shaky grounds.


This is a common problem in sales, often referred to as Buyer’s Remorse, a sense of regret after having made a purchase.

I’m sure you have Codes of Practice that require you to assess the client, their attitude to risk and to explain clearly what you are offering them.

When you meet a client seeking a loan, think about the fact that they are probably feeling they have to portray a confident front so that you will lend to them. I suggest you explain slowly and carefully to the client what they are taking on, the repayments, term, interest charged etc. Even if they seem confident, I would assume no knowledge at all, and explain everything without using jargon. Then check their understanding with a few questions.

You should probably put all that in writing, maybe develop a standard form you can complete during the meeting, detailing the salient points of the loan agreement such as amount, duration, interest rate, monthly payment, total to be repaid etc

Perhaps even get them to sign the document, acknowledging the terms and conditions they have accepted. Give them a copy and retain one yourself.

You might give them a few days to consider the offer, before you check with them that they definitely want the funds released on the terms you have discussed.

Then there can be no question of them having been lured into a commitment. In the event of them claiming they didn’t know what was involved, simply produce the document they have signed.

I hope this solves the problem