2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Ten years ago, people had no idea what lending was. But the first major banks began to actively offer commodity loans. It has become very easy to buy any product you like without leaving the checkout. Commodity credits are now issued directly in the store.
The 2008 crisis cooled the credit boom a little, and banks became more selective in issuing loans. Despite the cosmic overpayments, the popularity of banks has not decreased. In this article, we will consider what commodity loans are.
Credits for goods
Often, many people equate a loan for goods with an "express loan", which is very popular. However, the commodity form of credit differs significantly in a simplified system and has a number of features.
- The main feature of this type of lending is registration without a visit to the office. The goods are issued in the seller's store. The application is accepted by filling out the questionnaire and sending the data via the Internet to the loan officer.
- Creates a preliminarya bank employee who fully owns the information and will answer all your questions in the store.
- Commodity loans are secured by the pledge of the purchased goods. Thus, as a result of non-payment of the loan, the bank has the right to take the goods. Of course, in practice, such cases are rare, as the product quickly loses its value, and it becomes more difficult to sell it.
- The borrower's data is checked in a simplified form. The provision of a commodity loan is carried out according to two documents. Certificate and employment record are not required.
Main benefits of a loan
First of all, the most important plus is the fact that the design is carried out in the store. Secondly, the entire registration procedure takes 15-20 minutes. It is not required to collect a complete package of documents for filing an application and drawing up a contract.
Main disadvantages of loans
The main disadvantage is a large overpayment, which sometimes amounts to the amount of the purchased goods. The second drawback is the mandatory insurance, without which the lender will not approve the transaction. It is also necessary to note the difficulty of exchanging goods as a result of marriage or breakage.
How to take the goods you like on credit?
Probably, everyone has come across such a situation - go to the store to get acquainted with the new products and see the desired product that you like in all respects, and there are still a few weeks before the salary. And then a friendly manager comes up and offers to issue the desired product on credit. Happy customers don't delve intoterms of the contract at the time of the transaction. The rainbow mood goes away when it is necessary to repay the debt with interest.
If you are in serious need of a certain product and decide to purchase it on credit, we will tell you about the order of registration.
- Shop selection. You need to find a store in which this product is presented at the lowest price or offered with a promotion.
- Choose a bank. Before applying for a loan, you need to familiarize yourself with the conditions of all banks and calculate the most profitable option with a minimum overpayment. If it is not possible to deal with the interest on your own, you need to seek help from a loan officer.
- Choice of credit conditions. In this case, it is necessary to clearly determine how much you can monthly contribute to pay the principal debt. To form the optimal payment, you can choose a cheaper product or extend the loan term.
- Registration of the contract. Carefully read the loan agreement and only after reading put your signature.
Currently, commodity loans are very popular, despite overpayments of 30-80 percent per year.
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