2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
The scope of lending is wide and capacious. Some banking products are well advertised and popular with customers, while others are known to few. This type of loans, like consumer loans, is now the most popular and in demand in our country, but despite this, many people still have not learned how to choose it correctly or use it correctly.
Problems with these loans usually arise after the conclusion of the contract. It would seem that its clear and simple conditions suddenly turn into unpleasant surprises for bank customers. No matter how easy a consumer loan may seem, repaying it is not an easy task.
Conditions of consumer credit, its possibilities and disadvantages
What should you pay attention to when concluding a loan agreement? There are several key aspects to carefully study:
- interest rate. Can it change during the term of the contract, what does it depend on;
- one-time and monthly commissions, their size, specifics of accrual;
- need for collateral or guarantee. Consumer loan, the return of whichis better provided, has, as a rule, more favorable conditions;
- early debt repayment, changing monthly payments. How does the cost of a loan change from these aspects.
The last point should be studied in more detail. It is here that misunderstandings and problems often occur, because customers do not clearly understand how exactly it is better to pay on a loan. If a commission or a fine is provided for early repayment of a loan, you need to carefully consider whether it is beneficial in principle. The money you have now can be used in other ways without breaking the loan agreement.
The same applies to monthly payments. The most profitable consumer loan is the one where interest is charged on the balance of the amount. In this case, it is beneficial to pay not a specific specified amount, but to increase it yourself. But only when it is provided for in the contract, and no additional pen alty is charged.
Pitfalls in the world of lending: what to pay special attention to
Consumer credit, the return of which is secured by a guarantee, is more reliable for banking organizations. But for the guarantor, it is an additional source of unrest. In the event of problems with the repayment of the debt, the obligations fall equally on him. Also, the fact of the guarantee is taken into account when applying for a loan already for the guarantor.
Hidden commissions and payments are a headache for clients of many financial institutions. Consumera loan from Sberbank or other large banking institutions has simple and understandable conditions, but there are many cases of misunderstanding. For example, after closing the contract, it is imperative to take a written confirmation of this from the bank. The client may not specify the amount of the commission, and it will remain in the form of a small debt on the account, which can eventually develop into a huge debt. Therefore, a consumer loan, the return of which you plan to make, needs to be studied from all sides, specifying all the details and nuances.
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