How to take out a loan. How to get a loan
Last update:  03/07/2020
Reading time: 15 min. | Views: 12970
Good afternoon, dear readers of the financial magazine "site"! Today's post is dedicated to a popular topic - consumer lending. We'll tell you what it is consumer credit where and how to take it on favorable conditions in which bank it is really possible to get a consumer loan without income statements and guarantors at a minimum percentage.
From this article, you will learn:
- What is called a consumer loan and what are its pros and cons;
- What are the forms and types consumer loans;
- What steps do you need to go through to get money for consumer needs;
- In which bank is it better to take a consumer loan with a minimum interest rate;
- Where loans are issued without certificates and guarantors;
- How to make the necessary calculations.
You will also find information about on-lending (refinancing) of consumer loans and answers to frequently asked questions.
The article will be of interest to those who want to take a loan with maximum benefit and comfort. Moreover, the presented publication will be useful to read for everyone who is interested in finance, including personal.
Rank | Compare | Pick up time | Maximum amount | Minimum amount | Age limitation | Possible dates |
---|---|---|---|---|---|---|
1 | 3 min. | 30 000 rub. | 100 rub. | 18-65 | 7-21 days | |
2 | 3 min. | 70 000 rub. | 2 000 rub. | 21-70 | 10-168 days | |
3 | 1 min. | 80 000 rub. | 1 500 rub. | 18-75 | 5-126 days | |
4 | 4 min. | 30 000 rub. | 2 000 rub. | 18-75 | 7-30 days | |
5 | - | 70 000 rub. | 4 000 rub. | 18-65 | 24-140 days | |
6 | 5 minutes. | 15 000 rub. | 2 000 rub. | 20-65 | 5-30 days |
By the way, Better conditions on loans offer following companies:
Rank | Compare | Pick up time | Maximum amount | Minimum amount | Age limitation | Possible dates |
---|---|---|---|---|---|---|
1 | 3 min. | 30 000 rub. | 100 rub. | 18-65 | 7-21 days | |
2 | 3 min. | 70 000 rub. | 2 000 rub. | 21-70 | 10-168 days | |
3 | 1 min. | 80 000 rub. | 1 500 rub. | 18-75 | 5-126 days | |
4 | 4 min. | 30 000 rub. | 2 000 rub. | 18-75 | 7-30 days | |
5 | 5 minutes. | 15 000 rub. | 2 000 rub. | 20-65 | 5-30 days |
What is a consumer loan and how to get it, in which bank you can get a consumer loan in cash without income statements and guarantors - read on about this and more
Today man is surrounded by offers of credit. Calls for a loan are pouring in from everywhere: from TV and newspapers, from advertising posters, from Internet mailing lists. At the same time, not everyone understands what consumer loans .
Meanwhile, exactly customer credit today is one of the most promising services in the banking market. For the client, the convenience of such a loan lies in the ability to use the money received as he wants.
As for the definition, consumer credit is a loan, which is provided by a credit institution (bank) to an individual to meet their own needs. Directions for spending the funds received may be different, For example payment for any goods or services.
Basic feature consumer credit is no need to confirm the direction of spending borrowed money . Even in cases where the bank asks to indicate the purpose of borrowing in the application, no one will check this information.
Moreover, for a consumer loan, the registration procedure easier than for other types of borrowing. Need to provide much smaller list of documents, and it will take a little time to receive money.
Basic goal such lending is growth of consumer opportunities. Therefore, you can get a loan for consumer purposes not only in bank, but also in stores. At the same time, today such a service is provided even online shopping in online mode.
2. Advantages and disadvantages of consumer loans 🔔
Like any other financial service, consumer credit has a number of advantages and disadvantages . Before deciding to apply for a loan of this format, any citizen should carefully read them.
2.1. Benefits (+ ) consumer credit
Benefits of a consumer loan include:
- Possibility of using funds at the discretion of the borrower is the main advantage.
- There is no need to provide collateral and guarantors. In the course of the struggle for each client, banks are constantly simplifying the procedure for obtaining consumer loans. The package of documents for obtaining such a loan is minimal, often only a passport is needed.
- Minimum time costs. Due to providing a minimum of information, banks issue consumer loans very quickly. The whole procedure usually takes several hours. Sometimes you need to wait two or three days.
When issuing a consumer loan, a simplified verification of borrowers is carried out. Banks are developing special schemes for accelerated solvency analysis, so there are more and more offers to issue express loan . In this case, you can receive money within a few minutes after submitting an application.
Despite a fairly large number of advantages, consumer lending also has a number of disadvantages.
2.2. Disadvantages (− ) of consumer credit
Among the minuses can be identified:
- Pretty high percentage. Quick issuance, as well as a minimum package of documents, lead to the fact that the risk of non-return of funds increases significantly. To protect themselves, banks usually install under similar programs high interest rate.
- There is no way to get a large sum of money. Usually maximum size consumer credit is limited to two hundred thousand rubles. In very rare cases, it can reach 1,5 million.
- There may be commissions. The borrower should remember that when applying for a loan, it is important to carefully study the agreement. The presence of various commissions leads to a significant increase in the cost of the loan. Moreover, banks often require the borrower to take out some kind of insurance, For example life, health or from no return. Naturally, even with early return debt insurance premiums are not returned.
Thus, consumer loans have both virtues, and shortcomings. Before signing a loan agreement, you should carefully study them, weighing all the pros and cons.
If you treat the loan application with maximum responsibility and seriousness, you can avoid a lot of trouble in the future.
3. Types and forms of consumer credit 💸📑
Today, there are offers on the market for various consumer loans. They can be classified using various features.
There are the following forms of consumer lending:
- personal loan- the borrowing option that is familiar to everyone, when an application is made, and after its consideration, money is issued;
- credit cards- registration of a separate bank card, on which you can spend money by borrowing it;
- overdraft- possibility to use cash in an amount exceeding the amount available on the account;
- installment plan Installment purchase is usually used for high-value goods.
As for comparing types of consumer loans, this is easiest to do using the table:
Type of consumer loan | Place of registration | Other Distinguishing Features |
For urgent needs | bank branch | 1. Often need insurance 2. Lower interest |
Commodity credit | Stores and other points of sale | 1. Quick review within minutes 2. High interest rates 3. Often the application is also a contract |
Credit card | At the bank office or online | 1. Simplified borrower analysis 2. Availability of an interest-free period 3. Possibility of automatic extension of the contract |
Express loan | At a bank branch | 1. The smallest amount 2. the shortest term 3. Simplified consideration of the application 4. High stake |
Thus, the modern borrower has a huge number of consumer lending options.
To select the optimal loan, you should evaluate the conditions for each specific case.
The procedure for applying for a consumer loan
4. How to get a consumer loan - 7 main stages of obtaining a loan for consumer needs 📝
Those who decide to apply for a consumer loan should not forget that by signing the contract, the borrower assumes the obligation to pay the loan. But signing an agreement - this is one of the final stages of receiving money, it is preceded by a few simple steps.
Since for many the procedure for applying for a loan looks complicated and incomprehensible, we decided to tell in detail what stages it consists of.
Stage 1. Choice of a credit institution
When choosing a bank, you should pay attention to how long it has been operating on the market. Those institutions that have managed to withstand significant competition for many years cause confidence . They certainly have sufficient stability.
Often, less popular credit institutions, in order to attract the attention of customers, offer more low interest rates. In dealing with such institutions, one should be extremely attentive.
Often a decrease interest rate compensated by a significant number of additional payments and commissions. Moreover, there is a risk of contacting scammers.
Stage 2. Selection of suitable conditions
Within one credit institution, several programs for obtaining a loan may be offered. Comparing them, one should not get hung up on the interest rate, because its minimum size is not a guarantee of a cheaper loan.
It would be more correct for comparison to take into account the full cost of the loan, which includes, in addition to interest on the use of funds:
- commissions for depositing funds;
- insurance premiums;
- commission for early repayment;
- other payments stipulated by the lending program.
Stage 3. Applying
To reduce time costs at this stage, it is advisable to use the possibility of registration preliminary application . Approval on it cannot guarantee the receipt of funds, since the final decision is made only after the provision full package of documents. At the same time, refusal will help save time and effort.
Most banks offer to make a preliminary application in three ways:
- At a bank branch the employee will tell you about the terms of the loan, tell you what documents will be needed. Moreover, if you wish, you can immediately go through a preliminary survey. Some banks fundamentally do not lend to certain categories of citizens; you can also immediately clarify whether it is possible to issue the required amount. The inconvenience of this method lies in the need to spend time visiting the bank, waiting in lines.
- In the shop. Often, bank employees are in retail outlets. They can print out a questionnaire and a list of documents, consult on the terms of the loan. However, often credit consultants in stores they are poorly oriented in all banking products, since they place the main emphasis on commodity loans.
- In online mode. This option is the most optimal. There is no need to leave your home to submit a pre-application. You can do this at any time by visiting the website of the credit institution of interest.
In any case, within a specified period of time, the borrower will be issued a preliminary decision on his application. If the answer is yes, you can move on.
Stage 4. Preparation of a package of documents
Package required documents largely determined by the amount of the loan. If it is small, most likely, the bank will require only passport and second document .
It may also be required income statement and copy of work book which are issued through the employer.
If a potential borrower claims a fairly large amount of money, the package of documents may be imposing.
Stage 5. Making the final application and communicating with a bank employee
When the entire package of documents is collected, you can go to the nearest office of a credit institution. Here to be done final application and talk to a loan officer.
It is at this stage that the final discussion of all credit conditions takes place. The borrower should remember that if there is a misunderstanding, it should be resolved at this point. After the contract is signed and the loan is issued, nothing can be fixed.
Stage 6. Signing the contract
If the borrower signs the contract, it is considered that he agrees with all the conditions specified in it. That's why important carefully study the text of the agreement before signing it.
Do not forget that if the terms of the loan agreement are not met, the reputation of the borrower may be damaged.
Stage 7. Receipt of funds
The form of receiving funds is determined by the terms of the loan agreement. Most often, money is given in cash through the cash desk of the bank or by transfer to the card.
AT recent times some banks have begun to offer the service of an employee's departure home or to the office of the borrower.
Thus, there is nothing complicated in the procedure for obtaining a consumer loan. It is important to consistently go through the seven stages, observing the necessary rules.
5. In which bank is it better to take a consumer loan - the rating of TOP-5 banks in Moscow with a low interest rate 📊
When applying for a consumer loan, it is important to take the choice of a bank as seriously as possible. Don't forget that we will have to cooperate with this organization for quite a long period of time.
The best way- banks that lend to the population for more than one year. This allows you to judge not only their popularity, but also reliability.
There are a huge number of offers from various credit organizations on the market. It is almost impossible to compare them all. That is why we have given a rating of the best banks operating in Moscow and other cities of Russia, in which conditions the most profitable.
No. 1. Sberbank
Sberbank of Russia – has consistently remained the most popular credit institution in our country. As part of a non-targeted loan, you can get here before one and a half million rubles. The interest on such loans is 14,9 per annum, which is lower than in many other credit institutions.
Moreover, for those who receive wages on Sberbank cards (and there are a lot of such people) Here the interest rate is reduced.
The maximum period for which a loan will be issued is five years. The application is considered up to two business days.
No. 2. VTB
You can get a maximum consumer loan at VTB on the 3 million rubles up to 60 months. The interest rate will then be 16,9 %.
There are various conditions that allow you to make a loan more profitable. So, if you want to lower the interest rate in the bank, you can insure life and health.
Also, citizens who receive wages on VTB Bank cards can count on better lending conditions.
No. 3. Svyaz-Bank
Svyaz-Bank specialists have developed a large number of different programs for lending to citizens.
You can apply for a non-purpose loan here under 15,5 % per annum for up to 60 months. In this case, you can receive money in the amount before 750 thousand rubles.
No. 4. Citibank
To apply for a consumer loan, it is enough to provide two documents here - passport and certificate of income . At the same time, the interest rate at Citibank is at a very low level - only 15 %.
True, borrowers are presented with enough serious demands. In addition to the fact that you need to be a citizen of the Russian Federation, a permanent monthly income for applying for a loan must be not less 30,000 rubles. If the client meets the above requirements, he can receive before two million rubles.
No. 5. Renaissance Credit
Here you can get a loan with an interest rate 15,9 % per annum. In this case, the maximum period is 5 years.
You can apply for the amount from 30 before 500 thousand rubles. You will not have to wait long for an answer - the decision will be made on the same day.
Thus, get a loan at the lowest interest rate is quite real . It is enough to know which credit organization to apply to, as well as comply with its requirements for borrowers.
There is a separate article on our website about mortgage, in which we wrote about how and.
6. Which bank has the lowest interest on a consumer loan in 2020? 📋
Most citizens, when choosing a bank for obtaining a consumer loan, first of all pay attention to the proposed interest rate . Experts consider this approach correct, because the cost of servicing the loan will depend on this indicator.
Looking for minimum interest it is important to consider that its size is largely determined by the status of the client in relation to the bank, as well as the number of documents provided.
Respectively, the more fully proven solvency, the lower the rate you can count on. That is why when applying for a loan on one or two documents, it is hardly necessary to count on a small rate.
First of all, it is worth considering the conditions at the bank serving your salary card. It is to these categories of customers that credit organizations usually reduce the rate. So, Sberbank upon receipt of a salary on his card, he agrees to issue a loan in an amount up to three hundred thousand rubles under 13,9 % per annum.
You can also count on lowering the interest rate in those banks where the loan has already been successfully repaid earlier. Such borrowers are more trusted by credit organizations.
As for specific banks with a minimum interest rate * , We advise you to pay attention to the following ones:
- if the purpose of the loan is education fees, it is best to contact Sberbank. There is a special target program here, where the rate is from 7,5 %;
- pensioners can safely go to Sovcombank where you can get up to one hundred thousand rubles under 12 % per annum (we wrote about on favorable terms earlier);
- Rosbank offers the best conditions 13,5 % those who work in the budget sector will need a guarantor to apply for a loan;
- property owners can contact the bank Premier Credit where, in the presence of collateral, they are ready to issue a loan under 14 %;
- Eastern Express Bank ready to take out a loan up to fifty thousand on 15 %;
- if you want to receive a large amount (up to million rubles) for a long time (up to 15 years) should be contacted Moscow Credit Bank , where annual rate starts from 15 %.
* Check the relevance of interest rates on loans on the official websites of credit organizations.
Where and how is consumer credit calculated? possible options calculation: online calculator on the bank's website or direct contact with the office of a credit institution
7. Consumer loan calculation - 2 easy ways to calculate consumer credit 📌
Even when choosing a lending program, there is often a desire calculate consumer credit parameters - the amount of payment, overpayment, etc. You can do this in two main ways: by contacting the nearest branch of the bank or by visiting its website on the Internet.
Method 1. Visiting the office of a credit organization, the future borrower can find out all the parameters of lending in a personal conversation with a loan officer.
However, in a visit to the office lie disadvantages (−). You will have to spend your personal time visiting the bank and waiting in line. This time will be lost in vain if the credit conditions of the client are not satisfied.
Method 2. Loan calculation using an online loan calculator is more optimal. In this case, it is enough to have a computer or any other gadget with Internet access (leave your home or office will not need) .
Question 2. How to apply for a consumer loan with Sberbank online?
Recently, more and more people are taking advantage of the opportunity to apply for a loan in online mode . This service allows you to avoid standing in lines, thereby saving time. At the same time, an application can be made on the bank's website at any convenient time, without leaving your home or office.
Those who decide to apply for a consumer loan at Sberbank should remember that this credit institution presents serious requirements for its borrowers. In addition to credit history will also be taken into account level and stability income . That is why you should not waste time visiting the office, it is better to immediately place a preliminary application online on the bank's website.
Click on the "Loans" section, follow the link "Get a loan from Sberbank", prepare the documents and fill out the form
The entire application process will take no more than a quarter of an hour. At the same time, in a convenient service, you can not only choose the best loan option, but also evaluate your financial opportunities.
The fact is that after the introduction of the term and amount of the proposed loan, the payment is immediately calculated, as well as the overpayment.
Citizens who meet the following criteria can apply for a loan at Sberbank:
- age - not less than 21 year, but no more 65 years on the day of full cancellation;
- continuous work experience of at least one year;
- work experience in last job at least 6 months.
Should be remembered that for those who receive wages on a Sberbank card, the requirements are relaxed. In the last place, it is enough to work for 3 months, and the continuous experience must be at least six months.
To apply, you need to select a loan program and read its terms and conditions. After that, a questionnaire is filled out. When specifying a period, please note that it cannot exceed five years.
After filling out the questionnaire, send it to the bank by clicking the appropriate button. The review period is from 2 hours before 2 days. The answer to the applicant will be communicated by telephone or e-mail.
If the decision is positive, to complete the loan processing procedure, it remains to visit the bank's office with the necessary documents. Traditionally, they are passport and proof of income. Most often for employees, this is a certificate of wages from the place of work.
Thus, applying for a loan at Sberbank via the Internet greatly simplifies the procedure for applying for a loan. You do not have to waste time and once again stand in lines. If you were denied a loan at a bank, then you can most likely take it without refusal in one of the microfinance organizations (MFIs).
Question 3. How to get a consumer loan for individual entrepreneurs?
(individual entrepreneurship), unfortunately, does not exclude the need to obtain borrowed funds. Rather the opposite - the need for them is increasing, because individual entrepreneurs need to provide not only personal needs, but also their business. At the same time, obtaining even an elementary loan for an entrepreneur is often very difficult. is different from registration for a hired worker.
The biggest problem for individual entrepreneurs is that it can be difficult for them to confirm income. Moreover, making a profit while doing business not guaranteed. At the same time, banks are wary of potential borrowers whose income is uncertain.
Ways to get a loan for consumer needs of an individual entrepreneur (individual entrepreneur)
The way out of this situation for an entrepreneur can be express loan processing . In this case, the credit institution does not carry out a thorough check of the borrower, it may not even know that the applicant is self-employed.
From the documents you need only passport and second document (and you can choose it from a large list), documenting income will not need .
When applying for a fast bank, most often pays attention only to the fact that permanent residence permit and no negative credit history.
However, express loans have significant disadvantages. This is a high interest rate and a small loan amount. Usually it will not be possible to take more than thirty thousand rubles, and the interest rate can reach 50 % in year.
Do not forget about the purpose of lending. If an entrepreneur needs to make a large purchase, you can apply for a commodity loan directly in store . It also does not conduct a thorough check of the borrower. The bank makes a decision quickly, which means that it will not have time to understand that the buyer is registered as an individual entrepreneur.
If you need cash in cash, and the amount you need is large enough, you will have to try to get a consumer loan traditional way . At the same time, it is important to honestly indicate in the questionnaire that the type of activity of the applicant - entrepreneurship.
It is important not to name in any case as the purpose of borrowing business development . In this case, it is almost certain that refusal. It is better to write a version closer to the consumer - vacation, repairs, etc.
In this case, most likely, you will have to provide a declaration. Here comes another complication - Most entrepreneurs deliberately underestimate their income in order to pay as little taxes as possible. It is unlikely that a bank will lend to an individual entrepreneur whose confirmed income is very small.
With adequate profit in the declaration, the entrepreneur can count on a loan in the amount of about 15 0 thousand rubles. At the same time, the interest rate for IP becomes not much lower. It often reaches 25 %.
If you want to get a more adequate loan rate, you will have to provide pledge or guarantee . In the first case, any property registered to a citizen as an individual is suitable. (It could be a car or an apartment).
If it is decided to provide a guarantor, it should be noted that the same entrepreneur will not work here. (You will have to find a citizen who is employed and can provide a salary certificate from the employer).
Thus, it is much more difficult to issue than for an employee. However, nothing is impossible. You just have to put in a little more effort.
By the way, for the purchase of vehicles or equipment for business, IP can use the service. We have already talked about the conditions in one of the previous issues.
Question 4. How to get a consumer loan for 5-7-10-15 years and are there any peculiarities in applying for a long-term loan?
Long-term consumer loans do not have fundamental differences in execution from those taken for several months. Most often, such loans are issued under certain goals.
Due to the high demand for long-term loans, today they can be issued in many banks. It should be noted that interest rates in different credit institutions may differ significantly.
It should be taken into account that The longer the loan term, the higher the rate will be. Yes, loans 5 years are issued on average under 15 % per year, per 10 years - under 20 % per annum, etc. In some banks, long-term loans are issued at a rate 50 %. Therefore, in order not to be unpleasantly surprised, it is important to study all the conditions of the loan BEFORE moment of application.
It is quite natural that long-term loans are provided only if there is an extensive package of documents.
Traditionally, you can get such a loan by providing:
- Russian passport with a stamp about the place of permanent registration;
- second document at the choice of the borrower (driver's license, SNILS, TIN or other);
- salary certificate in the form of 2-NDFL or on the letterhead of the bank itself.
Additional documents depend on the terms of the loan and are different for each specific case. As proof of employment, many banks require copy of work book certified by the employer.
Even in cases where the loan does not provide for collateral, some credit organizations require the submission of documents for property owned by the applicant (usually car or apartment). In this case, the increase a chance at positive decision , as confirmation of the solvency of the borrower appears. This means that from the bank's point of view, the risk of non-repayment of funds is reduced.
Should be understood that for a bank, long-term loans are always associated with high risk. The credit institution takes into account the fact that over such a long time the solvency of the borrower may change - it may fire or is he serious get sick. In such situations, the property acts as an additional guarantor, because in the event of an irreparable situation, the debtor will be able to sell it.
Note! Contrary to popular belief, it is not at all necessary to provide a certificate of income to obtain a long-term loan. However, it will be much easier to get a positive decision with it.
On the 5th term lending to most major banks. Find those that provide loans for 7 years is more difficult. On the 10 years and more, consumer loans are issued even less frequently. Sometimes they can be issued if an expensive one is indicated as a goal. repair or buying a car.
To apply for a long-term loan, you need to take several consecutive steps:
- Application form. There are several options. You can apply directly to the bank office, fill out a questionnaire, transfer the necessary documents to a loan officer. Also, most modern banks offer to issue online application without visiting the branch directly on the website of the credit institution. Sometimes this requires you to download scan or quality photo of documents. In this case, the application is directly sent to the review department.
- Consideration of the application. After filling out the application, the bank analyzes the data provided by the borrower. The longer the planned loan term, the more serious the check will be. Most banks check credit history by requesting relevant information from BKI(the Bureau credit histories). Some credit institutions make decisions quickly - within a day. However, usually with long-term lending, the applicant is given an answer no earlier than two days later. By the way, you can find out about that in one of our articles.
- The conclusion of the contract. If, upon application, the bank accepted positive decision, you will need to sign a contract. Before signing it, it is important to carefully read all the clauses of the agreement, especially those parts that are printed small print. It is here that information about hidden fees is usually contained.
- Receiving the money. Depending on the terms of the loan, funds can be issued in cash through the cashier or transferred to a bank card.
When the funds are received, it remains to service the loan with high quality, that is, to make monthly payments on time. If this is not done, the bank may charge fines, penalties and forfeits, which means that the total cost of the loan will increase.
Question 5. How to get a consumer loan at a minimum interest rate?
When trying to get a loan, any prudent person seeks to get it under the minimum bid . Many believe that it is impossible to influence the percentage. However, there are a number of rules, compliance with which allows you to achieve a reduction in the rate when obtaining a loan.
If you plan to purchase goods on credit, before submitting an application to the bank, you should check with the store employees about the possibility installments. In fact, it is issued as a discount from the price of goods by the amount of interest. For the client it looks like interest-free loan , which is naturally very profitable.
Ways to get a consumer cash loan at a minimum percentage
There are several ways to reduce the interest rate even if you want to get a loan. in cash means.
There are several options in this case:
- First of all, you should start by comparing the terms of lending in different banks. At the same time, it should be remembered that most often the best conditions are in the credit institution where wages are transferred. Therefore, it makes sense to start with this bank, having studied the individual conditions for payroll workers. It is also worth paying attention to the various rate cut promotions that banks spend on the eve of various holidays. For some categories of citizens (budget workers, pensioners) minimum rates at certain lending institutions. This is also worth knowing in advance.
- The second option for lowering the interest rate is to collect as complete a package of documents as possible. For loans, for the issuance of which only a passport is required, the interest rate is quite high. It is better to spend a little time preparing a salary certificate, a copy of the work book. In this case, the percentage will be less. You can reduce the rate even more by bringing various documents with you to the bank branch, confirming the existence of property(real estate or car). In addition, you can attract a guarantor who has a stable income.
- When calculating the parameters of the loan, you should choose such conditions under which the payment for the applicant will be feasible. In this case, the period should be minimal. This is due to the fact that the shorter the repayment period, the lower the interest rate.
Thus, if you want to get a consumer loan for a significant amount, it is important to use all the chances to minimize the cost of servicing it.
One of the main parameters that can significantly reduce costs is interest rate. Using the tips above, you can save significant amounts.
Question 6. Unsecured consumer loan - what does it mean?
Not everyone knows what a consumer loan without collateral is, and what are its features. At the same time, if necessary, borrowed funds to select the best program understanding the differences between the various schemes is essential.
Unsecured loan is a loan for various consumer purposes, the registration of which does not require the provision of property as collateral, as well as the invitation of guarantors.
This option is ideal in cases where it is important to get borrowed funds as quickly and without unnecessary difficulties.
Unsecured loans include the following options:
- a cash loan or a transfer to an account through a credit institution;
- loans for the purchase of various goods, issued in stores;
Before trying to get an unsecured loan, it is important to understand what requirements banks place on potential borrowers in such situations. The main ones are the following:
- age from 23 to 55 years , less often, banks allow loans to persons over 18, as well as under 70;
- the presence of permanent registration (propiska) , it is almost impossible to get a temporary loan, most often registration should be in the region where there is a bank branch;
- the total length of service should most often be at least 12 months , in last place at the same time - at least six months;
- to confirm solvency, the borrower must provide at least some documents. Therefore, if you want to get a loan, you need permanent income statement ;
- men of military age - up to 27 years old will need to submit to the bank military ID ;
- many banks require availability of a contact landline phone - work, home or friends and acquaintances.
For borrowers who do not have enough income to apply for a loan, many credit organizations offer the opportunity to attract as a co-borrower spouses. It should be understood that they must also meet all of the above requirements.
Very rarely, for issuing a loan without collateral, banks require a minimum package of documents - a passport. Most often, you will additionally need:
- a second identity document;
- a copy of the labor;
- confirmation of income - a certificate in the form of a bank, 2-personal income tax or from the FIU, an extract from any bank (including card) account.
It is important to pay close attention to the terms of the loan. One of the most important factors is consumer loan interest rate . It is usually calculated individually depending on various data provided by the borrower.
However, there are options to lower the rate even when applying for a loan without collateral:
- applying for a loan at a bank where you receive wages;
- high-quality credit history;
- Registration of life insurance, as well as diseases that entail disability.
Among other important conditions of unsecured lending are − borrowing amount . It usually starts from 15 000 rub., the maximum reaches the interval from 0.5 million up to 1.5 million rubles The term most often reaches five years, less often seven.
For those who wish to apply for a loan without collateral for quite a large sum, it should be noted that the credit institution will take seriously the verification of all data provided by the applicant.
Often, after the assessment, banks still require the provision of more serious confirmation of the ability to make payments. In this case, the security can be informal. That is, it is enough to confirm the availability of property, as well as the support of serious persons, but pledge agreements and guarantees will not be drawn up.
In addition to all the parameters listed above, it would be useful to also study the advantages and disadvantages of unsecured loans. Among the pluses (+) can be called:
- fast clearance;
- there is no need for a guarantor's squeak, as well as the provision of collateral;
- minimum required documents;
- possibility of misappropriation of funds.
Cons (-) unsecured loan are:
- high rate;
- short term;
- lower than in cases with the provision of security amount.
Thus, it is quite possible to get an unsecured loan. However, in this case, you should take its conditions as seriously as possible, since they usually less profitable than with collateral.
Question 7. What is the maximum term of a consumer loan?
When applying for a consumer loan, many are wondering what is the maximum period for which it can be obtained. This parameter is important because the length of the repayment period has a direct impact on the size of the monthly payment.
The longer the term, the smaller the amount you have to pay. In this case, of course, the overpayment will be more significant. But the borrower will be able to count on a large loan amount with his income.
In this regard, it is important to know for what maximum period you can get a consumer loan. The payment period depends on various factors.
What determines the maximum loan term for a consumer loan - important factors
First of all, the loan term is determined by its goal. So, a loan, a loan issued for tuition fees, usually issued a maximum of 6 years. If the purpose of the loan is holiday travel reimbursement, it is unlikely to be given more than 12 months. In these cases, the loan term is not too long, so it will be enough to obtain borrowed funds passports and income statements .
Today it is quite possible to issue a consumer loan for a longer period. He can reach one or two decades. But in this case you need provide valuable property as collateral. It can be real estate, for example, land plot or an apartment, as well as a car. Read about the conditions for obtaining a car in a separate article.
Should be understood that in case of non-payment of a loan for which a pledge is issued, the bank has the right to sell the relevant property in order to return the funds issued. Therefore, do not rush to issue loans for such a long period. It's better to think again assess your financial capabilities before taking on such risks.
However, for long-term consumer loans - 10 years and more, there plus. This is minimum payment . In other words, the longer the term, the greater the chance that income potential borrower Enough to pay your monthly bill.
Many people are not serious about choosing a loan term, but this is one of the most important parameters.
Depending on the period, they distinguish:
- short-term loans - up to a year;
- medium-term - one to three years;
- long-term - for a period of more than three years.
Choosing the last of these three categories, it is worth approaching the analysis as responsibly as possible. Don't forget that the longer the term, the higher the amount of the overpayment will be.
10. Conclusion + related video 🎥
In this publication, we have tried to tell as much as possible about consumer lending. We talked not only about what it is, but also what Benefits and limitations this type of borrowing. We also tried to suggest how and where you can arrange it profitably.
That's all we have.
We wish you good luck in financial matters! Deciding to get necessary funds on credit, remember that it can help overcome temporary difficulties. However, with the wrong attitude to the loan, you can further exacerbate your problems.
Try to assess your capabilities as carefully as possible, then there will be no difficulties!
Dear readers of the RichPro.ru magazine, we will be very grateful if you rate the article and leave your comments on the topic of the publication below!
To receive funds for temporary use at interest for certain needs, you can use the lending services provided by banks. To determine how to get a loan with the most favorable terms, you need to know exactly what kind of loan is needed. Banking system clearly regulates the rules for issuing money and the level of interest rates, depending on the type of lending and the purpose for which the money is needed.
Before answering the question of how to get a consumer loan from a bank with the greatest benefits, you need to find out:
- how much money is needed;
- for what purposes the funds are taken;
- for how long the loan is issued;
- what are the financial possibilities for repaying the loan.
Depending on the purpose, among targeted consumer loans, one can single out mortgages, car loans, small targeted loans (for recreation or repairs), and a loan for education. It also matters how to get a bank loan in cash or apply for a credit card.
In order not to be mistaken, you need to carefully study all the conditions and features of loans and familiarize yourself with the offers of several banks, since the conditions for granting a loan depend on many factors and are considered individually for the future borrower. Next, we will consider in more detail how to get a consumer loan, spending as little time as possible on paperwork and the subsequent repayment of debt.
Determine the purpose of the loan
Before proceeding with the execution of a loan agreement, you need to determine the purpose for which the funds are required. As a rule, for targeted lending, more loyal conditions are provided than for non-targeted loans, although more documents will be required, since money-back guarantees are needed. Non-purpose loans in this case are more convenient, because banks do not require a report on where the money was spent.
Common to both types of loans can be noted the terms of the contract (from three months to seven years), and the amount of the loan (from 10 thousand to 1.5 million rubles). To determine which type of loan suits you best, consider all the features of lending, depending on the availability of a specific goal.
Targeted loan
If the purpose of the loan is specifically defined, and it is possible in the future to report documentarily to the bank for all the money received and subsequently spent, it is better to take a targeted loan. Among the features of targeted loans, both positive and negative aspects can be noted:
- lower interest rates;
- more requirements for a package of documents confirming solvency;
- it is necessary to accurately determine the purpose of the loan and subsequently report documentarily to the bank for the funds spent;
- in the case of a car loan, you need to sign CASCO;
- if money is needed to purchase equipment, they are transferred immediately to the seller;
- To obtain a mortgage, the property being purchased is used as collateral.
non-purpose loan
To get more freedom to manage the money received from the bank, it is better to take non-purpose loan. If the money is needed for a short time, and it is possible to quickly pay off the debt, you can apply for a credit card. In this case, interest rates are quite high, but it is possible to take advantage of the grace period and repay the debt without interest. Main hallmarks non-targeted lending are:
- no need to report where the money is spent;
- a more thorough check by the bank of the borrower for solvency and reliability;
- rates for this loan higher than the target.
What documents are required to obtain a loan
Regardless of the amount, terms of the contract and its type, each banking institution will need to provide the following documents:
- citizen's passport Russian Federation with a valid permanent residence registration stamp;
- a document confirming the availability of income for the last three months.
In some cases, as proof of solvency, you may need:
- insurance certificate of state pension insurance
- debit or credit card;
- international passport with border crossing marks (confirmation of the availability of funds for travel);
- certificate 2-NDFL;
- a copy of the employment contract;
- policy of voluntary health insurance;
- a document confirming the ownership of the car.
Additionally, what documents are needed to get a loan, you need to specify individually in banking institution, since each of them may have their own special requirements. Mandatory documentary evidence may be required in the case of targeted loans. For example, to receive money for education, you will need to provide an agreement with an educational institution. In the case when a mortgage or a car loan is issued, the bank may need a CASCO insurance policy, and documents on marital status (marriage or divorce certificate).
If you want to take a loan from Sberbank, what documents are needed for this, we will consider further. We will compare lending conditions using the example of several largest Russian banks in order to choose the most acceptable and profitable loan processing option.
Choosing a bank for a loan
Before deciding which bank to choose for a loan, consider the three most popular ones. For example, let's take Sberbank, Alfa Bank and VTB 24 - these banks are among the largest and most reliable.
Sberbank offers a loan amount from 250 thousand to 5 million rubles at 11.5-12.9% per annum for up to 5 years. The list of required documents is minimal (passport and proof of income). There is a special lending program for military personnel who are members of the accumulative mortgage system. A big plus when choosing this bank is the presence of a large number of branches, which increases the convenience in repaying debts.
Alfa Bank offers amounts up to 1.5 million rubles for up to 5 years at 11.99% per annum. There is also a large selection credit cards with the "100 days without %" bonus and other great offers for travel and shopping. To apply, you will need to collect more documents confirming solvency.
In VTB 24, a decision on the application is made up to 3 days. To obtain a loan, the borrower must have a permanent registration in the area where the bank branch is located. The rate on a loan up to 3 million rubles is 14.9%. In spite of high interest, here you can get the largest amount.
To accurately answer , how to choose a bank for a loan, you need to carefully clarify all the details of lending and take into account the nuances that may affect the choice. These may be additional requirements of documents or guarantors, special conditions for registration of collateral and penalties for late repayment of debts, a possible threat to lose collateral.
What to look for when getting a loan
If you decide to take out a consumer loan, what should you pay attention to before signing an agreement? The decisive factors influencing the choice of the bank with which you want to sign a loan agreement are the terms of the loan repayment. You need to pay attention to the size monthly payments together with the commission and interest, as well as the terms of payment and the amount of penalties in case of late payment.
It is important to clarify with a bank employee the terms of repayment of the loan, and whether there are penalties for early payment of the entire loan amount, together with interest. In addition to fines, unforeseen expenses may be supplemented by the costs of paying for related services, which are paid for by some banks (fee for Money transfers, cash withdrawal, Additional services for account management).
If you still don't know what to look for when applying for a loan , then look into the availability of additional services. Most major banks provide an online loan application service, which saves a lot of time. Additionally, a life insurance service may be offered. If the conditions of insurance do not suit you, you have the right to refuse. Among the services that facilitate further banking are SMS notifications of upcoming due dates and mobile banking, which will require a monthly fee.
What to pay attention to when obtaining a loan depends on the purpose and purpose of the loan, as well as the conditions that the borrower is willing to fulfill in order to receive it. For each consumer, personal benefits are decisive factors. For example, when applying for a long-term mortgage loan, what to pay attention to is not difficult to understand, since the main thing is the type of interest rate (floating or fixed), the condition for early payment of the debt, the bank's right to amend the contract unilaterally.
1. In conditions of increased key rate Citizens need to be especially vigilant when applying for new loans. The first thing to look at is the reputation of the bank and its place in the market. When taking a loan, you must understand exactly who you are borrowing from. When going to a bank or microfinance organization, check that it is financial institution officially registered with the Central Bank (for example, on the website www.cbr.ru). Otherwise, you are more likely to fall into the hands of scammers.
2. The second thing that the borrower needs to pay attention to is the specific content of the loan agreement, its text. When signing a loan agreement, do not forget for a minute that you are signing your obligations to the lender. For each position of this document you are responsible to it. By law, you have five days to decide on the contract. All negotiations with the creditor must be recorded only in writing. In all relationships with the creditor, get written evidence of your actions and your position. Remember: you stand up for your money. And if you have to defend them in court, the "the bank told me" argument won't work.
3. Credit money should work for you and only for you. The money you take will have to be paid back. And with interest! So a loan should solve your problem, not indulge a whim. For example, an educational loan will increase your "value" in the labor market, and a mortgage will give you the opportunity to build or expand a family.
4. You also need to understand that a loan should be taken only in the currency of income. No matter how much you are told about the benefits of "exotic" loans - for example, in foreign currency- remember that in this case the bank shifts the currency risks to you. This is especially true given the current volatility of the ruble against the dollar and the euro.
5. The documents themselves, that is, the text of the loan agreement, must be kept as the apple of an eye. Neither by phone nor on the Internet do not provide information about your loans and deposits. The better you protect your documents from prying eyes, the less likely they are to be used by unscrupulous people. In addition, the ease of obtaining credit money can give rise to a "light" attitude towards their return. You can forget about the day when you need to make the next payment. But the lender will never forget this and will not fail to impose penalties on you.
6. When you receive a loan, you may be offered to issue a bank card to which you will be put money. Bank card - definitely very convenient tool payment. But there are cases, not so frequent, when money disappears from it. One way to limit the access of fraudsters to your money is to set a card limit that will allow you not to risk too much money. And watch your phone! If your phone is connected to the "mobile banking" service, follow the phone as bank card. Are you ready to transfer it to "third parties"? The same should be done with the phone. If you do not use the SIM card for a long time, your mobile operator may transfer it to another person, and this person will not necessarily be a decent person.
7. Do not take out a loan from the same bank where you have a deposit. Otherwise, an unexpected situation may arise for you: if the bank loses its license, you will not be paid the deposit insurance until you repay the loan debt. Do not build a credit "pyramid". You cannot take out a new loan to pay off the old one. Sooner or later, such a "pyramid" will collapse, and you will not get out from under the rubble.
8. Do not contact financial "sorcerers". "Anti-collectors", dubious "lawyers" and other "fixers" promise you to take care of all your financial problems, but only as long as you can get something from you. Your money will run out, but your problems will remain with you.
9. President of the Association of Russian Banks Garegin Tosunyan also advises Russians to pay attention to their financial health and clearly calculate its parameters. You need to round income down and expenses up, he says. “We need to proceed from the risk of a decrease in income, we need business pessimism, we need to objectively assess the situation on the labor market, inflation, the ruble exchange rate,” he told RG. The interlocutor believes that it is right for the bank to give 25 percent of its monthly income. Such a borrower is a comfortable-risk one for banks. But some banks receive 30-35 percent of the monthly income of their borrowers.
10. According to Vasily Yakimkin, Associate Professor of the Faculty of Finance and Banking, RANEPA under the President of the Russian Federation, individuals when lending, banks should pay attention to the debit-credit ratio, that is, the ratio of their own income and expenses. As soon as this difference becomes less than zero, it will mean financial ill health. Then you need to cut costs, look for more profitable work, increase your earnings, and generally optimize your costs. Vasily Yakimkin believes that it is more comfortable for Russian citizens to give the creditor no more than 30-40 percent of their income per month. But if the income of citizens exceeds living wage dozens of times, then banks can be given even half of the salary, since this will not be critical.
Can I get a loan on the day of application? Where to get money on credit in cash on a passport? How can a borrower lower the interest rate on a loan?
As practice shows, cash loans are very popular among Russians. In 2018 alone, banks issued 15.65 million such loans worth RUB 4.06 trillion
For all their familiarity and seeming simplicity, such loans have many nuances, the knowledge of which will allow not only to get loans without problems, but also to reduce the interest rate on the loan received. It is about these intricacies of a cash loan that I, Alla Prosyukova, a banking expert practitioner, will tell in a new publication.
If you are planning to take out a loan, but do not know where and how to do it in the most profitable way, this article will help you figure it out and make the right decision!
1. Cash loan - a real opportunity to fulfill your desires
Often we find ourselves in a situation where we urgently need a large sum of money. Relatives/acquaintances have neither the opportunity nor the desire to borrow. After all, you have to tell why the money was needed, listen to their opinion on this matter, advice. In such cases, there is only one way out - to issue a cash loan for any purpose.
Most often, citizens refer to this type of loan only an express loan, which can be obtained in a matter of hours according to 2 documents. In fact, this category includes all loans, as a result of which the borrower receives cash.
This loan can be with and without a guarantee, with or without collateral, is issued quickly or within a few days, the money is issued through the cashier or transferred to debit card borrower.
A kind of consumer lending, when the borrower is free to dispose of the money received from the lender at his own discretion.
Cash loan is money for any needs and desires
Banks offer many different programs for it. Different interest rates, requirements for the borrower, allow you to easily find a loan that is right for you.
2. 4 ways to get a cash loan
A cash loan can be obtained in several ways.
Today I propose to get acquainted in more detail with the four most popular ones, to find out their main pros and cons.
Method 1. Contact the bank
When it comes to loans, the first thing that comes to mind is to contact the bank. This is the most popular way of lending among Russians.
It became so, first of all, thanks to its reliability. Despite the problems existing in the banking sector of the Russian Federation, credit institutions are controlled by the Bank of Russia. He is the guarantor of the rule of law.
In addition, banks offer many different loan programs.
A cash loan is presented in most financial institutions in several forms:
- with collateral / without collateral;
- with and without a guarantee;
- with and without proof of income.
Let's add here different% rates, special programs and borrowers who are in need of cash - there are plenty to choose from.
Method 2. Get a loan from an MFI
MFIs - microfinance organizations - non-banking structures that provide short-term loans to the population, legal entities and individual entrepreneurs.
Lending in such companies has a number of advantages.
Advantages of getting cash on credit in MFIs
However, the minuses in this method are no less than the pluses.
Here are the main ones:
- small amounts;
- interest rates are significantly higher than bank rates;
- short loan terms;
- risk of running into scammers.
MFIs themselves often position their loans as payday loans. Indeed, in my opinion, it makes sense to take them when money is urgently needed, and not for a trip to the sea or a new fur coat, but for something important. And only if you know for sure that you will definitely be able to pay off the obligation at the appointed time.
Method 3: Contact a private lender
There are always people who are willing to lend money at interest.
The internet is full of ads like this:
I will provide financial assistance in half an hour!
Credit history and delinquencies do not matter!
Certificates, guarantors and collateral are not required!
All you need is a passport!
From 50.000 to 500.000 rubles. 10% per year.
Signing up! 18+.
If you need financial assistance urgently, write to: [email protected]
In this case, the most important thing for the borrower is not only the terms of credit, but also the reliability of the lender. It is better if your acquaintances or persons with reliable recommendations become private lenders.
Usually, private traders issue money against a receipt, less often under an agreement. In both cases, before signing the papers, I recommend consulting an independent lawyer. Don't waste your time and money on this. Remember, the miser pays twice!
Draw your attention that private lenders can voice both the daily interest rate and the monthly or annual rate. Be sure to clarify this nuance.
With the right approach to finding a private lender and competent execution of the transaction, this method will effectively solve your financial problem.
Method 4. Get money at a pawnshop
First, let's deal with the concept itself.
Pawnshop- a commercial private organization that lends money on bail for a short period of time.
The main thing to pay attention to at the initial stage, considering this method of obtaining money in debt, is the borrower has liquid collateral. Without it, you won't be able to borrow money here.
The following are accepted as collateral:
- products from precious metals;
- motor transport;
- household appliances;
- products from expensive furs;
- audio and video equipment;
- telephones, etc.
Collateral property is valued directly at the pawnshop. Assessed value property will be well below its market value.
This method allows you to get the required amount in a short time.
It's easy to get. Issue and delivery are free. The credit card has an impressive limit (up to 300 thousand rubles), an attractive interest rate (from 12.9% per annum) and an interest-free period of up to 55 days.
If you urgently need money, applying for a cash loan on the Bank's website will quickly solve this problem. You can get a loan on favorable terms, at a rate of 14.9%, without certificates and guarantors.
Few people think, when choosing a loan offer, about whether it is possible to reduce the interest on it. It turns out you can.
Here are three helpful tips for you.
If you have ever applied for a loan, you know that the lender sometimes offers to confirm the applicant's income with a 2-NDFL certificate, a bank statement, or does not require confirmation at all.
Often, the future borrower chooses the option without proof of income. There are many reasons for this decision: low official salary, difficult to get a certificate, since it is issued only by the head office, which is located thousands of kilometers away in another city, etc.
This approach is fundamentally wrong! After all a full package of documents with 2-personal income tax, allows you to get a cheaper loan.
As a rule, if the bank offers customers to confirm income different ways, which means that interest rates will depend on this.
An example of 2 such loans is presented in the table:
Clients who have confirmed their income and employment are more reliable for a credit institution, which means that the best offers are available to them.
When applying for a loan, banks offer customers life and health insurance. And almost all clients try to refuse it.
You don’t want to pay for a service that, in the opinion of the borrower, there is no need. However, many financial institutions are reducing base rate on a loan (usually within 1%) with insurance. And this is, you see, very interesting.
I recommend insurance in this case. Just try to pay for the policy with non-credit funds. Usually banks offer to include its cost in the loan amount. In this case, interest will also be charged on it.
I believe that it is advisable to take a loan in two cases. Firstly, if life and health (of one's own or loved ones) depend on it. For example, urgently needed expensive treatment. Secondly, for any global purchase, such as an apartment. But only if the market is conducive to this and the purchase is not spontaneous, but long-planned. In other cases, you can either wait and save up, or moderate your "Wishlist".
Consumer credit, for better or worse, has long been an integral part of the lives of millions of Russians. Unfortunately, until now, many borrowers are poorly aware of the rights and obligations that appear when concluding a loan agreement.
But a loan is not only rights and obligations. It is important to carefully approach the choice of a loan, to be able to compare it with other products, to find the pros and cons. The borrower must be able to correctly assess their financial burden, not to take on more obligations than they are able to fulfill.
I advise my friends not to apply for a loan unless absolutely necessary. And if you still have to borrow inevitably, approach this wisely and follow a number of rules.
- Decide how much of your income you can give to the bank. It is desirable that it does not exceed 30-40% of monthly income after all necessary payments. If you have dependent children and other relatives, do not forget to take into account the expenses for them. Having calculated the payment acceptable to you, determine how much and for how long you can receive. What would about The larger the amount requested, the longer the loan term will be.
- When choosing a loan, find out what conditions it offers payroll bank or a bank with which you have already had a relationship. Usually, credit organizations offer more favorable rates for "their" clients. If this option does not fit, pay attention to the offers of other banks.
- Banki.ru is the most convenient. It is enough to indicate required parameters(amount, term, security, etc.), and our search will select suitable products. Pay attention not only to the interest rate, but also to related costs (availability of insurance, commissions for lowering rates, etc.). As a result, you will receive a list of loans that can be sorted by the size of the rate. An “expertise” is written for each product: its advantages and disadvantages. Banki.ru also has a personal loan selection service that helps customers choose the necessary banking products with a high probability of approval.
- Focus on average rate on unsecured loans. Now it is in the region of 20% per annum, but it is quite possible to find banks that will lend you at 14-15%.
- Try to avoid banks that offer lower interest rates if certain conditions are met. Often, the bank takes a large commission for this service. Usually, under such programs, a high rate is initially set, and then it is reduced when the loan is repaid on time. If you make even a slight delay, the rate will return to its original value. The commission, by the way, will not be returned. The same is true for early repayment. When dreaming about lowering the rate in the future, do not forget that the highest rate is valid at the beginning, when interest is charged on the entire amount of the debt.
- As for insurance, which is now actively offered when applying for a loan, I can advise the following: contact the bank where an individual insurance contract is drawn up, and the availability of insurance does not affect the interest rate. In this scenario, you can use the law and cancel the insurance within 14 days at no additional cost.
- Pay attention to how comfortable it will be for you to cooperate with a particular bank. For example, it is important for me that a credit institution has an understandable, convenient and functional Internet bank and preferably a convenient location and working hours of branches.
- At the time of the conclusion of the contract, always read the documents that you sign. If you are in a hurry at the bank branch, take the papers home and study them in a calm atmosphere. Remember that by putting your signature on the sheet, you agree with everything that is written on it. Then no one will listen to indignations from the series “but I didn’t know”, “but they didn’t tell me”. After all, under the line "I have read and agree to all the conditions" is your signature.
- Feel free to ask questions to the bank employee. It is better to clarify all the nuances before signing the loan agreement. Most importantly, do not forget that credit is a voluntary matter. If the contract contains conditions with which you strongly disagree, refuse it and try your luck at another bank.
- Make your payment in advance. Today, any bank will offer you several repayment methods, at least one of them should be free. If you don’t deposit money at the cash desk or ATM of the bank, keep in mind that they will not arrive immediately. Do not forget that the bank may not process transactions on weekends and holidays, so if the debit date falls on a non-working day, make the payment in advance.
- Form a "safety cushion" equal to three or four monthly payments. Set aside this emergency supply in a separate account (or in a separate envelope) and use it only as a last resort. For example, in the event of a job loss or illness to pay off a loan payment.
- Try to make early repayments more often. Interest is calculated monthly on the balance of the debt, and the faster you reduce the amount of the principal debt, the lower the final overpayment on the loan will be.
- Remember the terms you agreed to. If the contract provides for confirmation of the intended use of the loan or annual insurance, do not forget to submit the relevant documents to the bank, observing the deadlines. Otherwise, a significant fine or an increase in the interest rate may follow.
- Recently, programs have become extremely popular. They allow you to reduce the rate on a loan, increase the term or combine several loans into one. To find out how profitable refinancing will be for you, calculate the cost of a new loan (do not forget about insurance, commissions and other expenses) and compare this amount with the costs that you will incur if you leave everything as it is. If the difference is significant, you can safely go to the bank for refinancing.
- If it's time to close the loan, I recommend contacting a bank employee. This can be done over the phone or in the office. Check with the specialist the amount of the final payment - it may differ from the monthly one.
- After the last payment has been written off and the loan is closed, take a certificate of no debt. It can be useful if the bank incorrectly reflects information in the CBI or in other cases in case of disagreements with the bank. If you use Internet banking, then I also recommend checking the status of the loan there.
- In case you were given plastic card to service the loan, do not forget to close it too. Card tariffs may include annual maintenance or a fee for SMS informing.
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