Lending has become so firmly established in our lives that most Russians have already had to borrow money from banks. However, not everyone knows what rules should be followed when choosing a suitable borrowing option and what should be avoided when applying for a loan.
Today, many simply cannot imagine their life without loans. Borrowers take out loans for the purchase of a home or car, payment of tuition or medical treatment. Entrepreneurs use borrowed money to expand their business and modernize existing equipment, while citizens make repairs and go on vacation. Borrowing is not only possible, but in some cases necessary, the main thing is that the loan must be expedient and economically justified.
Before crossing the threshold of the bank with a request for a loan, you must clearly understand exactly what amount you want to receive and what you are going to do with the borrowed funds. Competent answers to these questions will not only help you borrow money on favorable terms, but also significantly speed up their issuance. In addition, there are several important rules to optimize the process of obtaining a loan.
What type of loan to prefer
Today, the product lines of domestic banks offer a variety of credit programs: from classic mortgage loans to “advanced” non-targeted loans. It is quite difficult to understand this variety, but a bank specialist will tell you which lending option is right for you.
Usually, it is convenient to borrow small amounts under non-targeted programs - the so-called "loans for urgent needs." The bank prefers to issue money for the purchase of a car or apartment on the security of property. Therefore, the borrower is usually offered to take a targeted car loan or to issue a mortgage agreement. In any case, the choice of the type of lending is up to you.
How to find the optimal borrowing conditions
The parameters of lending for different programs differ: the range of interest rates varies, the maximum loan amount may be different. Banks offer borrowers loans with all kinds of borrowing terms and terms of debt service. In this case, the following laws apply:
- the faster you can get a loan, the more expensive it will be;
- the longer the loan term, the higher the final cost of the loan;
- loans secured by property are always cheaper than unsecured loans.
Is it possible to save money by borrowing from banks
Do not be afraid to talk with the bank's loan officers, because advising clients is their immediate responsibility. Therefore, be sure to ask if there are any seasonal promotions to reduce rates at this moment. If you belong to the privileged category of borrowers, you will be able to get money on more favorable terms.
Sometimes the issuance of loans is accompanied by additional bonuses, for example, free Internet banking connection to a credit card or a refund of part of the funds spent on purchases in stores of certain brands. All this reduces the total cost of the loan, and the amount of overpayment on the loan decreases.
