Today, the popularity of lending to the population for any purpose is simply off scale. When choosing a loan you are interested in, it is easy to completely get lost from the abundance of banks' offers for the same type of lending. This is where the question arises: how not to overpay for loans in the future, if all the conditions are so similar to each other?
It is necessary
- - Internet access;
- - standard loan agreements;
- - calculator;
- - glasses, if you wear them;
Instructions
Step 1
A loan is always an overpayment. Financial organizations will never take a loss for themselves, but meet you halfway. Therefore, when choosing an organization for obtaining a loan, it is necessary to trace some points, which will then help to greatly save on the total amount of the loan returned.
Step 2
One of the possible interest-free loans is promotions of household appliances stores on credit sales. It all depends on how the mutual settlements between the store and the bank will go. The store can make a discount on the goods, and the bank will give you a loan at such interest. Or, on the contrary, the price of the goods already includes the annual interest on the loan. Therefore, before recruiting equipment at discounts, and even on credit, compare the store's price with other offers.
Step 3
As a rule, secured loans are issued at a more favorable interest rate than just cash. But even there there are a number of nuances that you need to know in order not to overpay on the loan, namely the basis for calculating interest per annum. If the bank uses 360 calendar days instead of 365 as a base, then each client overpays the cost of the loan in the form of 5 days for nothing. Therefore, before signing a loan agreement, it is imperative to clarify this point in it.
Step 4
The amount of one-time, annual and monthly commissions for issuing and servicing a loan. Such hidden fees are usually indicated in the tariff plan for the loan agreement, which is not difficult to read by inattentive customers. Therefore, the sharp increase in the amount of the monthly payment becomes a real surprise for them. Mentions about such commissions, as a rule, are written in the contract in the smallest font so as not to attract too much attention.
Step 5
The commission for paying off the loan ahead of schedule is very rare today, but sometimes it can be specified in the loan agreement. This commission does not imply monthly repayment in excess of the schedule, but early repayment of the entire loan in one payment. Its level can reach 5 percent of the initial loan amount.
Step 6
Penalties for late payment of interest and credit. Under standard lending terms, fines are calculated as a percentage per annum to the amount of overdue debt. However, sometimes banks enter a percentage number in the loan agreement without mentioning the annual, that is, the penalty will be in percentage on the overdue debt per day, which is more than 3600 percent per year. Even in court, it is extremely difficult to challenge such an agreement, because you signed it yourself.
Step 7
In each loan agreement, in accordance with the law, the real interest rate for the use of the loan must be indicated. It must be found in the contract, since this is the percentage of the real overpayment of the loan, taking into account all commissions.
Step 8
Banks often offer more loyal credit conditions for clients of a certain social status than for others. This category includes pensioners, military men, large families and other socially disadvantaged segments of the population. They may be offered a lower rate or a longer loan term.
