Consumer lending has become an integral part of life for a significant number of people. However, borrowing should not be taken lightly. In obtaining such funding, all the opportunities and benefits provided should be weighed.
Instructions
Step 1
When choosing a loan, be guided not only by the interest rate, but also by parameters such as additional commissions. For example, a number of banks require additional payments for monthly account maintenance, and also introduce a one-time commission for obtaining a loan. These payments can greatly increase the cost of the loan for you, which at first glance seemed small. Therefore, compare financing by such an indicator as the total cost of the loan - CPM. It does not always reflect the real overpayment, but the lower the CPM, the more profitable the loan will be for you. Information about this ratio for a specific loan product must be provided to you by each bank employee at your request. Also, the UCS must appear in the loan agreement.
Step 2
Make an informed decision about whether you need insurance for your loan. In most cases, this is a voluntary service. There are at least three types of insurance in this case - life, health and labor status. However, keep in mind that layoff protection is only valid in case of downsizing, and most health insurance does not apply, for example, to people with disabilities or extreme sports enthusiasts. If you are still obliged to purchase insurance, for example, if we are talking about a mortgage loan, study the offers of various companies and choose the least expensive one. Be prepared for the fact that you will have to insure and co-borrower, if any.
Step 3
If you have the opportunity, choose loans with differentiated payments. This is especially important, for example, if you are taking a long-term mortgage. In this case, your payments will be slightly higher at the beginning, and then will decrease. Such a system will allow you to quickly start paying off the principal debt and, therefore, reduce the accrual of interest.
