Types of consumer loans in Russia

It's no secret that credit is a specialtype of consumption. Consumption is the ability to purchase the necessary product or service. At present, large purchases, among which the purchase of furniture, equipment or other necessities for life, are somehow connected with lending. Today, anywhere you can meet the proposal to issue it in 5 minutes: furniture stores, salons of technology and even clothing retail centers.

Types of consumer loans

First of all, it is necessary to note the classicaltype of loan, upon receipt of which the borrower receives cash on hand and acquires the necessary goods. Such a loan product is sometimes called a "standard loan" or "a loan for urgent needs".

The next type of consumer credit ismeans for rest. In this case, the borrower takes money for a specific purpose - the acquisition of a tourist voucher. Cash can be given out in cash or in a non-cash way by transfer to the account of a travel company. The crediting period is, as a rule, no more than a year. The above types of consumer loans are issued in two documents in minutes in any branch of the bank.

The next type of target loan iscredit for education. In this case, the funds are transferred to the University account through billing, indicating the total amount for the entire period of study. However, it is necessary to take into account that it is impossible to obtain a loan for a minor, you will have to ask your parents for help. The loan for education differs from the usual one in that it forms a deferred payment. Thus, the student can study, paying only the basic interest, and, having received the diploma and having got a job, to extinguish the basic debt. The main credit burden will fall on him only after graduation.

Payments and types of commissions on consumer credit

If we consider conventional targeted loans, thenAnnuity payments are very popular. The essence of this scheme is extremely simple: the entire amount is distributed for the entire loan period in equal parts. That is, if a loan is issued for 3 years, you will have to pay 36 monthly installments. Frequently there are loans with a differentiated interest rate. In this case, the loan amount with each contribution will decrease.

In addition to payments, banks establish mandatorycommission for opening and maintaining an account, for SMS-informing and other services prescribed in the loan agreement. Commissions apply to all types of consumer loans. Currently, several hundred banks offer various conditions for consumer lending. To get lost among such a variety is very easy, however there are several options.

Choosing the right credit product

The first method is the simplest.To do this, you need to contact a bank specialist in person. The second method involves self-acquaintance with the information on the bank's website, thanks to which all types of consumer loans will be studied with a detailed description of the conditions for obtaining and paying off.