Consumer loan: return early or in accordance with the contract?

The scope of lending is wide and capacious.Some banking products are well advertised and enjoy success with customers, but others are aware of others. This type of loans, as a consumer loan, is now the most popular and sought after in our country, but despite this, many people have not yet learned how to choose it correctly or use it properly.

Problems with these loans arise, as a ruleafter the conclusion of the contract. It would seem that its clear and simple terms suddenly turn into unpleasant surprises for bank customers. No matter how easy a consumer loan may seem, repaying it is not easy.

Consumer loan conditions, its possibilities and disadvantages

What should I look for when concluding a loan agreement? There are several key aspects that need to be carefully examined:

• interest rate. Can it change during the contract, on which it depends;
• one-time and monthly commissions, their size, specificity of accrual;
• the need for collateral or surety. Consumer credit, the return of which is better secured, has, as a rule, more favorable conditions;
• early repayment of debt, changes in monthly payments. How does the cost of the loan from these aspects.

The last point should be studied in more detail.It is here that misunderstandings and problems often occur, because clients do not clearly understand exactly how best to pay on a loan. If for early repayment of the loan there is a commission or a fine, you need to weigh it well, is it profitable in principle. The money that you have now can be used in a different way without breaking the loan agreement.

Это же касается и ежемесячных платежей.The most profitable consumer loan is one where interest is accrued on the balance amount. In this case, it is profitable to pay not the specific specified amount, but to increase it yourself. But only when it is stipulated by the contract, and an additional penalty is not charged.

Pitfalls in the world of lending: what to pay special attention to

Consumer loan, the return of whichsecured by a guarantee, more reliable for banking organizations. But for the guarantor, he is an additional source of unrest. In case of problems with the repayment of the debt obligations fall equally on him. Also, the fact of guarantee is taken into account when applying for a loan already on the guarantor himself.

Hidden commissions and payments - a headacheclients of many financial institutions. Consumer loans from Sberbank or other large banking institutions have simple and understandable conditions, but there are many misunderstandings. For example, after closing the contract, it is necessary to take a written confirmation of this at the bank. The client may not specify the amount of the commission, and it will remain in the form of a small debt on the account, which can eventually grow into a huge debt. Therefore, consumer credit, the return of which you plan to make, you need to explore from all sides, specifying all the details and nuances.