In the article Submarine Credits, we began to look at those pitfalls that you might encounter on your way to what you want in the lending process. Consider what else you need to pay attention in cooperation with the bank.
- An important underwater stone is the ability of the bank to confiscate your property if you have not made another payment, in case you provided this property as a pledge.
- It also happens that when signing a contract, you sign and consent to the processing of personal data and transfer them to third parties. This will mean not only that the bank has the right to communicate your data to collectors or to the Bureau of Credit Histories, but also that it has the right to sell your data to other firms and spammers.
- Some banks do not have their credit terminals, and repayment is possible through other organizations. But only these organizations will charge you for the transfer payment. Check this point right away.
- The absence of a bank office with which you decide to cooperate in your city is a huge BOTTOM. The fact is that if there are any conflicts between you and the bank, you will only have to communicate by phone. At the same time, if you see signs of fraud in the bank’s actions, and you want to sue, you’ll have to bring the suit at the location of the defendant, that is, the bank.
- Small font. We all have heard about the many tricks of the bank. They also heard that the most unattractive information is always written in small print. But in most cases we are lazy to read it. And in vain.
- There are situations when you find out about a very profitable promotion that a bank holds in one of the stores. And hurry there for the desired purchase. But in the end you will learn that the action "Credit for only 15% per annum" implies registration for only three years. No more, no less. As a result, the purchase costs you several times more than you originally expected.
- Remember that the consultants of banks, in the first place, always voice those stocks that are more profitable for the bank. Therefore, do not rush to agree on registration, ask what else there are shares.
- Pay attention to the fact that loans issued without a down payment are risky for the bank. Therefore, in order to cover risks and losses, interest rates on such loans are much higher.
- Remember that the interest rate, the overpayment and the total cost of the loan are completely different things. Interest rate - the percentage that is charged monthly on the balance of the debt. Overpayment is what you pay in excess of the purchase amount. And the full cost of the loan, by and large, you do not need. But it is better that this figure does not exceed 70%.
- Ask the loan counselor to announce to you, or show in the payment schedule, the final amount of payments.
- Another caveat - incomprehensible terminology in the contract. Do not hesitate, everything that is not clear - check with a loan officer. First, it is his job - to advise. Secondly, you need to know what you are paying for.
- When you apply for a credit card, you may notice that sometimes the money is written off is not known where. Do not be silent! Call and request a printout of the movement of funds in the account.
- And finally, some banks have their “black lists” of those customers whom they will never give a loan. These bases can be transferred to other banks. Therefore, it is best not to spoil relations with any of the banks, otherwise you can deprive yourself of the opportunity to get a loan in the future.
We considered with you all the pitfalls when making a loan. Take this as seriously as possible. And do not forget about them when you go to get credit.
Good luck to you lending!