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When is good time to take 1000 loan online?
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When need to get
1000 loan
? I believe that it is advisable to take a loan in two cases. First, if life and health (one’s own or one’s loved ones) depends on it. For example, an urgent need for expensive treatment. Secondly, for any global purchase, such as an apartment. But only in the event that the market has this position and the purchase is not spontaneous, but planned for a long time. In other cases, you can either wait and save, or you can temper your Wishlist.
Consumer credit, good or bad, has long been an integral part of the lives of millions of Russians. Unfortunately, many borrowers still do not know the rights and obligations that appear when concluding a loan agreement.
But credit is not only rights and obligations. It is important to carefully choose a loan, to be able to compare it with other products, to find the pros and cons. The borrower must be able to correctly assess their financial burden, not to assume more obligations than they are able to fulfill.
I advise my friends not to apply for a loan unless absolutely necessary. And if you still have to borrow inevitably, approach this wisely and follow a number of rules.
• Decide how much of the income you can give to the bank. It is desirable that it does not exceed 30-40% of monthly income after all necessary payments. If you have dependent children and other relatives, do not forget to take into account the expenses for them. Having calculated the payment acceptable to you, determine how much and for how long you can receive. The larger the amount requested, the longer the loan period will be.
• When choosing a loan, find out what conditions are offered by a payroll bank or a bank with which you already had relations. Usually for "their" clients, credit organizations offer more favorable rates. If this option does not fit, pay attention to the offers of other banks.
• Try to avoid banks that offer interest rate cuts under certain conditions. Often, for this service, the bank takes a large commission. Typically, such programs initially set a high rate, and then it decreases with timely repayment of the loan. If you make even a slight delay, the bet will return to its original value. The commission, by the way, will not be returned. Just as with early repayment. When dreaming of a rate reduction in the future, do not forget that the highest rate is valid at the beginning, when interest is calculated on the full amount of the debt.
• With regard to insurance, which is now being actively offered when applying for a loan, I can advise the following: contact the bank where the individual insurance contract is made, and the presence of insurance does not affect the interest rate. In this scenario, you will be able to use the law and refuse insurance for 14 days at no additional cost.
• Pay attention to how comfortable you will cooperate with this or that bank. For example, for me it is important that a credit institution has an understandable, convenient and functional Internet bank and preferably a convenient location and branch opening hours.
• At the time of the conclusion of the contract, always read the documents you sign. If you are in a hurry in the bank, take the papers home and study them in a relaxed atmosphere. Remember that by putting your signature on the sheet, you agree with everything that is written on it. Then the disturbances from the series “but I didn’t know,” “but they didn’t tell me,” no one will listen. After all, under the line "read and agree with all the conditions" is your signature.
• Feel free to ask questions to a bank employee. It is better to clarify all the nuances before signing a loan agreement. Most importantly, do not forget that a loan is a voluntary matter. If the contract contains conditions with which you categorically disagree, discard it and try your luck at another bank.
• Make a payment in advance. Today, any bank will offer you several ways to pay off, at least one of them should be free. If you make money not in the cash desk or ATM of the bank, please note that they will not be received immediately. Do not forget that on weekends and holidays the bank may not conduct operations, therefore, if the date of cancellation falls on a non-working day, make a payment in advance.
• Form a “safety cushion” equal to three to four monthly payments. Put this emergency stock on a separate account (or in a separate envelope) and use only as a last resort. For example, in the event of a job loss or illness to pay off a loan payment.
• Try to make early repayment more often. Interest is calculated monthly on the balance of debt, and the sooner you reduce the size of the principal debt, the smaller the total overpayment on the loan will be.
• Remember the conditions to which you agreed. If the contract provides for confirmation of the target use of the loan or the annual registration of insurance, do not forget to
submit the relevant documents to the bank, observing the deadlines. Otherwise, there may be a significant fine or interest rate increase.
• Recently, loan refinancing programs have become extremely popular. They allow you to reduce the loan rate, extend the term or combine several loans into one. To find out how much credit will be beneficial for you, calculate the cost of a new loan (do not forget about insurance, commissions and other expenses) and compare this amount with the costs that you incur if you leave everything as it is. If the difference is significant, you can safely go to the bank for refinancing.
• If it is time to close a loan, I recommend contacting a bank employee. This can be done by phone or in the office. Check with the specialist the size of the final payment - it may differ from the monthly.
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