Journal of Finance publishes 10 ways in which it is recommended to draw the attention of everyone who wishes to obtain consumer credit.
1. Calculate the forces.
Before a final decision on buying goods on credit, you must ensure that the lending will not be a burden on the family budget. Typically, banks are taking a positive decision on granting a loan, if the monthly payment on account of repayment does not exceed 40-50% of the income of the borrower. But is it worth buying in order to give each month for her half the wage? Optimally, if a month you will be given to the bank no more than 20-25% of their income.
2. PLEASE in different banks in parallel.
Submit applications to several lenders, as it your chances of getting a loan will increase substantially. If a positive decision will be different banks, you can choose the best conditions.
3. DO NOT report to the Bank too much. Speaking with a credit inspector and complete the questionnaire, report their maximum income and expenses "Minimize". Application for an extremely carefully and clearly: incorrectly specified number of the house can lead to a denial of the loan.
4. YOU MUST Dial.
The application for a loan you will need to enter your work and home phones. And if it turns out that employees of the credit department, after several calls not will catch you on these numbers, you will most likely be denied a loan.
5. CREDIT ON THE MAP cheaper and more convenient.
If you need to buy on credit household appliances or furniture, get a bank credit card and pay for your purchase with her. Credit cards for much cheaper than express loans provided by banks directly to stores. In addition, obtaining a map once, you can use a credit, dark and getting a new one, for the duration of its validity (usually two to three years). The card is better to issue a bank that offers credit cards for a grace period during which you will use a loan for free (it usually does not exceed 50 days).
6. "SHORT" CREDIT take in foreign currency.
Loans for short term (up to three years) is better to take in dollars or euros, because the rate of foreign currency loans below the ruble by 3-7 percentage points. However, if you get paid in rubles, it will encounter additional costs when converting.
7. SAVE on interest.
The greater the amount that you make as a down payment, and the smaller the loan term, the lower the rate will be. In addition, the loan is often cheaper to the borrower if the employer can officially confirm his entire income of the certificate.
8. Car loan with insurance BETTER.
Getting targeted loan to purchase a vehicle in which the borrowed money can be spent only on pre-selected by the client machine, you have to take out insurance comprehensive insurance (against theft and damage). Avoid buying the policy can be, taking the non-earmarked loans for urgent needs: the bank will give you cash or transfer money into your account or a plastic card. You do not have any account, where you spend this amount, no insurance sale. However, the cost of this loan is much higher than the auto loan. Sometimes even that loan on cars with polysomes Casco cheaper misuse of credit without insurance.
9. DEBT WILL RETURN.
Once you sign the loan agreement, the return trip you do not: within a specified period, you are obliged to repay debt and pay interest. If you make regular monthly payments to the number specified in the contract, the bank will punish you with a fine. Typically, when the time delay exceeds one month, the lender requires the prepayment of debt. First you try to negotiate peacefully: with calls and possibly personal meetings with the financial organization. If negotiations fail, the bank went to court. However, if you can not pay for a good reason (for example, lost their jobs) and make sure the bank, he can go forward: for some time (usually no more than three months) you grant an extension, but the penalties would not apply.
10. DO NOT fall into the hands scam.
Do not agree to issue a credit to his name to a third party. Fraudsters often use the trust of citizens: for a fee, they offer to get a loan and give them money or goods bought on credit. However, they are told that back the debt you do not have. But the bank to present a claim for you, because on the documents you will be the borrower.
1. Calculate the forces.
Before a final decision on buying goods on credit, you must ensure that the lending will not be a burden on the family budget. Typically, banks are taking a positive decision on granting a loan, if the monthly payment on account of repayment does not exceed 40-50% of the income of the borrower. But is it worth buying in order to give each month for her half the wage? Optimally, if a month you will be given to the bank no more than 20-25% of their income.
2. PLEASE in different banks in parallel.
Submit applications to several lenders, as it your chances of getting a loan will increase substantially. If a positive decision will be different banks, you can choose the best conditions.
3. DO NOT report to the Bank too much. Speaking with a credit inspector and complete the questionnaire, report their maximum income and expenses "Minimize". Application for an extremely carefully and clearly: incorrectly specified number of the house can lead to a denial of the loan.
4. YOU MUST Dial.
The application for a loan you will need to enter your work and home phones. And if it turns out that employees of the credit department, after several calls not will catch you on these numbers, you will most likely be denied a loan.
5. CREDIT ON THE MAP cheaper and more convenient.
If you need to buy on credit household appliances or furniture, get a bank credit card and pay for your purchase with her. Credit cards for much cheaper than express loans provided by banks directly to stores. In addition, obtaining a map once, you can use a credit, dark and getting a new one, for the duration of its validity (usually two to three years). The card is better to issue a bank that offers credit cards for a grace period during which you will use a loan for free (it usually does not exceed 50 days).
6. "SHORT" CREDIT take in foreign currency.
Loans for short term (up to three years) is better to take in dollars or euros, because the rate of foreign currency loans below the ruble by 3-7 percentage points. However, if you get paid in rubles, it will encounter additional costs when converting.
7. SAVE on interest.
The greater the amount that you make as a down payment, and the smaller the loan term, the lower the rate will be. In addition, the loan is often cheaper to the borrower if the employer can officially confirm his entire income of the certificate.
8. Car loan with insurance BETTER.
Getting targeted loan to purchase a vehicle in which the borrowed money can be spent only on pre-selected by the client machine, you have to take out insurance comprehensive insurance (against theft and damage). Avoid buying the policy can be, taking the non-earmarked loans for urgent needs: the bank will give you cash or transfer money into your account or a plastic card. You do not have any account, where you spend this amount, no insurance sale. However, the cost of this loan is much higher than the auto loan. Sometimes even that loan on cars with polysomes Casco cheaper misuse of credit without insurance.
9. DEBT WILL RETURN.
Once you sign the loan agreement, the return trip you do not: within a specified period, you are obliged to repay debt and pay interest. If you make regular monthly payments to the number specified in the contract, the bank will punish you with a fine. Typically, when the time delay exceeds one month, the lender requires the prepayment of debt. First you try to negotiate peacefully: with calls and possibly personal meetings with the financial organization. If negotiations fail, the bank went to court. However, if you can not pay for a good reason (for example, lost their jobs) and make sure the bank, he can go forward: for some time (usually no more than three months) you grant an extension, but the penalties would not apply.
10. DO NOT fall into the hands scam.
Do not agree to issue a credit to his name to a third party. Fraudsters often use the trust of citizens: for a fee, they offer to get a loan and give them money or goods bought on credit. However, they are told that back the debt you do not have. But the bank to present a claim for you, because on the documents you will be the borrower.
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