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10 things you need to know about loans


The more documents, the lower the loan rate.
The bank will give you a loan at a low percent the bank trust you. You must provide proof that you are a reliable borrower.


You can not take insurance at the bank
Most often, along with a loan from a bank, they offer to buy insurance, but you don’t need it.

  • Your husband or wife must agree for taking a loan. By law, relatives can dispose of joint property.
  • You must carefully read the contract and pay the loan. Why this is so important? Because, if you forget to pay you loan, then in the future when you want to take a new loan, there can be problems.
  • Making minimum payments is unprofitable.
    If each month you make only the minimum payment for a loan, you pay the percent first. And only a small part of the payment goes to cover the main debt. This is spelled out in the law and is profitable for the bank, but not for you. If you don’t want to have problems and spent too much time for paying that loan you must try every month to make more than the minimum payment and repay the debt ahead of schedule.
  • The bank must be warned about early repayment.
  • Credit can be divided upon divorce. The most people don’t know about it.
  • In the current loan you can reduce the percent but sometime the bank don’t agree with it and all the time you must pay the same percent.
  • You must tell the bank about your financial difficulties.
    If you have financial difficulties and it became difficult to pay the loan, tell the bank about it. He may revise the terms of payment. This is called restructuring. For example, a bank may extend the loan period or allow credit holidays — postpone principal repayment for some time and pay only percent.
  • Debts are inherited
    By law, outstanding loans are inherited, and with percents and penalties assessed. At the same time, the amount of debt cannot be greater than the value of the entire inheritance.


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