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Major mistakes when taking a loan


Terms of loans vary by bank. Each credit institution sets its own requirements and parameters for approval and issuance of loans. At first glance, super-attractive conditions may actually not be the same and already beneficial. To estimate the full over payment on the loan, it is worth looking not at the proposed percent rate, but at the full cost.


In addition to the percent, it will be affected by additional expenses for insurance, commissions, service packages, terms of early repayment, and so on. When considering a proposal from a bank, it is worth examining the main mistakes in taking a loan. You can also study bank customer reviews on loans. There are a lot of resources now, but the final decision is still to be taken after self-study of the terms of the contract.

The percent: small in advertising — large in practice.
To attract customers and create advertising marketers resort to tricks. What do customers want to see in a bank advertisement? Of course, low loan percents and high percents for deposits. Based on this, advertising always indicates the highest rate on a deposit and the minimum rate on a loan. Not all, but many customers still believe in advertising and contact the bank in search of a lower percentage.

The main mistakes in taking a loan at a low percent are that future borrowers do not go into the details of registration and are ready for anything to take a loan at a low percent rate. In the process of applying for or consulting, it almost always turns out that a low percent loan is issued only on special terms: for payroll clients, for a short (or, on the contrary, long) period, when completing additional services, insurance, and so on.

When calculating the over payment, it turns out that the cost of such a loan is higher than on standard terms. The exception may be seasonal stocks, when banks do issue loans at a low percent.


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