суббота, 15 ноября 2014 г.

How to save when paying cash loan?

Despite the fact that the cash loan is considered one of the most expensive banking products, you can use it quickly enough to get a large sum of money without providing collateral and guarantees. But what if you make a mistake when choosing a program and get credit for not entirely favorable terms? The obvious answer is to try to save it with the payment, the more that is quite possible. To do this is to adhere to the following rules.

Repay ahead of schedule. The faster you repay the loan, the less you will pay the bank interest for its use. So in your best interest to repay the loan ahead of schedule, making payments, the amount of which will be at least 20-30% more, if you can not fully prepay debt. But do not forget that under the 'creditor may specify the terms and procedure for such payments (for example, a bank may establish a moratorium on such repayment for a period of 1-6 months, or you can prepay the loan only when you make monthly payments). Perhaps prepayment bank will charge an additional fee or charge penalty interest, so before you advance to "close" the loan or part of it, read the terms of the program. Although most of the loans can be repaid large sums without any sanction from the creditors, which is beneficial for the borrowers.

Change your insurance company. It is possible that under the terms of the loan you are required annually to insure their lives and health in one of the accredited bank insurance companies. But no one can compel you to work with only one insurer, so you have every right to compare the rates of all accredited insurance companies and choose the most economical and profitable option. If you take out a cash loan for a period of more than 12 months, do not be lazy in the following year, when they are due to issue a new insurance contract, see the list of proposed insurance companies (bank may accredit the new insurers, whose cooperation would be more beneficial for you) . So you can save on payment of insurance premiums, and, consequently, on the payment of the loan.

Do not violate the conditions of the loan agreement. If you have at least a few days late with the introduction of the mandatory monthly payment, you risk even more to increase the amount of overpayment on the loan. Under the terms of many unsecured credit programs to unscrupulous borrowers apply very tough sanctions, which translates into additional costs of lending. After all, the late payment immediately begin to accrue interest and penalty interest, thereby significantly increasing the total overpayment rate on the loan. So, for example, a small unpaid time delivery within a few days of delay may increase 2 or even 3 times, and the borrower will still be obliged to pay it. So if you do not want to debts "from scratch", then carefully observe the conditions of the loan agreement and make timely payments.

Engage in lending. To repay the loan, which was received by a large percentage, you can receive a loan in cash or any other unsecured loan. It is beneficial in the event that the current prepay the loan you can without penalty, and the difference in the effective rate between loans is not less than 2%. But do not forget that refinancing - is, in fact, the design of the new loan, which means that you have to re-submit the loan application to receive it and completely go through the whole approval procedure. But if it helps you to save at least part of the proceeds on redemption of debt, you should not refuse this opportunity.

Even if you select a program you do not pay due attention to the proposed conditions of lending and are now forced to repay the expensive loans for you, do not worry about it. If you try to pay off the loan early, choose a more advantageous for you the insurer will not be late with the introduction of monthly payments, and if necessary even prefer lending, you can avoid unnecessary costs and significant savings in the payment of the debt.

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