MonthMarch 2020

Can I borrow with commitments already?

 

 

 

You already have a financial obligation, but the financial situation forces you to apply for another one. What to do in that case? Is another loan possible? The answer is yes, but there are a few things to keep in mind.

When needs are large and opportunities are less

When needs are large and opportunities are less

Each financial institution has certain rules according to which it grants its clients loans or credits. An important distinction immediately. In the case of banks, the Banking Act is of key importance in the regulations. In turn, for non-bank loans, the basic issues are resolved under the Civil Code and the Consumer Credit Act. What does this mean in practice? It often happens that the refusal to grant a loan does not, however, mean that the loan application is not verified.

However, it also happens that you already have a liability, eg a mortgage. At the same time, there are unexpected expenses for which there is simply not enough money. So you have to borrow. The first thought is a bank. Another loan is possible if you have a good credit history and creditworthiness. And here the stairs begin. With a high mortgage, it is difficult to boast of great credit standing – after all, the burden on the household budget is really high. As a result, the bank may reject the request for another commitment, even despite the high scoring in the database. This will happen when the bank finds that the income is too low (in the light of banking law principles) in relation to the monthly financial burden. In this case, the non-banking zone remains, more on this below.

From the bank to the loan company

From the bank to the loan company

The bank refuses, but this is not the end of the world. You can take advantage of the offer of one of the non-banking companies operating on the market. Chances are, although not every loan institution will do it. It depends on several factors. It is not true that loan companies do not verify the financial condition of a potential borrower at all. However, they do not have such stringent requirements as banks. Much depends on the amount of loan requested. There will be no problems when you want to get several hundred dollars, maybe even two thousand dollars. The higher the sum, the higher the requirements. Some non-bank companies check databases, while others use data from the database. It is better to check before applying for a loan which databases are being verified.

Analyzing a potential customer in terms of potential risk is not surprising. After all, no one will grant loans to beautiful eyes (especially since applications are submitted online). However, the requirements are much lower than those presented by the banks. You do not have to have such a high score in the database as when applying at a banking institution. You may also have a source of income other than those from your employment contract. In any case, you have a good chance of having both a mortgage and a non-bank loan.

Another dilemma concerns the possibility of having several loans at the same time. It is difficult to find a lender who would be willing to grant another loan if the previous one has not been repaid. In other words, when you request another commitment from the same non-bank company, you’ll get a refusal. The solution turns out to be taking a loan from another lender. One more option is available, ie a private loan.

When a loan company refuses

When a loan company refuses

Then take advantage of the private (social) loan offer. In this case, you don’t have to worry about the database at all. Employment or income certificates do not matter. Private investors simply use other forms of security, such as a promissory note or pledge. Thanks to this, you get another loan with no problem, and its amount depends, for example, on the value of the pledge.

One thing – always carefully analyze whether a next commitment is really needed. Above all, however, will you be able to pay them back. It is better to avoid excessive debt.

What are the conditions for a consumer loan at Good Finance?

Lending to individuals is a very relevant procedure today. The fact is that such loans allow the population to buy everything they need in a short time, with the entire cost of production paying for months, sometimes years.

The most popular bank among the citizens of the Russian Federation is Good Finance. There are a number of different lending programs to individuals. Let’s look at them in more detail.

Good Finance: general credit terms, consumer credit

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Today, there are two programs in this credit organization that can benefit consumers. One of these is issuing cash as a loan subject to an individual guarantee. However, these loans do not require collateral. To be eligible for a Good Finance consumer loan, a citizen must be at least 18 years of age and not older than 75 years of age. Separate programs for seniors are also available.

If we talk about a loan without collateral, its size will not usually exceed 1.5 million rubles. If the debtor brings the guarantor, the amount may be doubled.

In addition, you must tell the bank what the purpose of the plan is to spend money. As a result, the loan may be inappropriate or targeted. In the first case, cash may be spent at the debtor’s discretion, but the interest rate will be higher.

Good Finance: consumer credit, loan conditions, necessary documents

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First, it is necessary to correctly determine their financial possibilities and prospects of making money. Sometimes debtors overestimate their work or do not even suspect that they will soon be shortened. Therefore, it is again worth considering all options that will help repay the loan in case of loss of employment.

The process of processing consumer loans does not have many problems. It is necessary to prepare all necessary documents before visiting the bank. To do so, complete the application form and prepare a copy of your passport. Also required documents confirming the employment and financial situation of the debtor. The guarantor must produce the same documents.

If the potential client’s age is less than 20 years, it is important to consider that only his / her relative can be the guarantor.

When the package of documents is ready, you can personally visit the bank branch and transfer all the documents to an operator working in the credit department. The application is then transferred to the central office for consideration. This usually takes at least 2 business days. If a positive decision is taken, the client will be able to obtain credit after about a month. However, this procedure is not the only one.

If the borrower is already a client of the bank, then it will create more favorable conditions for obtaining a consumer loan from Good Finance. If a citizen has a salary or a retirement card in this bank, the app is considered much faster – in a matter of hours. Money can also be obtained almost immediately.

Consumer loans guaranteed by individuals

Consumer loans guaranteed by individuals

In this case, we are talking about the same product as described above. The only difference is that the maximum loan amount can be 3 million rubles. Individuals may act as guarantors.

In this case, the terms of the Good Finance consumer loan will be more favorable, as the interest rate is 1% lower than under the same conditions, but without the provision of a guarantor.

The documents required for this type of loan are the same as those described above. They must also be submitted not only by the borrower but also by the guarantor.

Consumer loan secured by real estate

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Some citizens of the Russian Federation sometimes require a larger amount and the payment deadline should be longer. Are there favorable general terms and conditions for Good Finance consumer credit in this case? Yes

Therefore, the Bank has developed a separate program for the intended or inappropriate use of loans if the property owned by the potential borrower is provided as collateral. In this case, the loan amount can be up to 1 million rubles. In this case, the amount collected is paid for 20 years.

However, to obtain such a loan it is necessary that the amount of cash is less than 60% of the estimated value of the collateralised property.

You can also get a loan for 10 years. In this case, the interest rate will be from 15.5% to 16.5% per annum. However, the amount of the loan should not exceed 40% of the estimated value of the housing provided as collateral.

If you want more favorable terms of consumer credit at Good Finance and a slightly lower interest rate, you can provide the borrower with life insurance. In this case, the overpayment will be reduced by 1%. If a potential customer holds a bank wage or pension card, it can be reduced by an additional 1%.

Consumer loan to military personnel

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In this case, we are talking about people participating in special federal programs.

For example, a soldier may apply for a mortgage and at the same time get the most favorable terms for consumer credit at the Russian Good Finance. In this case, there is no need to provide a guarantor and the loan amount can be up to 500 thousand rubles. Citizens receive up to 5 years to pay off their debt. Speaking of interest rate, it will be only 16.5%.

If a soldier wants to get a large amount of credit, the overpayment will also increase. In this case the rate will be 17.5%.

Which bank advantageous loan? Loan conditions

In today’s world, someone has encountered financial difficulties. Anyone can experience unplanned purchases or just need household money or household needs.

A loan agreement with a bank is considered a good alternative to finding money. This or that person can borrow from the bank year after year, repay one and make an agreement on the other.

However, there are categories of people who are not satisfied with the loan agreement and do not need the money borrowed. However, there are situations where loans are urgently needed, such as for expensive operations or food.

And people often worry about which bank is more profitable to take out a loan?

The loan can be offered not only by banks but also by pawnshops, credit organizations, private lenders. However, unlike bank loans, all these firms may require an unprofitable interest rate.

Bad credit

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First, you have to understand what loans are unprofitable. It is undesirable that when drawing the loan exceeds the money to repay it. Banking companies are not the only place to spend money. This can be done by private organizations. Quite often, people are struggling to withdraw money for inflated interest rates from a loan.

Creditors take money from the bank and impose an additional percentage to the services provided. Such a loan will clearly be unprofitable. It is very important to choose the right bank that allows you to take a certain amount of money with a small percentage.

Often you may come across a reverse circuit system. Credit money is collected by fraudsters. Borrowers trying to find out which bank is beneficial to take a consumer loan can resort to the services of organizations offering a low-interest rate to attract customers.

In order to apply for such a loan, employees of the organizations may demand that a certain amount be paid out and give it at the expense of the borrower. After the money is issued, they are asked to deposit the amount regularly so that they do not get out of the line for acceptance.

Properties of financial pyramids

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With the help of financial pyramids, you can lend at the expense of the money invested by the borrower. The danger of such institutions is that you can earn significant sums. As a result, a person in need of money does not have to get anything. Many people do not even try to study the terms of the contract.

This is most often the case when an employee has explained orally all the lending rules. Here you should not rely on trustful relationships. The contract usually prescribes various small details, so you need to agree on different loan details before signing.

There are credit intermediaries who are the third link between the bank and the borrower. In most cases, they charge an extra fee for services that ultimately cost a lot more.

Brokers assure borrowers that they will be able to answer the question of which bank is more profitable to take out a loan by establishing the most cost-effective credit terms.

In this case, however, it is better to contact the bank directly. In supermarkets or shopping centers, you will often see separate tables on which representatives of banking institutions sit. Loans at these locations, therefore, have a high percentage and are provided to the bank on favorable terms.

Amounts of loan debt repayments

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Loan Scheme is the most cost-effective option for the bank, but not for the borrower. Usually, such a loan involves repayment and interest on the same amount of the monthly installment that includes the loan itself.

Overpayment of the loan amount will surprise the borrower. Instant loans also do not promise a contract. The terms of the loan are negotiated very quickly. The borrower does not have the opportunity to study the terms of the contract, so the risk of prepaying a bad loan is very high.

Loans offered without a passport and income statements mean that this loan will be most expensive for the client. It does not matter what income the borrower has, how long the loan has been granted and how many monthly payments it will pay.

Which bank is more profitable to take a loan, not every person. There are cost-effective credit agreements for customers who do not want to overpay large amounts and catch fraud.

Remember that a loan is just a temporary delay in the payment of money. In any case, you must refund the refund. It can only solve the urgent lack of money. Quite often people ask themselves: which bank can get a profitable loan in minutes. There are many possibilities. In this case, however, you need to focus on the correct amount and time to repay the loan.

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