The greater the debt load of citizens, the greater the concern for those who did not cope with loan payments and became bankrupt. Having allowed the first delay in front of the bank, the borrower becomes on a dangerous path, which ends in credit slavery and a complete loss of funds, property, nerves. In order for the loan to bring only benefit, it is worth knowing the rules of competent use of borrowed funds, extracting the maximum from the funds lent from the bank.
The loan agreement must be clear
It all starts with preparing for signing the contract and choosing a program. The task of the borrower is to determine the optimal conditions for the use and redemption of funds, paying attention to commissions and additional payments. You can not sign a contract with the bank without reading its contents.
Reading the contract, pay attention to the correct indication of the details of the parties, amounts, interest of the bank. Particularly carefully study the section on the liability of the parties and penalties. If there are a lot of incomprehensible terms in the text, and the bank manager is at a loss with explanations, it is better to refuse to lend immediately, than to seek the truth in the courts.
Operational relationship with the lender
In the process of repaying a loan and using a credit card, one should not forget about obligations, including notifying the bank of a change in the contact number. This will save from unpleasant surprises in the form of a sharp increase in interest, charging a fine, an unknown write-off.
The crediting rules stipulate that the bank must notify the client of all planned changes, so that the debtor can react in a timely manner. Not knowing the actual phone number, the lender declines responsibility for the notification, because the client himself is to blame for the fact that the contact information in the database of the bank has become irrelevant.
In the calculations, every penny is important.
In the process of redemption, it is ensured that the entire amount, up to 0.01 rubles, is returned to the bank in full. You do not need to round up or down – until the credit account is reset, the bank will not close the account and will take a service charge.
The moment of closing a loan is no less important than receiving it. The number of borrowers who suffered from their own carelessness is too large. Not returning the bank 5 rubles, in six months the client will find thousands of debt from fines and penalties. If you are present at the closing of the account, you can make sure that all financial obligations are fulfilled. A certificate received at the bank’s branch at closing will testify about the closure of the account and the absence of claims.
To pay, credit card is paid more than the minimum amount
Working with a credit card is an art that has to be learned before a non-repayable debt is formed with accrued interest and penalties.
The minimum payment, which asks the bank to make, does not eliminate the debt obligations in general. To pay by credit card with a minimum overpayment, make the maximum possible amount, but not less than the value set by the bank.
It is necessary to pay card fees in advance.
Lack of money makes you postpone the repayment on the last day, and then run around to look for working ATMs with cash intake and call the hotline, trying to avoid a delay. If, instead of an ATM, other repayment methods are used, the payment processing will most likely take at least 2 days. This is enough to form a delay, and accrued a fine.
It is a rule to pay monthly installments to the bank no later than a couple of days before the expiration of the payment.
Exclude cash out of credit card transactions
Almost all credit cards charge a fee for cash withdrawals. Plus, the grace period is lost, during which the borrower could use borrowed funds without a percentage overpayment.
With proper use of the credit card, it is able to generate income from cashback and interest on its own balance. But if payment in cash is chosen, the borrower automatically becomes obliged to pay interest for each day of using the bank’s funds until full repayment.
Do not hide from the bank in case of late payment
Having allowed the delay, the borrower is forced to deal with the bank and make excuses for violation of maturity. Many prefer to shy away from conversations, ceasing to pick up the phone.
This option is the most incorrect, because it preconfigures the lender with a negative attitude towards the borrower. In addition to a damaged credit history, the client is faced with an early transfer of debt to the development of collectors, or receives a court order demanding the return of the entire debt, along with fines and interest.
It is much more profitable to negotiate with the bank as soon as the payment is delayed. Having explained the situation, the borrower often meets with an understanding when the employee of the branch offers to agree on the repayment schedule. If the situation with finances has become quite critical, the lender is asked to postpone (credit holidays) or turn to another bank for refinancing. Such a deal is more favorable than playing hide and seek with a bank. The latter will still end up the winner.
When receiving a loan, you need to remember that the money will have to be given, and the slightest deviation from the obligations entails strict measures against the borrower. Taking money from the bank in debt, a person spends other people’s money, but you have to give your own. Sometimes it becomes extremely difficult to find a sufficient amount to pay off your obligations. Therefore, the last advice to borrowers – when you make a loan at a bank, you need to remember about the return, and really assess your own payment ability.