The consumer loan is an option that enables us to take our needs both at the right time, in the right amount and in the right way, and also to comfort us economically. You have to give up some of the frequent mistakes that are made to make your life beautiful.
The most common mistakes in credit application
Let's examine what are the mistakes made when the consumer loan is withdrawn:
1- To draw a loan without the need
First of all, you should make sure that you really need the loan. The bank offers you a pre-approved loan but if you don't need a loan, don't draw credit. Also, do not take credit for things that you are not sure will actually happen. There are two important reasons for this; the first one is the possibility of spending money other than you need. The other is to pay additional costs such as credit costs and loan interest. When you need short-term money, you can also think about cash advance. If you think credit or cash advance is more advantageous, you can learn our recommendations from this article.
2- To draw credit without doing research
Even when shopping at the grocery store, it would be a mistake not to make credit research when taking credit while researching which brand is cheaper at which market. Keep in mind that the interest rate on each bank is not the same, each bank does not want the same amount of file costs, each bank does not issue the same campaign. It is important to do a good research to save money while taking credit.
3- Staying with the Bank
Of course, if your own bank has a special campaign with a special loan interest rate, you can withdraw from the bank where your salary lies and you have money. But if not, learn about the loan rates of other banks instead of doing so.
4- To apply for loan to many banks
When the number of loan applications increases, there is no more chance of credit. On the contrary, your credit score set by the Credit Bureau decreases. A financially negative image of someone who constantly questions credit is formed. If you are applying to banks to conduct research between loans, you can also easily learn the interest rates of banks' loans through credit comparison sites.
5- Inability to determine the amount to be drawn correctly
In fact, you need 15,000 pounds, but you say 20,000 pounds. First of all you pay the interest and the cost of 20 thousand lira instead of 15 thousand which is more than the other. Then you increase both your total loan amount and your monthly loan payment amount, which can put you in a difficult position.
6- Not to pay attention to the maturity of credit
If your economic power is enough to pay a loan in 24 months and you have chosen 36 months maturity, let's talk about what will happen. Firstly, the amount of your monthly payment becomes low, which is advantageous. The error is the difference between the credit interest rate of 24 months and 36 months. You will increase your total amount by selecting the credit with a 36 month maturity. And this is the exact opposite. In fact, you can easily pay 36 months in a month with a loan of 24 months and do not have difficulty in paying loans every month. Make a loan payment plan that suits your budget.
7- Not to check the cost of credit
You made a comparison for the loan interest rates and choose a loan with a rate of 1.1. Wait a minute and check the cost of the loan before selecting the loan and applying. In some cases, the loan interest rate is low and due to the bank's file costs, the loan may become unproductive. It is best to use the loan before; To examine the full details of the loan consisting of factors such as TOTAL CREDIT REFUNDS + CREDIT RATE + MONTHLY PAYMENT AMOUNT + CREDIT INTEREST RATE + CREDIT COST + TAXES. Accurately calculating the credit keeps your money in your pocket, you can check this content to learn the method.
8- To sign the forms without reading the forms
Your research on credit, your choice of bank, your research on the terms of the credit, there is a moment when all but all are determined. At this time, your monthly payment plan, interest rate of the loan, insurance and many details are filled in. Definitely read the application forms before signing. Banks publish credit agreements on the Internet before the application, or on the Internet, if you do not forget to read the forms in the branch.
9- Using the loan as non-refundable
A loan that you get from the bank under certain conditions. So before you buy, compare and find the most appropriate credit , then make a plan for both payment and spending.
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