There are people who already know that “the lower the APR (the annual percentage rate of charge), the better the offer”. But even for them, the loan application process can be a surprise
Magic words, such as “low interest rate, fast loan disbursement, no guarantor, no security”, recorded record high lending rates last year, but at what price?
It is only after a loan agreement is signed that many people will be surprised. They either did not choose the appropriate bank or chose a loan that was not the best for them.
But sometimes it is too late for the sadness. With a prudent approach and full awareness, not only unexpected surprises, but also potential congestion can be avoided.
With a reasonable choice, it is possible to save a lot of time, money and unnecessary administrative action
Before you sign a first contract that someone offers you is good if you know that individual provider bids can be compared using financial comparison pages. You can save up to € 30-40 per month in monthly installments.
With the help of a financial agent, everyone will surely find the most advantageous offer tailored to the applicant’s circumstances.
Most banks want the applicant’s monthly income to go to an account with them
Your name is not in the debtors register, you have an optimal age and residence. However, if you do not have a sufficient amount (amount) of regular income, your chances of having a positive credit rating will decrease significantly.
However, it is good news that in the case of a purpose-free loan, individual financial institutions accept not only a monthly wage, but also regular income as a pension, income from abroad. The keyword is regularity. The Bank wants to ensure that the borrower has a certified and regular income that ensures a smooth repayment throughout the period. Therefore, in addition to a receipt, he wants the income to go to an account with them. It’s not the case with every provider, but it’s pretty common.
Discounts can reduce monthly installments
For several providers, it is now possible to apply for a loan online completely, allowing for certain discounts. The overall documentation can be uploaded online, greatly simplifying and speeding up the application process.
Banks offer a discount on interest rates, especially for their own clients.
Financial institutions also think of acquiring new clients, and therefore sometimes offer better conditions for them only to open an account and arrange for the applicant’s wage to go to a newly opened account.
Interest rate reductions are also higher for those who have higher incomes, as a loan for people with higher incomes is a lower risk for the bank.
Banks sometimes have different campaigns in which they offer certain discounts on certain amounts of credit. Therefore, thorough awareness is important.
A quick loan is not an express loan, especially it is not instant
“From home, comfortably, simply, fast.” They are new slogans for lending and are very successful. Who wouldn’t want to get money for a few clicks on your computer?
It may take several days for the money to reach the applicant’s account, even for quick loan offers. Why is it so?
Even if you have done everything, obtained the necessary documents and confirmation of your income from the workplace, you have provided the information requested from you, you have requested online, you have been informed about the current possibilities, the money did not come to your account immediately.
The reason is the financial institution’s approval process. It may take up to 1-3 days for the application to be approved and the money can be transferred to your account.
Banks are very thorough in controlling the applicant’s creditworthiness. The question is, why wouldn’t you be like that?
- purpose-free loan
- repayment period
- financial institution
- monthly payment
- online loan