Finance, Banks
In which bank to take a loan - the rules of choice
When deciding on a cash loan, people think first of all about which bank to take a loan for better. This can be seen from different points of view. Someone is important that the requirements are as loyal as possible, others are interested in the cost of the loan, interest and charges, and for the third one, you need to get a loan quickly and without delay.
The choice should first be made not so much in favor of a particular financial institution, how much to decide on the type of loan as a whole. Conditionally they can be divided into several categories:
- Consumer loans. The easiest, easiest and most popular loan product of the last 5 years. Simplicity of issue and loyal attitude towards the client turns out for him a small amount of loan and high interest rates;
- Target loans. Similar, as a matter of fact, to consumer, but are given out exclusively under concrete requirements, with acknowledgment of their mission. The Bank may require evidence of the use of funds specifically for this purpose;
- Car loans, loans secured by property, mortgages. Large, serious loans that require careful preparation, and the procedure for issuing them is lengthy and complicated.
- Business loans. A separate topic, very capacious and difficult.
Features and important aspects of credit products of different banks
First of all, customers turn to banks that are well known and popular throughout the country or even abroad, and their network is developed and large. There is a certain logic in this. First, the decision of which bank to take a loan, affects the reputation of the institution. Secondly, many branches and ATMs make it easy to solve a problem with monthly payments or withdrawing cash from a card. Advertising also plays a role, such organizations do not stint on positive videos.
On the other hand, having a huge number of customers, banks are not shy to put rather strict conditions for loans - one will not do, so the next one will be. In this regard, small regional financial institutions offer a more loyal attitude to borrowers and profitable tariffs.
Key features that should be considered when choosing:
- Interest rate and tariffs for services;
- Loan amount limit;
- Terms of loan repayment, possible fines and commissions;
- A package of documents necessary for registration of the contract.
In addition, the decision on which bank to take a loan, affects its statistics. It should be accessible and openly available on the organization's website. How many problem loans in relation to ordinary loans, the number of refusals in the application, the average loan rate - all this provides additional food for analysis and choice.
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