Today, banks offer many different loan programs. Loans can be issued to support small businesses and other purposes. Nowadays, most people have a bank loan. The types of loans that are most popular among the population: mortgage, consumer, car loans and credit cards.
The most expensive loans
There is an opinion that the most expensive loans are consumer, as well as credit cards. This is due to the fact that the commission on them is many times overpriced, in general, it can reach up to 50% per annum. However, the most expensive loan is a mortgage. Overpayment will be in the hundreds and even millions of rubles. But despite these conditions, there are many who wish to take such a bank loan. Types of loans are discussed in more detail below.
Consumer loan
It is most popular among the population. Often people take it for the purchase of large household appliances: a refrigerator, a TV, a washing machine, etc. Also, thanks to it, you can pay for services at other companies, for example, purchase a ticket to a travel agency. Loan terms range from several months to a year. It is divided into two categories: target and non-target lending. For example, a customer needs to purchase a refrigerator. He comes to the store, selects the goods he needs and the bank, which gives him a target loan.
The second type of loan is issued by the bank itself. The client draws up a contract, takes the required amount and spends money at his discretion. Then the borrower pays the set amount to the bank on a monthly basis.
Mortgage
Mortgage loan is issued for the acquisition of real estate. Acquired housing may be secondary or located in new buildings. A loan repayment guarantee is purchased housing or other property owned by the borrower. The bank providing this service must pay a down payment of 10% of the total amount. In addition, the borrower will need to insure the acquired property and his own health. All financial costs will be borne by the borrower. The terms of payment of a mortgage loan are from 10 to 30 years.
Car loan
A car loan is issued in order to purchase a new or used car. In this case, the borrower will need to insure their own health and cars under the CASCO program. Loan repayment periods - several months or more.
Credit card
Credit card is a very convenient payment system and is very popular with many people. She can pay for purchases in the store. Bank transfers money to this card. The usefulness of a credit card is that you can make any purchases without having financial resources. But there is also a significant drawback - this is a very high interest rate. In case of delay in payment, serious penalties will follow.
Lombard loan
In this case, a certain amount is given when pledging property, such as a car. The main disadvantage of such a loan is the short maturity of the debt.
Commercial loan for small businesses
A commercial loan is a direct exchange between two organizations. The first organization gives money, and the second one provides a product or service for them. Such a loan is the best option for financial support for small businesses.
Lending to small businesses most often comes from a commercial loan. This type of loan does not apply to classic loans issued by the bank. The issuance of such a loan may be carried out between commercial organizations. The main essence of the loan is that one organization gives money to another for a product or service, while both parties sign an agreement and an agreement. For example, one company sells another 20 tons of metal to another. The cost of one ton is 4000 rubles. Under the terms of the contract, repayment will be made 7 months after the conclusion of the transaction. In case of a delay, the organization that received the loan is required to pay an additional 5% of the amount of metal sold every month.
Commercial loan features
The lender can be not only buyers, but also sellers. In the first case, the buyer pays a certain amount of money for a commercial loan. This is an advance payment for a particular product or service. If the seller acts as a creditor, then when a loan is issued, the period is calculated for which the buyer is obliged to pay off the debt. It is also possible to repay the loan in installments. But in this case the interest rate will be provided.
The main advantages of a commercial loan is the percentage, which is much lower than in ordinary banks. The advantages include the fact that a commercial loan is the satisfaction of the needs of two parties at once. The buyer is given the opportunity to purchase exactly the goods for which he can not pay immediately. And the seller will replenish the customer base. It is worth noting that the interest rate is already included in the price of the goods. An organization can both offer loans and receive them. This fact makes it possible to significantly save financial costs. It is precisely because of this that small business lending takes place on very favorable terms.
The main disadvantages include a limited inventory by the seller. And therefore, in order to expand their capabilities, organizations often use checks and bills when calculating. There is also a certain risk that the buyer may simply go bankrupt and fail to repay the loan on time. A significant drawback is the short loan maturity. But some organizations may offer their customers a deferred payment.
As for the interest rate, in this case, it is negotiated with each buyer individually. If the agreement states that the lender does not provide the borrower with cash, but with things, then the interest rate is excluded. If the borrower has violated the loan agreement, he is obliged to pay a fine. The amount of the fine is also charged individually. If the contract does not provide for a fixed interest rate, then the refinancing rate is used. If the borrower does not want to agree on the interest rate, then he can take a similar loan from a commercial bank.
Types of Commercial Loans
A commercial loan is a type of loan, which is divided into several categories: with a fixed payment term, payment after the sale of all goods, an open account. In the latter case, the organization receives a loan in order to repay the previous one. It is issued only to those organizations that have long been cooperating with each other.
What other types of commercial loans are there? There is also a bill of credit, which provides for the issuance of special bill documents. According to these documents, the borrower is obliged to pay the organization a certain amount and on time. If a new product is being sold and it is impossible to predict the demand for it, then such a category of credit as consignment is used. In this case, the buyer repays the loan only after the sale of all the goods. Otherwise, the goods will be returned to the organization that provided the loan.
There is another category of commercial credit - seasonal. The producer of the product can save on warehousing and storage, and the buyer can profitably sell the product during the seasonal sale. If the buyer repays the loan on time, then a discount may be provided for him. Most often, it is 1-3%.
Contract
Very often a commercial loan agreement is drawn up by those involved in entrepreneurial activities. In order to most advantageously use the terms of the loan, you must correctly draw up the contract. If the loan terms are not specified in the agreement, it will be very difficult to collect payment for using a commercial loan from the organization. To avoid this, the following rules must be observed:
- Firstly, if the contract provides for deferred payment, it is necessary to indicate the lender charging the borrower for the commercial loan from the borrower.
- Secondly, the amount of payment should be indicated, and on what conditions it will be made. It can be annual or daily and will depend on the amount provided.
- Thirdly, it is very important that the clause with the loan terms in the contract is located after the section on the liability of the parties. It is also worth noting that the fee for using a loan is not a measure of responsibility. If the loan conditions are in the section on the liability of the parties, then in case of litigation this item will be perceived as a forfeit of payment. As a result, it may be reduced or the court may refuse to pay it.
- Fourthly, a very important point in the contract is that payment for the use of a commercial loan will begin from the moment certain work is completed or the goods are shipped, and not from the moment of delay in payment. If this paragraph is violated, the court will call a hearing on the payment of the penalty.
Based on the foregoing, we can give an example. The parties signed an agreement on deferred payment terms. This means that the supplier has the right to recover a certain amount from the buyer for using a commercial loan. The loan payment starts from the moment of sale of the goods until the specified repayment period. The interest rate is 0.1% of the cost of goods sold and is charged for each day of use of the loan. In case of violation of contractual obligations, this fee is not a measure of responsibility, it is payment for the use of a loan.