Raise your hand, who never borrowed money from friends or at the bank? Who has never bought things on credit, from a cell phone to an apartment? Who doesn’t have a credit card just in case? Raised hands are few - one in a thousand. This suggests that loans and borrowings are the most popular and sought-after financial product among the population of our country.
Let's figure out what a loan is. I propose not to go into legal subtleties, but to consider this phenomenon in the broadest sense. A loan is a loan of money or other things. It can be issued to a legal entity, that is, a company, and to an individual. Mainly engaged in the provision of financial services of this kind are banks and other organizations having the right to do so.
A loan to an individual can be in the form of a cash amount that can be spent
according to your desire, and have a very definite purpose, for example, to buy household appliances, cars, houses. In this case, the
client of the bank will not see the money, since they will immediately arrive at the account of the seller’s organization. Instead
, the borrower receives a thing acquired with the help of
borrowed funds and pays its value to the bank.
A loan is money provided by a bank on credit under conditions of repayment on time and fees for use. What does that mean? A loan is the need to repay the full amount, pay interest on its use, and pay both the main debt and the payment for its use within the period agreed by the bank. If for some reason the borrower has violated these conditions, then fines and penalties for violation of the terms of the contract are added to his fee for using the borrowed amount.
A loan is a financial instrument, with the skillful use of which you can solve your financial problems. Skillful use requires an adequate assessment of your financial situation before and after borrowing money. To do this, you need to calculate all your income, subtract from them the monthly required expenses (for food, utility bills ) and assess whether there is enough balance to pay monthly loan payments. The idea is that the loan does not turn out to be an incorrectly delivered card, which breaks the entire house of cards. To repay the loan should go no more than 45% of the family budget.
Since in our country all the conditions for competition between banks and their
fight for the client, do not run for a loan in the first bank that comes across. It is recommended to spend at least a couple of hours studying the proposals of banking institutions, their requirements for the borrower and
methods of paying the loan. Even within the product line of one bank, there are sure to be loans with different parameters. It often happens that the offer of one bank on the basis of only a passport will be more attractive than the offer of a competitor bank on the basis of a full package of documents. If you are an active user of debit and credit bank cards, it is likely that you will be given a loan on more favorable terms than for other bank customers. When studying repayment channels, it is important to pay attention to the possibility of free cash deposits. In many banks, paradoxically, there is a commission for repaying a loan through a bank cash desk.