Consumer lending is currently the most common program in the vast majority of banking organizations in the Russian Federation. It is represented by many variations and can be implemented under various conditions. For those who are going to get a consumer loan, the types of this service are extremely important. Indeed, for different amounts and goals, various interest rates are provided . Loan terms also vary. Today, this type of program can be arranged in a wide range of interest rates: from 12 to 70% per annum.
Consumer loan: types
In total, such programs can be divided into two large categories:
- Targeted loans are loans that are issued by banks to achieve a specific goal by a client, as agreed and prescribed in the contract. This can be a major overhaul, getting an education, a planned vacation and so on. At the same time, the financial institution receives the authority to control where the issued funds go. In some cases, a person may not even see the cash, as the bank will immediately send it to the account of the company providing the service: clinic, college, hotel, etc. If you manage to take the target consumer loan, the interest rate on it will be low, and the terms of payments are very soft.
- Unearmarked - these are loans without a specific purpose. These include express loans, which can be obtained with only 2 documents. The interest on this type of loan is always high and can reach 70%. The maximum term for obtaining an express loan is usually 6 months, although by law it can be taken for a year and a half. In case of receiving an inappropriate loan, the bank does not participate in the future life of the client, but requires timely payment of the contents of the loan program.
Package of documents for receiving
It is necessary to collect a certain set of official papers for registration of such a service as a consumer loan. The types of these loans and their diversity allow you to choose a program that is fully consistent with the capabilities and expectations of the borrower. To conclude a contract, he will need to provide the following:
- a passport of a citizen of the Russian Federation with a valid residence permit in the immediate vicinity of one of the bank's branches;
- a second document that can help identify the identity of the borrower;
- guarantor's signature;
- collateral object.
You can get a loan if you only have the first two points, however, the more documents and guarantees, the greater the amount of money, longer term and milder conditions. If a collateral object and a guarantee are provided, then it is very simple to get a consumer loan. Interest in this case will be the lowest: from 12 to 15%. If the pledge is a real estate object: a house, an apartment or a land plot - then the amount that can be borrowed is limited to 10 million rubles.
If a large sum of money was required to repair or buy a car, then a consumer loan can always help. The types of this service allow you to use it to solve a wide range of different life situations: from buying things you like to relaxing abroad.