How to get a consumer loan correctly?

One way or another, every second citizen is related to the bank. Someone participates in a salary project, someone uses credit cards, and someone has the opportunity to get a cash loan. I have to think about how to get my money back.

The basics of credit

When making a cash loan, any potential client should understand that the maximum allowed monthly payment on the loan can not exceed thirty percent of the potential borrower’s income, we are talking about monthly earnings. Otherwise, such a loan will become a big problem for its “owner”.

The bank and the client always work according to a certain algorithm. When making a loan agreement, any borrower receives a set of rules that must be followed, this is one of the main conditions for concluding a contract with a lender.

For example, a monthly loan payment must be made at the same time, i.e. before a certain date. If the payment is made later, the money will be credited to the credit company’s account a few days later. As a result, the client will have debt. It will be charged a fine.

Today, there are a huge number of ways to repay a cash loan; from depositing money to a credit account at a branch of a financial company to various payment terminals.

Attention! In any case, if there is a delay, the data about it will be reflected in the CI (credit history of the borrower), which may adversely affect further cooperation with credit companies.

Situations that shouldn’t have happened

Sometimes it happens that force majeure occurs, both with the holder of a cash loan and with the credit company.

If we consider force majeure that happens to the borrower, then this can include:

  • A disease requiring long-term treatment
  • Death
  • Loss of a permanent source of employment (dismissal or reduction)

In order to somehow protect themselves, the borrower should think at the stage of registration of the loan agreement on insurance. If an insured event occurs, the insurer will pay all the costs of the loan, which will significantly simplify the life of the borrower.

Everything is simple and clear with the client, but what can happen to the bank? For example, a credit company may go bankrupt or the government will take away the bank’s license for some reason. As a result, the organization will actually cease to exist, but formally it will still be a creditor.

In any case, it will be necessary to return the borrowed funds, but it will be necessary to do this not to this bank, but to the receiving banks, which will become the owners of credit agreements after the auction.

Attention! If the lender company has ceased to exist, you must urgently contact a representative of the bank and specify who exactly will need to pay for the loan now.