The biggest benefit of fast credit is that you can get cash fast when you need it. However, no matter how urgent you need the money, take all the conditions carefully when taking a credit.
Quite often people express mistrust of credit companies, they deceive their customers, apply unreasonable fees, and try to make it difficult for them to meet their financial obligations on time. In fact, the secret lies in the fact that people rarely read a treaty, and if they read it, it is often quite negative.
A credit agreement (not just a credit agreement) is an important document, so it is important to read it carefully. Only when you are familiar with the document, sign it.
And this time we want to draw your attention to the most important points that you will read very carefully in the contract:
What amount you will pay back with interest and additional fees
The MPN (annual interest rate) and BVKKMN (total annual consumer credit interest rate) may appear as a vague letter pattern that says nothing to you.
There is no need to hurry to find out what lies behind these letters, just calculate it simple: calculate the amount you take, the total amount to be refunded, over the period chosen, with all possible fees (interest, administration fee, contract fee, etc.). This way you will know exactly how much you will pay for using the credit.
What are the conditions for repaying the loan taken before the deadline
Consider the possibility that your financial situation may improve significantly and you may be able to meet your obligations much faster than you planned.
Immediately check out the terms and conditions for early repayment: whether you need to write an application, request an early repayment, what the requirements are and how the application should be made. Often, credit companies reduce the amount of interest they pay if the credit is repaid more quickly.
Be sure to check in advance what terms apply to the credit company of your choice and whether this option is included in the credit agreement.
Which day will you be required to make the contributions
This point is quite important, because if your credit agreement is set to payday 5 and you get your paycheck on the 25th, you may have to pay late each month and pay off the accrued interest.
If possible, coordinate with your lending company to get the pay date as close as possible to your payday. This avoids any hassle and additional costs.
What are the alternatives if you cannot pay your deposit on time
Even if your financial position seems stable and reasonably good when taking out a credit, consider the possibility that it may change unexpectedly.
Find out what options are available if you fail to pay your deposit on time, for example, you may be able to postpone your payment until the following month for an additional fee.
What are the consequences of failing to meet your financial obligations
Of course, when we take a quick credit or loan, we usually feel confident that we will be able to meet our obligations, but as we said before, the financial situation can deteriorate at any time, life is not as predictable. Find out in the contract what penalties are applicable, late payment, and the amount of late payment interest you will be charged for each day of delay.
Reading the contract is the most important thing before signing. And we’re not just talking about fast credit or loan agreements. The document bearing your signature signifies that you have read and accepted all the terms and conditions set out therein.
So, if you realize during the contract that some clause of the contract is not satisfactory to you, you will find yourself in a difficult position to challenge or change the terms.