Shopping for Loan What are the real loan costs?

Shopping for Loan What are the real loan costs?

When choosing a cash loan from numerous bank offers, you need to make sure immediately what the total cost of the loan will be that you will have to pay back. Not only interest, but also commissions and additional fees should be included.

When signing the loan agreement, we will incur commission charges calculated as a percentage of the cash loan amount declared. In addition, they charge a fee for the promise of a loan for considering the loan application. The bank may also charge the customer a fee for each preparation of an annex to the signed contract. Go to the Ekredytarket cash loans ranking the best in the network.

What fees to expect?

What fees to expect?

 

According to bank price lists, additional fees for issuing a certificate confirming repayment of a loan installment are also included. In a situation where we are talking about a long-term cash loan, eg a mortgage, we also encounter additional costs to the fee, eg regarding the valuation of the property, collateral loan, entry to the mortgage, changes in the terms of the contract during repayment or repayment of the loan ahead of schedule.

Additional fees also include home insurance or flat insurance against random events.and fire. The bank may also request the borrower’s life insurance, which is quite a big expense for the client. However, it is not worth agreeing to all the decisions. The bank can also negotiate with us about interest rates and commissions. Let’s negotiate, especially when we already use other bank services, eg deposits, personal, savings or company accounts. This is an undoubted advantage when applying for a cash loan.

How to withdraw from the contract?

How to withdraw from the contract?

 

In the case of a cash or consumer credit agreement concluded between a bank and a private person, it is possible to withdraw from it within no more than 10 days of signing it. In such a case, a written declaration of withdrawal from the contract should be submitted to the bank branch. This can also be done by sending a registered letter (it is important to keep the information about sending the letter) The bank will then ask the borrower to return the loan, of course in full.

The consumer is also required to pay the contractual fee specified in the contract, the so-called preparation fee. It must also cover the cost of establishing the security. What’s more – Withdrawal from the loan agreement is not the same as Withdrawal from the purchase (the purchase agreement and the loan agreement are different from each other. These are two independent agreements.

The “cash loan” agreement

The "cash loan" agreement

 

Therefore, if we withdraw from the “cash loan” agreement, it is worth remembering that with the need to immediately pay the price of the good or service.

Let us remember, therefore, that credit is a good solution for financial problems, but the issue of borrowing cash should be well thought out. They should not be decisions too fast not to fall into the financial trap. It is worth carefully studying your financial situation, thinking about the size of installments and the loan repayment period. It is also worth taking the opinion of a financial advisor or other specialist in this industry.


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