Today, the banks and the banks’ interest rate increase in the use they have made appropriate use of credit to customers with credit campaigns has increased dramatically. What should be considered while withdrawing credit? Every month, approximately 14-15 million people pay the installment of their loans and on average 800 thousand people apply for general purpose loans. While bank and credit use is so widespread, do we pay enough attention to the transactions performed? What should we pay attention to when we take out loans from banks? What should I look out for when taking credit?
Conscious bank users need to obtain all kinds of information before taking out a loan. Unconscious customers, without any research, use the credit directly with the bank they work for, even at high-interest rates.
What should be considered while withdrawing credit?
Before applying for a loan, it is useful to analyze the overall market situation. Even an individual who has never used a loan before can access current credit interest information as a result of a small scan. It will also be in your best interest to determine the type of loan you are going to use and investigate your legal rights (contract) on the loan.
Of course, before all these transactions you should make your account beautiful, the bank’s monthly payment plans should be examined well and in a very stereotypical phrase “You should extend your foot according to your quilt.” So what should be taken into account when taking credit?
1-) What Type of Credit Should Be?
If you have decided that you really need money, we can determine the type of credit. The type of credit should be tailored to your exact needs. What exactly do you need this money for? You can use credit for options such as education, health, wedding and goods. Accurately identifying your spending will give you more advantages with interest rates in that area. Determining the type of credit will help you to benefit from the credit campaigns initiated by banks.
However, this is not a necessity. There is no definite rule that you will apply for a training loan for a training or a wedding loan if you are going to do a wedding! All you need to do is look for bank campaigns and choose the loan product of the bank that has the best interest and payment plan for you. You can also check out our Credit Campaigns section.
2-) Determine the amount of money you need
Of course, before applying for a loan, we must determine the amount of our loan. No matter how much money you need, the amount you specify should not exceed that. Once you’ve determined why you’re using this money, not exceeding this amount will prevent further payment issues. For example, if you owe $ 5,000, or withdraw $ 15,000 when you need it, you will get under a new and more debt. It can create payment problems in the future and will also complicate the approval process of your credit. Before making the application, let us determine the net amount we need and make our application before the amount exceeds this amount.
3-) How should the maturity of the loan be determined?
So how many installments will we pay this loan? This is entirely up to you. However, the lower the maturity of the loan, the lower the interest rate and the average. In other words, credit maturity is a determining factor in interest rates and interest rates are never fixed. We recommend that you use short-term loans if your financial and monthly solvency allows for low-term credit withdrawal and trouble-free payment.
Once you have your own accounts, you also need to determine your monthly solvency. Even if you don’t determine it, your bank has already determined it. It will ask you for certain payment information and will determine your ability to pay. If you do not have the ability to repay the loan in the short term with more installments, if you apply for a loan, you can make the loan approval process difficult.
4-) Comparison of Loans and Selection
It is very important to do a good research on Banks and Credit Campaigns and to choose accordingly. Each bank identifies very good campaigns that can cut interest rates during certain periods. It will be very advantageous for you to investigate these campaigns and choose the loan that suits you best. Loans prefer it when we need to study in the credit costs. File costs, insurance and taxes should be researched and learned. Because these amounts are deducted from the money you will receive.
5) File Costs, Insurances and Taxes
Banks may request such additional payments when extending loans. These payments are usually deducted from the amount you receive and will be credited to your account. It will be advantageous for you to investigate the file costs of your preferred loan and find out tax payments. For example, if we use a loan of 20,000 TL, we will receive an average of 19,000 TL with file expenses, insurance and taxes. You need to pay attention to these costs when using the Consumer Loan.