Sometimes the so-called stock offer is not so advantageous. You notice when they want to deceive you?
Wherever we travel by car, by bus, by tram, by train, we see bilbords everywhere and ads of advantageous loan offers. This is a low interest rate, and we may think that it is certainly worthwhile for us to withdraw a loan for so little money and to travel to, for example, the Bahamas. However, if we look at the bottom of the bilbord, we will find very small letters that we don’t even read from the car. It is written that the content of the advertisement is just a representative example and the final conditions are known to the applicant during the approval process.
A stock loan can only be beneficial at a glance?
Of course, the information communicated in the ads is not complete, because the purpose of the poster, flyer or advertising film is to attract attention and not to inform in detail.
When submitting the application, the applicant may be in possession of additional information regarding the fees associated with the loan and it is too late if the contract is signed. The final price of the loan can then be much higher and not be advertised, apparently the applicant would never ask for the loan.
Loan charges and basic terms
The stated APR (annual percentage rate of charge) is always calculated on a given amount, interest rate and repayment period.
It is understandable that there may be very large differences between percentages, which means that we can meet 6.9 to 24.9% of RPMN at the same time. Most applicants will not even start to know what RPMN actually means. The only value he is studying is the amount of the monthly installment. But how the maturity period affects the total cost of the loan is not explored at all.
The law will specify which fees must be included in the RPM indicator. Other fees that the RPMN does not take into account are ignored at all. They are aware of them only after a contract is signed when some of them are charged by the financial institution.
Although we find that the total cost of credit is clear, surprise can still come
Even if we get equity interest, it may surprise us that after some time, the stock interest will be higher, and we will pay more than at the beginning. Perhaps a loan condition will be that we open an account with that bank, and the monthly account management fee will be extra for us because our previous account was free of charge. Do we have such fees included in the loan price? Is the loan also beneficial with these fees? If we are cautious, we will find answers to these questions before signing the loan agreement.
Indeed, the low interest rate or the term fast loan looks appealingly in advertisements and billboards
But do we really need the money so fast? Are there other fees associated with low interest rates that are found in bilbords only in small letters?
Let us also examine loan offers in this respect. If we do, we may find that we have really found the best deal. If we find the opposite, look for a good deal below.
Before signing the contract, let’s concentrate on what we really need
Sometimes it happens that after a loan agreement, a bank employee will also offer other products that are just as good as our loan. It can also be insurance with very favorable conditions. Finally, we find out at home that the same insurance can be made online at a lower price, but it’s too late. So be careful not to talk to us about something we don’t need.
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