Consumer installment loan and credit to note what?
Is a loan and creditwithout collateral assets, for which the principal and interest repayment period of overlap, the repayment amount of each is equal, the interest charged on the principal amounts outstanding and the actual days the repayment period.
Forms for consumer installment loan and credit. Currently there are two main forms of unsecured consumer lending in the form of installment:
First, direct loans at the bank or finance company. You submit all papers required, the time of disbursement usually 1 to 2 days. Most banks and credit institutions have loan packages with interest rates and different levels of lending.
With such a long-term loan to buy the house, when selected, do not look at the numbers, no bank interest-free loan you should determine the actual interest rate for the duration of loans (including preferential interest rates and after preferences). You can refer to the information from the banks, over the Internet, employees of real estate trading floor, investors or friends, relatives. Also, find out the conditions and incentives accompanying other parameters make it easy to balance the needs and master plans such as borrowing limits (mentioned above) and the duration of the loan besides interest rates Bank
Second, installment purchase products at the store, shopping center linked to a bank or finance company. Currently a lot of products sold installments as technology products, electronic products, refrigeration. As a previous customer pay only 30-50% of the product, the rest will interest installment payment under the agreement.
With various consumer purposes, you should borrow money directly from a bank or finance company and repayment in the form of installments. As for the specific shopping needs, such as buying the phone, laptop, refrigerator, you should go to the store, mall to buy directly in the form of installment payments through banks or companies financial links.
With this method customers can immediately benefit the goods and services for use, although consumers do not have enough money in your pocket. The remaining amount of debt to be paid gradually in line with their income.
Quick disbursement (The financial company capital support after 1 day, 1 hour, sometimes only 15 minutes), responsive to the needs of individual consumers quickly.
Convenient, quick procedure, simple.
The loan amount can be up to 500 million as at ANZ, Citibank, VP
Flexible loan and creditn terms from 12 to 60 months
Things to note when consumer installment loan and credit
This form should lend credibility based on high interest rates and penalty fees under which the prepaid or postpaid will be very heavy. Should you need to note the following:
First, the need to clearly define the financial resources to repay, to ensure the viability and should only borrow to buy products / services essential consumer.
Second, the fact there are many terms in the contract could lead to customers not fully understand or misunderstand. Therefore, consumers should carefully read the contents of the contract; does not see the point, unknown even to ask the counselor.
Eg repayment date: the day you have to pay as agreed in the contract, such a contract requires you to pay on the 15th of each month, you pay the day of 15. If you pay after the 15th will be for is deferred, even if it is in violation prepaid prepaid limit. Both types of violations on you have to pay as stipulated in the contract and often charge very high share.
Method of repayment: You pay by card or cash directly to the bank? Vietnamese Pay with cash or other currencies? This is also something you need to consider because if you make a mistake, the bank will refuse and of course you are considered late payments.
Third, customers need to pay attention violation fee contract is how much% (especially early repayment fees, late payment or debt) to balance technical and financial capabilities, determine the exact time repayment time comes to sign the loan period and repayment period.