The procedure for obtaining Florida title loans has become noticeably easier – often money can be obtained only by presenting a passport, and an application can be made through the Internet. Here you can find some advice on how to take out a loan correctly and safely.
- How to choose the optimal loan program
If you have a clear goal of what money is needed for, the best option would be to take a targeted loan, such as a mortgage or Florida title loans. Then the rate will be lower. If there is no purpose as such, or banks do not have appropriate programs for these purposes, then you need to study the market and choose a non-targeted loan.
Naturally, the main criterion is the interest rate on the loan. However, it is also worth considering the availability of compulsory insurance and commissions.
- When signing a contract, what to look for
It is necessary to read the entire agreement very carefully, especially the clauses of “the rights of the bank” (whether there is an infringement of the interests of the borrower) and “obligations of the borrower” (whether the borrower is obliged to pay something additionally or provide to the bank).
Pay attention to the conditions of early repayment (are there any restrictions), check the loan amount (whether it is more than requested due to commissions or services included in the loan), see the interest rate and loan term.
Also, you need to familiarize yourself with the calculation of the total cost of the loan, where, in addition to the interest rate on the loan, all additional obligatory costs of the client are indicated when obtaining and servicing the loan.
- How to calculate your financial strength
The recipe, according to the rules of personal financial planning, is simple: the monthly loan payment should not exceed 40% of your income.
- If you change jobs and the salary schedule has changed
You will need to write an application to the bank with a request to postpone the payment date.
- Restructuring of a non-targeted loan
If your financial condition has deteriorated significantly, you can resort to loan restructuring. It is important – this fact must be documented. The keyword here is essential. That is, the acquisition of a cat and the emergence of costs for its food cannot become such a factor, as, for example, its death and
The procedure is as follows. The borrower applies to the bank, attaches a copy of the workbook and a certificate from the labour exchange. The bank examines the application and makes a decision. In case of a positive decision, the borrower will agree on the date and time of signing an additional agreement to the loan agreement. Further, this agreement is signed and a new payment schedule is issued.
- Household appliances on credit
Although it is quite convenient to arrange florida title loans in stores, it is not profitable. It is more profitable to do this in a bank, since loans in a store, as a rule, have a higher interest rate (since they are riskier for banks).
Typical consumer loan terms – up to 5 years, amount up to 1.5 million rubles, minimum age 23 years, maximum 55 years – women, 60 – men (at the date of loan repayment). But often banks develop special programs – for example, for pensioners or, conversely, for young professionals, and then the conditions are adjusted.
The availability of another loan will undoubtedly affect the bank’s decision since the available loan is already a credit history. On the issue of conditions: some banks have loyalty programs for existing customers or customers with a good credit history.
- Involuntary delay in payment
If you are forced to delay, say, by 10 days the next loan payment, you do not have to worry. 10 days of delay is not yet considered a negative credit history – usually, several late payments up to 30 days are allowed. However, notifying the bank about temporary difficulties, of course, will not be superfluous.