What Should Be Considered When Making a Consumer Loan Application?

Points to be considered in consumer loan applications are of great importance in terms of loan approval and loan cost. The negligence you will make during the application phase compels you to bear more costs;

  • Risk of not getting approval,
  • Risk of non-reimbursement

The credit application should be considered as banks

The credit application should be considered as banks

You will face. The credit application should be considered as banks, and this process should be compared to shopping.

If you do not show enough research, attention, and patience in your shopping, you should approach the loan applications in this way by not forgetting that the result will be frustrated.

In this article, we will try to clarify how high acceptance and low-cost consumer loans can be used by informing you of what you need to pay attention to during the application and usage of general-purpose loans.

Look for the Right Time to Use Personal Loan?

Look for the Right Time to Use Personal Loan?

Consumer loans were also affected by the recent interest rate increases, resulting in an increase in credit costs compared to the past.

It resulted in a direct disadvantage in the application for consumer loans, which we have compared to shopping, due to the increase in the total interest rate that a person who wants to use a consumer loan compared to the previous year. For this reason, it is one of the most important questions to answer in these days when credit costs are rising.

Our readers, whose cash needs are urgent, do not concern the answer to this question, but our readers who have the opportunity to postpone their needs;

  • Periodic campaigns organized by banks,
  • Campaigns launched some times according to the application channels,
  • Salary client, credit card user, etc. consumer loan campaigns organized by banks for their customers

By following, they can use the most appropriate consumer loan according to the time period we are in.

Investigate the Best Fit Loan?

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It can be easily understood that the monthly interest rates of consumer loans are determined at different values ​​in all banks even with simple research.

Consumer loan interest rates are a rate that directly affects the loan cost and monthly installments, and the lower the rate, the lower the interest you will pay.

At this point, the importance of using the most appropriate general-purpose loan is understood. Our readers of the banks before the application;

  • Interest rates,
  • campaign

They should follow closely and apply to the bank that gives them the most affordable consumer loan.

Do not apply for a general-purpose loan without comparing loans?

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Consumer loans;

  • Goods,
  • Military service,
  • Vehicle,
  • Housing,
  • Debt payment

It is among the loan products that are applied for such reasons. As can be seen from the list, it may be a direct move to make a credit comparison transaction before applying for a general-purpose loan for the missing amounts in loan and home purchases.

Due to their mortgages, interest rates on housing and vehicle loans are lower than consumer loans. Before using consumer loans, make sure to compare other loan products to your needs such as housing and car purchases.

Do not apply for consumer loans that you cannot pay?

As it is known, the maturity number of consumer loans was reduced from 48 months to 36 months. In order to understand what this information will cost you, it will be guided to perform general-purpose loan calculations.

With the calculation made, you can avoid getting into a loan you can not pay by predicting not only the interest burden to be applied but also how much monthly installment amount will be calculated for the amount you want to apply.

The related account is also necessary for your loan application to be completed as well since banks do not give the consumer loan approval that they cannot repay.

Learn What is Considered in the Need Loan Application Evaluation?

Among the answers to the question of what should be considered in the loan application, there are some answers that directly affect your credit approval. If you fail to meet the requirements in these answers, your application loan application will receive a rejection response.

  • Your credit rating,
  • Your credit record,
  • Your monthly income,
  • Your current credit or credit card debt

Personal loan directly affects your application. You can predict the result of your application by paying attention to the points mentioned above before the application.

Learn Additional Charges of Banks When Using Consumer Loans?

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There are some points that should be taken into consideration while using a loan, along with the loan interest rate and the loan cost.

Although these points, which are among the banks’ remuneration policies, are seen as small, they have serious effects on credit cost. To give an example to the relevant points;

  • Life insurance premium fee,
  • Credit allocation fee,
  • File expense,
  • RUSF and BITT,
  • If the mortgage is requested, appraisal fee and mortgage facility fee

The calculation should be made taking into account such fees. If these points are overlooked during the most appropriate loan determination among the above headings, extra consumer loan costs may be encountered.

Determine Reimbursement Dates Correctly When Requiring Loan?

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Loan repayment dates are also included in the list of things to be considered when taking out a loan in order to maintain your relations with the banks, not to decrease your credit rating and to keep your debt under the legal follow-up.

While determining the relevant dates, salary, rental income, etc. It is wise to choose the payment dates you will receive with the exact date. Otherwise;

  • If a credit deposit account is defined in your name, the general-purpose loan installment will be collected from this account and will process daily interest for each day you do not pay.
  • If no overdraft account is defined in your name, the overdue interest will be applied to your debt and this will be recorded in your credit registry. In addition, if we do not pay your debt for 90 days, legal action will be initiated about you and the bank will be able to apply for enforcement.

If you do not want the banks to close their doors to you with a simple date error and encounter an extra interest rate, pay attention to the issues we mentioned when determining the payback days.

What are the Housing Loan Cost Items

Mortgage loans, which facilitate the purchase of housing, are among the types of loans frequently used by bank customers.

In the calculation of the housing loan expenses, loan repayments are calculated by the bank by adding the monthly interest rates applied to the loan amount, the 2019 rate and all costs applied to the loan amount according to the customer’s income, payment power and preferences.

Mortgage Facility Fee and Appraisal Fee

Mortgage Facility Fee and Appraisal Fee

Unlike other loans, in housing and vehicle loans, the fee required for the mortgage of the movable and immovable property and the appraisal report, which is the most important factor in determining the loan amount to be given by the bank in the housing loans, are written on the cost items.

The mortgage facility fee is the fee written on the cost items by securing the house or vehicle to be purchased as a guarantee by the bank, in the mortgage throughout the loan, by collecting the expenses made to the mortgage company from the loan holder. Bank, housing, vehicle, firm, maturity period etc. fee varies according to. For example; While the pledge facility fee is 155,76 TL in Calk Bank housing loan expenses, it is 129,80 TL in Ziraat Bank.

The appraisal fee is the fee for the appraiser and the reporting costs sent by the appraisal firm, which the bank has agreed to determine the value of the dwelling, from the lender.

Although both fees are charged at once, the cost is calculated on a monthly basis first. It is then effectively included in the annual cost rate.

File Cost

Another cost item applied by all banks in loans is the file or loan allocation fee. How much does the file cost ? As per the law, the file cost fee can be five per thousand of the maximum loan amount. Some banks do not apply for file charges.

Life insurance

Life insurance

Another cost item that varies according to loan type and bank policies is insurance expenses. Generally, life insurance is not compulsory, although it is wanted by banks.

Life insurance is the insurance that the bank obliges its customers during the loan in order to secure the loan provided by the bank in the event of the death of the borrowers, and the premiums to the insurance company, the age, gender, height, weight, loan amount, maturity, interest rate, etc. of the customer. It depends on many factors such as.

Residence insurance

Residence insurance

The housing insurance of the house to be purchased in the mortgage loan is compulsory, although not legal, by most banks. Fire, theft, accident, flood etc. within the scope of home insurance, damage situations such as.

Insurance fees vary according to the criteria of the bank and the insurance company. For example; The cost of housing insurance for Ziraat Bank Housing Credit is 180 TL.

Compulsory Earthquake Insurance (TCIP)

Compulsory earthquake insurance is a type of loan that is valid for every home and that banks have to make for their customers while giving credit. Premiums vary according to earthquake risks. It is added to the annual cost rate.

Tax Pen

Taxes are also added to the credit file as a cost item. BSMV and KKDF are also compulsory fees.

  • BITT : The Bank Insurance Transaction Tax, which the banks have to send to the finance, is collected by the borrower as 5% of the interest rate by law.
  • KKDF : Resource Utilization Support Fund, on the other hand, is a type of fund that banks send to the treasury and is legally collected from their customers as 15% of the interest rate.

Annual Cost Rate

The Annual Cost rate is the combined sum of all costs written so far. How is the Annual Cost Rate calculated? What is the loan monthly cost rate?

Some cost items appear once a year, some monthly, and some annually. All costs are calculated on a monthly basis and benefit equally at the monthly Cost rate. Then, the annual Cost rate is calculated effectively.

The cost items mentioned above vary and vary in almost every bank. When you plan to get a mortgage loan, you should first check the interest rates of the banks. You should list the banks that offer the lowest interest rate, low interest or interest-free housing loans. Your next transaction should look at the banks’ cost items. In this way, when you control the transactions, the process of finding and getting the least cost-free mortgage loan becomes easier. You can calculate the loan amount you want with the Housing Loan Calculator on our site.

We recommend you to read our previous article, Vehicle Loan Interest Rates. You can browse the topics that may be of interest in our Vehicle Loans category.

Banks Closing Loan and Transfer Loans

Debt settlement and transfer loans are calculated in a single bank and as a single loan, arising from the financial support of consumers from banks, and is a type of consumer loan that allows the payment of the debt by dividing installments into equal terms.

Debt closing loans may appear as ” debt transfer ” and ” debt consolidation ” in some banks.

What are the Advantages of Combining Credit Debt?

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  • All your loans are combined into one loan. It becomes easier to pay and follow.
  • Since there is a 3-year (36 months) maturity, your installment payments are reduced.
  • You do not fall into the loan tracking process. Execution and lawyer expenses are not paid.
  • Since your payments are regular, your credit rating increases.

Debt Closure What are the terms of “Debt Transfer” and “Debt Merge” Credit?

  1. No legal problems and no follow-up.
  2. To be able to declare your income formally.
  3. The credit term does not exceed 3 years (36 months).
  4. The amount of credit you want to withdraw does not exceed 50% of our revenues.
  5. Giving documents showing your total credit debts.
  6. If there is any movable, immovable property to be mortgaged, the transmission of the same consent document.
  7. 10 years (120 months) for the mortgage loan does not exceed the maturity.

What is the Difference Between Debt Closure Loan and Loan Restructuring?

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Debt settlement loans and loan structuring are different practices. We have explained the debt closing loan to you above. Credit structuring is the transfer of execution or unpaid debts to another bank with the most appropriate interest rates. Although a lot of debt in which the bank can be configured icralık the declaration statement is not given credit for a lot of bank debt entered into execution. If you want not to be blacklisted in banks, we recommend that you pay your debts on time.

Banks that Best Loan Closing Loans 2019?

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Below, we have given you the banks and interest rates that give you the most suitable debt transfer loan. Only if your credit, credit card, overdraft account debts are not closed, setting yourself first means to get rid of lawyer, enforcement expenses and excess interest payments.

Money Bank Debit Closure Loan: If you have accumulated debts in other banks such as credit card debt, personal loan debt, overdraft deposit account debt, you can only relax by borrowing from Money Bank with a debt transfer loan.

Money Bank has determined the loan transfer loan amount as a maximum 100,000 thousand USD. The loan term is between 1 year and 5 years. The loan interest rates are 1.57% between 3 months and 36 months. 1.59% between 37 months and 60 months. The allocation fee is 500 USD.

Good Finance Bank Debit Closure Loan: It is a private bank. You can relieve all the payments you are in trouble with the loan transfer loan type.

You can collect your personal loan debt, credit card debt, overdraft deposit account debt in Good Finance bank under one roof. Good Finance bank gives the maximum limit of loan transfer loan as 40.000 thousand USD.

The loan term is between 1 year and 5 years. Loan interest rates vary from 1 month – 60 months 1.32% to 2.03% credit rating. The allocation fee is 200 USD.