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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.