What should the loan agreement look like?

The contract is an essential document confirming the conclusion of the transaction and it will also be the basis for potential future claims for both the lender and the borrower. Online payday loans or installment loans are the subject of a consensual agreement, i.e. one which is agreed by both parties. In reality, however, the loan company imposes its own formula, and the consensus is only whether the borrower signs the contract or not. This does not mean that such contracts are bad as long as they are legal and do not directly harm the interests of the borrower.

Mandatory elements of the loan agreement

money cash

It is true that the law allows for more or less arbitrary forms of contract, but it also specifies elements that must be included in such a document and elements that must not appear. As different companies’ contracts can take different forms, it is worth following the guidelines below when analyzing the document.

Clauses not allowed – these records should be alarming

money cash

When signing the contract, the loan company is in a stronger position, which may impose conditions. However, they are not unlimited, and the lender must act in accordance with the law, in particular in accordance with the 2016 Act on competition and consumer protection. It lists prohibited clauses, i.e. those which are extremely unfavorable to the borrower and are inconsistent with legal ethics. In the light of these provisions, the lender need not be obliged by these provisions, even if he has signed the contract in which they appear. However, pursuing your rights is tedious, so it’s better not to sign such an agreement at all.

Let’s read the contracts

money cash

Reading the contract will help you avoid adverse conditions. The lender should have no doubts at the time of signature. If there are any, the easiest way is to ask at source or consult such a contract. Reading contracts is a way not only to avoid harmful entries, but also to gain greater awareness of the importance of the obligation and the possible consequences of non-repayment.

Mortgage in Latvia 2017, apply for a mortgage for an apartment, house in a bank

The global crisis has not yet receded, but there is still room to live. If any of us had known in the past what would happen to the modern economy, we would have thoughtlessly made a mortgage in Latvia not in 2017 , but several years before. But even now, it has all the conditions: the market is highly competitive, creditors are cutting interest rates and simplifying the terms.

In the summer, however, one can expect another rebound in promotions and promotions, as rarely do anyone planning to buy real estate during the holiday season but construction does not stop, and builders need funds every day for further investment in construction.

Loyal terms for mortgages in 2017

bank

Some builders, in collaboration with large companies, have developed a whole mortgage facility in Riga and Riga District. Such an offer will be beneficial to all parties, including the bank. Here are the main principles of cooperation:

1. A large company allows its employee to enjoy some benefits (subsidies), while the employee guarantees not to change his job, to continue working here;

2. A builder who is a business partner of an employer-employer offers a good discount on housing;

3. In 2017, the bank offers a reduced annual mortgage.

It is this system that allows to receive the title of the most advantageous mortgage in Latvia, which has already been used by many and will probably become the most popular financial product of this year.

Important nuances of mortgage design

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  • If you get a salary in a bank account, it is best to apply for a mortgage at your “salary” bank. This will reduce your risk of getting denied even if you are unable to submit an income statement. But the creditor can only consider official transfers of money from your employer, not general transfers to your account. At your bank, you can always expect a small reduction in the annual rate because you are a loyal and verified customer to the creditor.
  • Find out more about current loyalty programs and social support in your area that allows you to buy a low discount home.
  • Perhaps your individual living conditions can help you take advantage of at least a small percentage cut .
  • Most lenders will necessarily accept your mortgage application when it comes to new construction. You simply find out in advance which builders the bank is working with and accept the creditor’s first offer. By doing this, you are almost unlikely to receive a negative answer.
  • If you decide to make a payment on your mortgage repayment in excess of the minimum monthly payment, it is imperative that you do so with the assistance of a bank employee, as the overpayment should not cover the annual rate but should reduce the principal amount of the loan itself.
  • Before you sign a mortgage agreement or mortgage loan, find out if you will be able to repay the loan ahead of time and pay no penalty. This is very important if you can save on your mortgage repayments in the future.

Take it or wait?

Take it or wait?

Many in our country manage to become owners of their own apartment, thanks to credit. It is possible that this year will also give you a mortgage. Because housing prices are rising much faster than living standards.

Comparing the monthly payment on a mortgage is almost as much as the rent on the apartment. In order to make a decisive decision this year on a home or apartment mortgage, you will need to talk to a variety of professionals and find out about your region’s future prospects, possible discount programs, etc.

You should also think about your options to fully repay your mortgage immediately after 2017. It is more profitable to make increased payments to pay off debt faster than to stop paying your liabilities completely in the event of financial difficulties.

All your plans with your loan Currency Now

Advantages of the Currency Now loans

Advantages of the Currency Now loans

In Currency Now you can request a personal loan that fits your needs with transparent conditions

In Currency Now you can request a personal loan that fits your needs with transparent conditions

Apply for your loan in 3 steps

Apply for your loan in 3 steps

Discover how to apply for a loan in Monedo Now in just a few steps

Discover how to apply for a loan in Monedo Now in just a few steps

1. Send your request

1. Send your request

Choose the loan amount and the monthly fee. Next we will ask you some personal information.

2. Get your loan offer

2. Get your loan offer

Once your loan application is approved, you will receive a personalized offer that you can modify.

3. Get your money fast

3. Get your money fast

You just have to confirm your loan offer and we will send you the money immediately.

Security and data protection

Security and data protection

The data of our clients are protected at all times

The data of our clients are protected at all times

less plus On safety

Transparent fees

Transparent fees

Monedo Now offers flexible personal loans to return between 6 and 36 months with a minimum APR of 60.10% and a maximum of 197.15%. For example, for a loan of € 1,000 to pay in 12 monthly installments, you must return a total of € 1,535.07 in installments of € 127.92, corresponding to an 87% APR. The minimum APR for this example is 80% and maximum of 197%. The representative example is based on the average duration and the total loan amount. The methodology for calculating the average duration is weighted by the following calculations: the average duration and the quantity issued, divided by the total amounts issued. The methodology for defining the amount granted for the representative example is based on the total amount issued divided by the number of credits issued.

Additional costs

Additional costs

We reserve the right to charge additional fees associated with the costs of recovering the amounts granted and / or other charges associated with the loan. The costs of fast online loans can include, for example, administrative expenses, interest for late payment and legal costs.

Possible consequences on your credit profile

Possible consequences on your credit profile

If our efforts to reach an amicable solution fail, we can notify of the non-payment of the loan to the unpaid file, which can result in a negative reflection in the personal credit profile of the client. In addition, legal recovery processes may be carried out to recover the loaned amounts.

Consequences of default

Consequences of default

In accordance with our commitment to act as a responsible lender, our recovery team and / or the representative recovery agency can contact clients before the loan payment expires, to provide all the necessary information to make decisions about of the payment solutions that best suit them. In the event that the refund is not made within the terms of the loan contract, the borrower must pay a commission for non-payment of 20 euros for the steps taken by the lender to manage the payment. This fee will be applied only once for the unpaid installment, even if it is still pending payment. We also reserve the right to transfer the debt to an external collection agency. As a global provider of consumer finance services we always strive to find the most suitable payment solution for clients facing temporary or permanent financial difficulties, in line with our mission to become a sustainable lender. Our recovery activities are an important part of our mission to provide financial education to our clients, before they incur financial problems and face delays in their payments.

Sometimes due to technical problems or banking operations, it is possible that the loan delivery time is from 24 to 48 hours.

Looking for a loan from private?

 

For a private loan, the lender is a private individual. The lender or lender was often earlier in the private environment (friends, relatives, neighbors etc) to find the borrower. Nowadays, there are portals on the Internet that provide loans from private to private online. It is not necessary to contact a loan shark.

The advantages of private lenders

The advantages of private lenders

The advantage of private loans is the quick provision of the required amount of money. Equally advantageous are the individually agreed interest rates and the terms and also partly the verbal agreement with a friend or family member. For example, when borrowing money from a family member to renovate a home, the lender or lender is usually comfortable with the borrower’s financial situation, and the money is quickly made available without collateral and credit checks.

The credit rating of a private loan

The credit rating of a private loan

The creditworthiness should not be completely ignored when lending within the circle of acquaintances. If the borrower or borrower who asks for a loan from a private bank has already been rejected by a bank because of its creditworthiness, the future lender or lender will take a high risk here. If the borrower or borrower is unable to meet a payment date, it is possible to re-adjust the term in a call, but these problems can then continue to increase, or the borrower or borrower cancels payments completely. In such a case it makes sense to have a written contract. However, this can also lead to problems if the clauses contained therein are not properly formulated. Likewise, because of the repayment problems, the personal relationship with the borrower or borrower may also be heavily charged.

The private credit intermediaries on the Internet

Brokerage platforms, such as or , bring together online lenders or creditors or borrowers. The types of loans brokered on these platforms are mostly installment loans, for which terms and interest rates are individually agreed.

Such a loan over the Internet has some advantages over the installment loan from a bank. These include, among other things, a less burdensome procedure for the awarding of the loan, the fees are lower (depending on the term and the amount of the loan), sometimes lower interest rates (to be negotiated); a possibly lower acceptance threshold (creditworthiness, security) or no reporting of the lending and the loan request to the remark.

Private credit providers

The access threshold for the private loan is lower here, in contrast to a loan from the bank. Nevertheless, these are not completely eliminated. Again, the credit rating (salary statements or remark entries) or existing collateral are checked.

The advantage of a credit project on the Internet for the loan or borrower here, however, by the present, even though this project despite negative remark classification and there may convince the future credit or lender of the concept may.

Consolidation Loans

The installment of your loan is too high?

The installment of your loan is too high?

We are aware of the difficulty of repaying many loans at the same time. It is a challenge for both the Borrower due to the multitude of dates and for his portfolio. That is why, in response to these and similar problems, we have prepared a proposal for a consolidation loan. Consolidation loans are loans, thanks to which you can get rid of all your liabilities by combining them into one, low installment, and at the same time you always have the opportunity to choose additional cash for new purposes. See lostnomad.org for an observation

Therefore, instead of wasting time and money on paying expensive installments several times a month, contact us and choose a consolidation loan. Our consultant will certainly choose a solution that perfectly suits your situation. We will choose the best option for consolidation for you as well as help us complete and prepare appropriate documents for this purpose.

With us you will save time and money.

Benefits for you:

  • by combining all installments into one, you reduce your monthly liabilities
  • loan amount up to 150,000 PLN without a guarantor
  • the possibility of obtaining additional cash for any purpose
  • loan period up to 120 months
  • attractive interest rate is equal to low installment and recovered creditworthiness

additional opportunities:

  • the opportunity to join a loan with a spouse and consolidate his / her obligations
  • the opportunity to join insurance from:
    • death and permanent disability
    • job loss or temporary incapacity to work or serious illness

Summarizing:

  • You are not sure if the loan you have made was granted to you on good terms?
  • A quarter of an hour is enough to check how much we can reduce your installments!
  • Think, can you afford to overpay for expensive loans?
  • Our advisers have helped dozens of people. Join their group and lower your installments.

 

A Consolidation Loan and its Secrets – When is it Worth it When it is not Worth it?

Very often, we happen to incur more than one loan – whether for the repayment of previous loans, sudden expenses or thoughtful investment. If we actually have several debts, we may be tempted by a consolidation loan. Why should you consider consolidating your loan? Learn more at carfin.org.uk

What is the consolidation of loans

What is the consolidation of loans

Consolidation consists in combining many debts into one installment, which allows us to reduce the cost of monthly liabilities. This may apply to almost all types of loans, both those taken on a credit card, loans for an apartment or cash loans . However, the fairy-tale image created by banks providing such loans may not always coincide with our expectations. How is it possible that by paying a consolidation loan, we pay less each month?

Extending the loan repayment period

Extending the loan repayment period

Consolidation is associated with the extension of the repayment period of some loans – thanks to this, it is possible to reduce the monthly liabilities. It must be admitted that this amount may be reduced by up to 2 percentage points on a monthly basis. Although the monthly cost is lower and it seems to us that we won the lottery, in fact the costs we incur in connection with the repayment of all our debts will be higher than in the case of resignation from the consolidation loan. This is due to the fact that the longer we pay off the loan, the longer we pay interest – in the long run we have to incur additional financial liabilities. The higher costs are also generated by the fact that banks, as in the case of taking out any other loan, set a commission for its granting.

Reducing loan costs through consolidation

Reducing loan costs through consolidation

So we have a simple application – people who expect problems with repayment of loans taken so far should decide on a consolidation loan. If, on the other hand, we want to reduce the costs of liabilities, we may be surprised and fall into the trap. In fact, it is only helpful for people who prefer to pay it longer and pay more to lower the monthly installment. It is worth remembering that even if the hole in our budget puts us against the wall, a consolidation loan is not the only option to deal with financial problems. We can also try to get help from the bank: a grace period in loan repayment or credit holidays. If our situation is extremely difficult, we may also have a chance to agree with a bank adjusted to the state of our finances.

As you know, drowning razors are caught. It is, however, worth considering twice what our priorities are and whether our loan consolidation requirements are our requirements. If we are not convinced of this, it is better to try to get into financial trouble in a different way to avoid additional costs.

Auto credit: new or used car?

It is tempting to buy a new car but the budget for this purchase is not always enough. The buyer can therefore direct his choice to a used car that will be less greedy in terms. If he opts for a loan, it remains to know what is the most interesting formula between new car credit and used car credit.

Type of new car credit and used car

car credit

A new car is usually financed by a car loan , which is an assigned credit. Most car dealerships offer this type of loan to their customers. The latter often have the choice between a car loan offered by the manufacturer’s subsidiary and a car loan provided by a specialized organization. 
When buying used car loans are only consumer loans or personal loans . The rate is not necessarily competitive except during promotional offers at certain times of the year.

The vehicle, whether new or used, can, however, be realized by the customer with a bank or a financial organization of his choice.

In this case, the person concerned can choose between two formulas: an assigned credit or a personal loan. Interest rates vary from one institution to another.

New car credit or used car credit: what is the most advantageous?

car loan

New car credit

In this case, it is possible to obtain a new car credit through his bank or to appeal to a credit agency. 
For this type of auto loan, it is recommended to choose an assigned credit rather than a personal loan whose cost is much higher and the duration shorter.

Used car credit

car loan

It is always a personal loan. The customer has no choice. This type of credit is intended for Dorian Grayr any project without proof of purchase contrary to the credit allocated.

The personal loan for the purchase of a used car is rarely offered by banks.

Indeed, in case of a payment incident, they will not be able to recover the full refund due by the customer, because the vehicle has suffered a sharp discount. Also, the second-hand vehicle is mainly granted by a credit agency which, for its part, applies a much higher rate than for a new car credit. It evaluates the age of the vehicle and defines the TEG according to the amount and duration of the loan.

The cost of a used car credit of fewer than 2 years is however more advantageous than that of buying an older vehicle.

To better assess ability, it is strongly recommended that you use an online simulator that compares the cost of a new car credit to that of used car credit. Finally, it should be known that the TEG is likely to vary depending on the capital borrowed. For example, a car loan of € 4,000 has a higher interest rate than a car loan of € 10,000, for an equal duration.