Ten years ago people had no idea what is lending? However, the first large banks started to offer commodity loans. It has become very easy to buy any item without leaving the till. Commodity credits are now issued directly in the store.
The 2008 crisis cooled the credit boom somewhat, and banks have become more critical of lending. Despite the overpayments in space, the popularity of banks has not decreased. This article deals with commercial credit.
Credits for goods
Often, many credits for goods set up an “express loan” that is very popular. However, the form of the loan differs significantly from the simplified system and has several characteristics.
- The main feature of this type of credit registration without visiting the office. The product is displayed in the shop of the seller. The application is accepted by completing the questionnaire and sending the data to the loan officer over the Internet.
- A preliminary application is made by a bank employee who can answer all of your questions.
- Commercial loans are secured by collateral. Due to the non-payment of the loan, the bank has the right to collect the goods. In practice, such cases are of course rare, since the goods quickly lose value and sales become more difficult.
- The borrower’s data is checked in a simplified form. A raw material loan is made available according to two documents. Help and proof of employment are not required.
The main advantages of the loan
First of all, this is the main advantage, the fact that the design is carried out in the store. Second, the entire registration process takes 15 to 20 minutes. It is not necessary to collect a complete package of documents for the application and execution of the contract.
The main disadvantages of loans
The main disadvantage is a large overpayment sometimes equal to the amount of goods purchased. The second disadvantage is compulsory insurance, without which the lender won’t approve the transaction. It is also necessary to consider the difficulties of exchanging goods through marriage or break.
How can I take the goods you like on credit?
Everyone was probably faced with this situation – go to the store to familiarize yourself with the new products and see the desired product that is pleasant in every way, and even a few weeks before the salary. And here comes a friendly manager and offers to arrange the desired product on credit. Satisfied customers don’t understand the terms of the contract at the time of the transaction. Rainbow mood goes when you have to repay the debt with interest.
If you are seriously in need of a particular product and would like to buy it on credit, we will inform you of the order of registration.
- Choose a store. It is necessary to find a store where this product is offered at the lowest price or offered for a promotion.
- Choosing a bank Before applying for a loan, you need to familiarize yourself with the terms of all banks and calculate the most profitable option with a minimum overpayment. If it is not possible to trade interest alone, you will need to contact a loan officer for help.
- The choice of credit terms. In this case, it must be clearly defined how much you can contribute to the monthly payment of the principal. To make the best payment, you can choose a cheaper product or extend the loan period.
- Registration of the contract. Read the loan agreement carefully and only after reading the sign.
Commodity loans are currently very popular despite overpayments of 30 to 80 percent per year.