6 mistakes when choosing a loan that can add gray hair to you.

When you need money urgently or for large purchases, a loan is a reasonable option. How to get it in order to accurately return the entire amount - we’ll figure it out together with the financial marketplace “Banki.ru”.

What is better not to do

Mistake No. 1. Take the first loan you come across

The main goal of any financial organization is to make a profit. More than one marketing specialist works on this, so a bright advertisement with conditions that are pleasant at first glance can literally shout to potential borrowers: “There is no time to explain, we have to take it!”

In fact, the financial market in this sense is not much different from the usual one: before you sign the agreement, you should “walk around and take a look.” There is no need to be afraid of complex registration procedures. If in one bank you are offered a deal without certificates and guarantors, and in another you need to run a little through the authorities, but get more comfortable rates and terms, it is better to make a choice in favor of the second one.

Studying the terms and conditions of a financial institution is an important step before choosing a loan. To save time on searching and not miss options with low rates, you can use the free “Loan Selection Wizard” from the Banki.ru financial marketplace. He will select the best deals himself. All you need to do is fill out the form and click on the options you like. The application will go to several banks at once. You will receive solutions within 15 minutes. You can apply for a loan directly on the marketplace website.

To learn more

Mistake #2: Paying attention only to the interest rate

Looking for low interest rates is a normal strategy. Banks also know about it, so this point often becomes the main marketing feature. But savings have limits to their adequacy. If you see that the bank’s rates for similar programs are much lower than the market average, then this should alert you. In order not to lose profitability under such programs, as a rule, hidden payments are used. For example, they charge commissions or include in the loan insurance that the client does not need. And in this case, the low percentage from the advertising brochure may in fact be far from the most profitable option.

To get a real idea of ​​the money you will have to pay, you can ask the bank for the PSK - the full cost of the loan. It usually includes:

• the principal amount you will receive in your hands;
• interest for using the loan;
• additional costs that will be specified in the contract, including the cost of related insurance and commissions.

Mistake No. 3. Not studying the loan product

Let’s say a person needs money for a car to work as a taxi driver. He plans to take out a car loan and calmly pay the cost of his purchase and interest, earning money on trips. At the bank, the borrower learns that the transaction will take place only if an expensive comprehensive insurance policy is issued for the entire term of the loan agreement, and you can completely forget about plans to make money on the car. Until the owner pays off, the car will remain the property of the lender. Taxis are a risk zone, and banks do not like to take risks. If the borrower had studied this issue in advance, he would have looked for another loan product for his purpose, for example leasing.

Mistake #4: Not reading documents

It seems that this makes no sense, because the contracts are standard, and only the borrower’s data and the amount change. Yes, no one will allow you to make changes to problematic points, but taking a closer look at the text written in small print is still useful. From the contract you will learn in what cases you will have to repay the entire amount, according to what scheme interest is calculated and for what, in addition to late payment, penalties are provided.

For example, the nuances of mandatory insurance often remain a blind spot for the borrower. The same mortgage will not be given without a real estate insurance policy. It needs to be renewed once a year, but with an important caveat: the bank must receive new documents before the old ones expire. Otherwise, he will have the right to increase the loan payment or impose a fine.

Mistake #5: Choosing huge monthly payments

As a rule, you want to pay off a loan quickly. Therefore, borrowers choose an uncomfortable amount of payments: they say, it’s better to live for a couple of years, tightening your belts, but then you can travel again, engage in hobbies and save for old age. As a result, there is only enough money for the essentials, and the quality of life drops along with your mood.

In this case, you should pay attention to the loan term and allow a couple of additional months into it. You can pay off debts ahead of schedule with the amount that you initially planned. But if you need money for other expenses, payment under the contract will not ruin you.

Mistake #6: Not taking personal risks into account

The beauty of a loan is that it allows you to get the desired item right away, rather than saving for it for years. But here lies the biggest problem. If a person has 10 rubles in his pocket, he will only spend them. And if there is no money, but there is a chance to get 1,000 rubles, requests increase.

In the spring, the Bank of Russia calculated that borrowers owed banks 1,109 billion rubles. This amount suggests that many people overestimate their financial capabilities and do not take into account the life turns that require money: weddings, car breakdowns or an unexpected trip to the dentist. If you are planning to take out a loan, you need to calculate it in such a way that such circumstances cannot critically affect your finances. Experts from the Central Bank advise: monthly payments on all debts should not exceed 30% of income. But here a lot depends, in fact, on income. If the remaining money is only enough for food, travel and utilities, this is a reason to reconsider the cost of the loan.

How to get out of financial difficulties

Create a payment schedule

This is especially necessary if you have multiple loans. Often, delays arise due to simple carelessness: for example, a person made a mortgage payment, then went on vacation and missed the deadline for a consumer loan.

In such a situation, you should carefully read all the papers that you received from banks and write down the important things: the amount and timing of monthly payments, as well as the dates for prolongation of insurance contracts. If you are afraid of getting confused, install a mobile application that accumulates debts. For example, free “Loan repayment” is available in both the AppStore and GooglePlay.

By the way, you shouldn’t relax after your last payment to the bank. Small underpayments may emerge, for which penalties will accrue over time. Therefore, after the final payment, visit the lender and ask for an official loan closure document.

Restructure debt

If for some reason you cannot meet the monthly payment amount, you can contact the bank and try to negotiate a change in the terms. Usually these are loan repayment terms, but in some cases you may be offered an individual scheme. Let’s say you pay only interest for a couple of months or convert a foreign currency loan into Russian rubles.

Restructuring the term will help in the moment, but this is not the most profitable strategy: most likely, you will overpay more than you planned. Therefore, as soon as the financial situation improves, start paying off the loan ahead of schedule.

Ask for a deferment

In the spring of 2023, the State Duma adopted a bill that extends credit holidays for citizens, individual entrepreneurs and small and medium-sized businesses until the end of the year. The bank may freeze mandatory payments for a maximum of 6 months if the borrower’s income has decreased by 30% or more.

Holidays are provided for all types of loans issued before March 1, 2022, but for each of them you can request a deferment only once. This opportunity is available to those whose loan size does not exceed the established limits:

• for a consumer loan - 300 thousand rubles;
• for a car loan - 600 thousand rubles;
• for a mortgage - from 3 to 6 million rubles, depending on the region in which the property is located.

Refinance an old loan or take out a new one

Naturally, to pay off debts. This will help if you have not had any late payments: with a good credit history, the bank can offer more favorable conditions.

Refinancing is essentially refinancing: your old debt is closed and a new one is opened. Therefore, such a measure should be considered in the first or second year of a problem loan. Let’s say the repayment period is five years. The borrower made payments accurately for three years, but on the fourth, something went wrong. During this time, most of the loan has already been repaid, so the likelihood of overpayment under the new conditions is high. You will again begin to repay the newly received loan with interest, and additional expenses may arise, for example, for re-issuing documents.

By the way, if you have several loans, then when refinancing or applying for a new loan, you can combine them into one - this will make it easier to control expenses.

You can refinance or get a new loan at any bank, not just where you already took money. The Loan Selection Wizard from Banki.ru will help you find the best conditions. Along with proposals from financial institutions, you will receive examples of calculations taking into account rates, terms and monthly payments. In addition, the service will show the total overpayment, including accrued interest.

Find a loan