6 mistakes when choosing a loan that can give you gray hair

What better not to do

Mistake #1. Take the first loan you get

The main goal of any financial organization is to make a profit. More than one marketing specialist works for this, so bright advertising with seemingly pleasant conditions can literally shout to potential borrowers: “There is no time to explain, you have to take it!”

In fact, the financial market in this sense is not much different from the usual one: before you sign the contract, you should “look around and see”. 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 - 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.

Mistake #2. Pay attention only to the interest rate

Looking for low interest rates is a normal strategy. Banks also know about it, so this moment often becomes the main marketing chip. But savings have limits to 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, take commissions or include in the credit unnecessary insurance to the client. And in this case, a low percentage of the advertising brochure in fact may not be the most profitable option.

To get a real idea of ​​the money you will have to repay, you can ask the bank for the TFR - the full cost of the loan. In it, as a rule, are included:

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

Mistake #3. Do not study the loan product

Let's say a person needs money for a car in order to work in a taxi. He plans to take out a car loan and quietly pay the cost of his purchase and interest, earning on trips. At the bank, the borrower finds out that the transaction will take place only when an expensive hull is issued for the entire term of the loan agreement, and you can generally forget about plans to make money on a car. Until the owner pays off, the car will remain owned by the creditor. 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, such as leasing.

Mistake #4. Don't read 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 it is still useful to look at the text written in small print. From the contract you will find out in which cases you will have to return the entire amount, according to what scheme interest is calculated and for which, in addition to late payment, penalties are provided.

For example, the nuances of compulsory insurance often remain in the blind zone for the borrower. the same mortgage will not give without a property insurance policy. It needs to be renewed once a year, but with an important reservation: the bank must receive new documents before the old ones expire. Otherwise, he will have the right to increase the payment on the loan or impose a fine.

Mistake #5. Choose huge monthly payments

With a loan, as a rule, you want to pay off quickly. Therefore, borrowers choose an uncomfortable amount of payments: they say, it’s better to live 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 enough money only for the most necessary, and the quality of life falls along with the mood.

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

Mistake #6. Ignore personal risks

The beauty of a loan is that it allows you to get the thing you want right away, rather than putting it off for years. But here lies the biggest problem. If a person has 10 rubles in his pocket, he will spend only 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 overestimate their financial capabilities and do not take into account life turns that require money: weddings, car breakdowns or an unexpected trip to dentist. If you plan to take a loan, then 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

Make a payment schedule

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

In such a situation, you should carefully read all the papers that you received from banks and write out the important things: the amount and terms of monthly payments, as well as the dates of renewal of insurance contracts. If you are afraid of getting confused, install a mobile application that accumulates debts. For example, the free "Repayment of loans" is available in both the AppStore and GooglePlay.

By the way, do not relax after the last payment to the bank. Small underpayments may surface, on which penalties are accrued over time. Therefore, after the final payment, visit the lender and ask for an official paper to close the loan.

Restructure debt

If for some reason you do not pull the amount of monthly payments, you can contact the bank and try to negotiate a change in the conditions. Usually these are the terms for repaying the loan, but in some cases you may be offered an individual scheme. For example, for a couple of months, pay only interest 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 situation with finances improves, start paying off the loan in advance.

Ask for a reprieve

In the spring of 2023, the State Duma accepted a bill that extends until the end of the year credit holidays for citizens, individual entrepreneurs and small and medium-sized businesses. The bank can 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, it is allowed to request a deferral only once. This opportunity is available to those whose loan amount does not exceed the established limits:

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

Refinance an old loan or get a new one

Naturally, to pay off debts. This will help if you have not had any delays in payments: with a good credit history, a bank can offer better terms.

Refinancing is essentially refinancing: you close the old debt and open a new one. Therefore, such a measure costs be considered in the first or second year of a problem loan. Let's say the maturity date is five years. For three years, the borrower made payments accurately, and 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 start repaying a freshly received loan with interest, in addition, additional expenses may arise, for example, for reissuing documents.

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