How and where is better to calculate consumer credit
If you want to know in advance how much a loan will cost and what the overpayment is, you can use several methods for calculating a consumer loan:
- use the online calculator on the bank site;
- fill out an online application for a preliminary decision of the bank with a description of credit conditions;
- make a personal visit to the bank.
Specialized portals and Internet services
Many thematic sites and web portals offer to use an online loan calculator and find out how much you have to pay when you receive a loan. There are different approaches to calculating a consumer loan: by income, by the minimum mandatory payment, by the amount of collateral, by the cost of a thing or service purchased with a loan, by the loan amount. The calculator will show for how long you can take the money, how much you will have to pay monthly, what interest will be accrued on the loan amount, make up the repayment schedule.
Such Internet services often offer to fill out a form in order to provide data on banks that can issue a loan. Sometimes fraudsters may request to send a paid SMS message or call a paid customer support line, or fill your email in dozens of spam emails.
Online services can be used only as an example, accurate and current information is not there to find. They do not take into account the individual specifics of the work of certain banks and their requirements for clients. You can receive a message about the approval of an application by a specific bank many times, but when you come to the bank personally with the documents, it turns out that your bank employees see your data for the first time, and you do not fit in with any parameters and cannot expect the minimum interest rate specified in advertising.Be carefull!
The online calculator will not show the size of hidden fees, additional bank charges, associated costs for registration of consumer loan.
Loan calculation on the official website of the bank
Calculation of consumer credit is best done on the official website of the selected bank.There you can fill out an online application for a loan. All you need is internet and a computer. And in this case, the calculation data may not be sufficiently accurate, and when you, having received initial approval, go to the bank, it may turn out that the credit conditions are completely different from the original ones.
This happens for various reasons, for example, you did not confirm the data specified in the application or the size of the official salary in the income statement is less than what you actually get. There may be another reason: the application questions are not sufficiently developed and do not take into account all the subtleties and criteria that the bank uses to evaluate potential borrowers.
Visit to the bank
The best option for calculating a consumer loan is a personal visit to a bank branch. The main thing is not to be afraid of people who represent him. The consultant, in accordance with current offers, internal credit policy rules and applicable rates, will calculate any loan parameters after filling out the application and submitting all documents.
You can familiarize yourself with the interest rate and the total overpayment only after approval of the application.All calculations will be accurate and similar to the conditions under which the bank signs the loan agreement.
To get a response from the bank, you will have to wait from several hours to several days, but there will be no unpleasant surprises in the loan agreement. You can cancel the loan before signing the contract if the proposed conditions are not satisfactory. If you signed and decided to terminate the contract, you will need the help of not only a lawyer, but also judges.
It is possible to calculate the size of the overpayment on the consumer loan and independently, but it is difficult to guess about all the tricks of the bank and the additional costs that are mentioned in small print only in the loan agreement. However, according to the current legislation, the creditor bank is obliged to notify the borrower before issuing a loan about the full cost of the loan, but he tries to do it at the very last moment, when it seems impossible to refuse money that is already in the hands.