Nowadays, borrowing cash today is no longer strange to every person as it is allowed by the law. However, consumers need to consider and investigate before deciding to borrow to meet their borrowing needs safely and quickly.
Find A Reputable Lender
For reasons of subprime borrowing, no property or proof of income for bank lending, many have had to resort to black credit (borrowing through unlicensed individuals or organizations ) and face many implications.
One solution to help people access legal, safe and easy capital is consumer credit loans at financial companies are allowed by law and managed by the State Bank. Those who are in need of a loan can find this list on the website of the State bank. The higher the financial company chartered capital, the greater the financial capacity and the better able to meet the financial needs of borrowers.
Prepare Application File
Please contact the hotline or apply for a loan on the official website of the legal bank or go to the bank counter service counter for advice on appropriate financial solutions and loan products as well. Advise the preparation of necessary documents.
Although procedures are shortened to the requirements of banks, consumers still need to meet certain criteria of the financial company. The more complete the profile, the more creditworthy the borrower’s personal history is, the better the borrower’s ability to borrow at the higher interest rates. Once borrowed from the financial company or the bank, consumer loan information will be stored at the National Credit Information Center (CIC). If the borrower does not have past due debt does not violate the contract, it will be easier to get a loan with a better interest rate and vice versa.
Typically, consumers only need to provide identification and household registration for low-value loans or provide one of the proofs of income such as a labor contract, wage statement or electricity bill, water bills, life insurance … for higher value loans.
Understand The Contract And Loan Process
When deciding on a loan, consumers should carefully read the terms of the contract, taking into account important information such as interest rates, monthly installments, loan terms, penalties, the date of the monthly payment, the way payment method
Also, borrowers need to determine their ability to repay by asking questions and responding like:
- Are my financial resources stable?
- Can I pay my bills after deducting all monthly living expenses?
- Is this loan necessary and reasonable?
Consumers who are smart in borrowing need to weigh and use the loan most effectively. Consumers who intend to borrow or are borrowing need to seriously identify the responsibility for fulfilling commitments in the contract before and after penning a consumer loan contract.
Understand The Terms Of The Contract Before Signing
Upon receipt of the application, the assessor will verify the accuracy of the information and decide the limit, the loan term and the interest rate applied to each case of the applicant. Review time is usually from a few dozen minutes to a maximum of several days depending on the consumer loan.
Sign The Contract And Fulfill The Commitment
After the evaluation, the financial company will again determine with the borrower the terms and specific notice of the interest, the monthly installment, the loan term corresponding to the loan of the applicant.
After agreeing to confirm the terms and signing the contract, the borrower will receive a notice of disbursement via bank transfer, or cash at bank branches or post offices.