Mistakes that should not be made when taking loans

We are all at least once wanted to buy something for which at that time we had no money. The loan is a good solution, if wisely taken. Most of the users of financial services had a bad experience with the bank in which they raised the loan. What mistakes should not we say when taking a loan?


1. For what do I take credit?

Do not rest against the tempting offers, nor taken lightly loan to finance their current wishes. This is the first mistake. The loan should not be funded your desires than needs. The needs that will help if you look long-term analysis of its finances to achieve some savings in the future. Banks have different types of loans: auto, consumer, cash loans and the like. Consequently you do not have to look for a loan that is designed for this product, as a dedicated credit although it should be the most convenient, does not mean it is always so.

2. loan in the first bank

Big mistake. Do not be lazy. When you are already planning to assign then do not let laziness makes you pay a little more expensive than you could. When looking for the most favorable loan, you will not find him in the first bank in which you enter. Cover as many banks and compare the interest and other charges on the loan and find the best. Make an analysis of your finances and requirements that banks offer so you will easily find an offer that is acceptable to you.

3. Actual value of loans

It is important to know that you are taking the loan. If you take a loan in foreign currency, be aware that you will have to pay the minimu 10% more than the amount of the loan due to exchange rate changes. Repayment period, if the period is shorter war will be much higher but because the bank will return much less than the loan is repaid longer period of time. And of course interest. One of the most important things with which compare loans that are offered to you. Some banks have special offers for customers who work in specific institutions. Perhaps your company has specific requirements on cooperation with one of the banks, ask, because such cooperation usually means that the interest on loans for the workers of these companies are significantly lower than for other users of financial services.

4. Smile of officials

Bank staff are usually smiling. Sometimes they are so fine that it does not pay attention to what we are talking about. Easily persuaded us to additional products which at the time did not plan to take. So in addition to loans after that we came often get the credit card, additional accounts on our behalf. We should not rest against the it. They are sellers and they have an interest to sell us always something more, and if we need it? Before you sign a contract with the bank and take additional products, think carefully, whether it will affect your finances and whether it is profitable for you.



The loan is a financial 'products, which brings with it responsibility. Do not take more than you really need. What a shorter repayment period may at first does not sound smart or you will be very much worth it. Make sure all items in the contract and do not hesitate to ask officials to help clarify the parts that you are not clear.

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Credit Card Help

Learn how from credit cards to make allies. This week participants in the project were looking for  information that would resolve their concerns about the credit card.

At the start of working life, almost everyone experiences a moment when they need to solve the dilemma - to take a credit card or not. John - a participant in the project, who is employed less than a year is just on that dilema.

"During my studies I had a student card, but now I do not have a credit card. I'm thinking that I take, although some say that I do not need it, and some others that it will make my life easier. I have to think about whether I really need it," says John Upton. Although many argue that credit cards are not compatible with savings and control over finances, our financial expert says this is not so.

"First, it should be said that- if you intend to use a credit card primarily for taking cash out, then you use it in the wrong way and you do not save. You should look taking cash out as the service which will be used in exceptional circumstances. If you use it in order to keep accurate records of consumption later, and by the way take advantage of some of the prize programs and additional services, then you use it in a reasonable manner, "says Susan Woodgate, adviser for personal finance from the company Progreso.

Help for money management money instead of 'ironing'
It is the coherent state of the household budget key to handle money sensibly, says this expert. John Upton says that he records his costs.

Estimate of the cost through charts
John is interested in the possibility of inserting numbers into the system and then to have visual insight into how much money goes where in the charts.

Like most young people, John is not completely informed about the additional services that banks that issue credit cards give to their customers. For example, in some banks with classic MasterCard card you will have no additional charge insurance coverage of accidents on journeys and they are paid for this card, and the service may include payment of hospitalization abroad, compensation for flight delays and luggage and the many others.

Smart choose the additional services
 "If you want a credit card, you have to ask the bank that issues it about the benefits it brings," says Robert Donalds. They can be very different, some of these can be useful and some almost useless. Also, fees for similar cards vary from bank to bank and are often more favorable in that bank where you are a client. It should be said that the card under the same name offer slightly different services and conditions depending on the issuing bank.

Although John knew that there are differences between debit, credit and revolving credit cards, however, asked for further clarification.

He learned that a debit card is actually used by the card at an ATM or at a bank in order to withdraw his salary. It enables access to money that has, but also allowed minus on which the interest is paid if it is used.

A credit card is one with which in principle a user can buy in installments (with interest or not, depending on the contract between issuer of credit card and the outlet) within the approved limit. It can be also used to pay off all expenses. This is the most common credit card and can perfectly serve as a mean for controlling costs.

Decision without hurry
Revolving credit card is one on which the user has agreement with the bank to certain amount that can be debited with the payment of interest. Within this amount users can buy anything they need, but it is not paid off it in equal fixed installments like classic cards. "If they have money, they can pay off all at once, or they can pay half of it, a third, or even less rate. They decides on installments, whereby it must usually be at least five or ten percent of the amount that remained as debt.

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