Ten years ago this people had no idea is lending. But the first large banks began to actively offer commodity loans. Buying the goods you liked was very easy without leaving the cash register. Commodity credits are now processed directly in the store
The crisis in 2008 has cooled a little credit boom, yes, and banks have become more difficult to issue loans. Despite overpayments for space, the popularity of banks has not decreased. This article will focus on what commodity loans are.
Loans for goods
Often, many even credit for goods to “Express Credit”, which is very popular. However, the commodity form of credit is significantly different from the simplified system and has a number of functions.
- The main feature of this type of loans – registration without visiting the office. The product is available from the retailer. The application is accepted by completing the questionnaire and sending data via the Internet Banking Department.
- The preliminary request is made in the store by a bank employee who has all the information and answers all your questions
- Commodity loans are secured by collateral. As a result of non-payment of the loan, the bank has the right to pick up the goods Of course, in practice these cases are rare because the goods are quickly losing their value and more difficult to sell.
- The debtor details are verified in a simplified form. The provision of commodity credit is carried out according to two documents. Assistance and employment records are not required.
The main advantages of credit
The most important advantage is the fact that the design is done in the shop. Second, the entire registration process takes 15-20 minutes. It is not necessary to collect a complete set of documents for application and contract performance.
The main disadvantages of loans
The main drawback is the large overpayment, which sometimes amounts to the number of goods purchased. The second disadvantage is compulsory insurance without which the creditor will not approve the transaction. It is also necessary to note the difficulties in exchanging goods as a result of marriage or breakage.
How do you get the goods on credit?
Probably everyone faced such a situation – going to the store to get acquainted with new products and see the desired product, which is pleasant in all respects, and before the salary there are several weeks. And here comes a friendly manager and offers to arrange the desired product on credit. Satisfied customers do not understand the terms of the contract at the time of the transaction. The rainbow mood goes when you need to return the debt with interest.
If you really need a particular product and decide to purchase it on credit, we’ll tell you about the order of registration.
- Shop selection. It is necessary to find a store where this product is presented at the lowest price or offered for promotion.
- Bank selection. Before you make a loan, you must familiarize yourself with the terms of all banks and calculate the most profitable option with a minimum overpayment. If it is not possible to deal with the interest yourself, the assistant must be contacted.
- Choosing loan terms. In this case, it is necessary to clearly specify how much you can pay each month to pay the principal. To create an optimal payment, you can choose a cheaper product or extend the loan period.
- Performance of the contract. Please read the loan agreement carefully only after the signature has been read.
Commodity loans are currently very popular, despite overpayments of 30-80 percent per year.