Many talk about personal loan but few have knowledge about this product. Lendico has selected 5 things about personal credit that not everyone knows:
You are paying tax when taking personal credit
Did you know that for any personal loan you take there is a tax that must be paid? This is what we call the Financial Operations Tax (IOF), it focuses on credit operations. But you are not paying this to the lender (bank or financial institutions), but to the government.
Can I pay in advance with a discount? Certainly!
Yes you can! This practice is actually called Early Settlement in the credit market. Remember if! Early settlement is a debtor’s right, defined by law. Every financial institution is required to do this if any client wants to pay off their debts before the deadline.
Having a clean name does not mean that you will secure loan approval.
That’s what a lot of people are wrong about, but having a clean name doesn’t mean you’ll get a loan. Keep in mind that each financial institution has its own credit rating method, evaluating a customer not only by clear name, but also by taking into account a number of other factors, such as payment history, income commitment, and others.
Your interest rate is directly related to your payment history.
One of the very important factors that all financial institutions take into consideration is the payment history. It is no use if you have a clean name, if the personal credit options available in the market are all very high interest rates. The key to getting a good interest rate in the market is to have a good repayment history. This means that if you pay all bills on time, without delays, there is a good chance of getting lower interest personal loans.
Advance deposit before getting loan is illegal!
For those who didn’t know, any kind of advance deposit before getting loan is CRIME . Under no circumstances should the borrower make a deposit before he can receive personal credit. If you have suffered this from a financial institution, you can certainly report it.