Loan Calculator

How to reduce credit

You took a loan and it is time to think about how it faster to pay or HoTs to minimize all the payments. Unfortunately, solutions are not so much.

The first thing you can do - to return the loan early. However, for this you have to string up and save money, and this, as you know, it is not so and simply. Moreover, almost all the banks included in the treaty line of the temporary ban on early repayment.

Depending on the type of loan the bank may impose a moratorium on repayment of 1.5 months to several years. If you still decide to return the advance money in the bank, then you should be paid more and a fine for breach of contract - up to 5% of the amount payable.

Another option to reduce the loan - perezanyat money in another bank. In many countries, this option is considered quite natural and reasonable method. For the last couple of years, bank rates began to decrease steadily, and those who borrowed money a few years ago, now biting elbows with frustration.

Ideally, it looks like this: you take a loan at 18% per annum, and a year later learn that another bank money given by 12%. You take a new bank and pay the required amount of its previous lender. But we hasten to emphasize that this is the ideal, but in practice, everything looks different. When making a new bank will require you to pay the fees for re-registration, the cost of termination of the old loan and register a new mortgage.

As a result, the costs can be up to 3% of the old loan. Pay attention to this. Go to the refinancing makes sense only if you are borrowing a large sum for a long time, and for re-registration of a small loan you do not win.