There is no such thing as too much financial culture, a little basic knowledge will not hurt

Credit – it's not just the money you borrow from a financial institution for personal needs. Together with the loan funds, you undertake to return them on time and pay interest for use.    

Consumer loans are divided into:

• secured (mortgage, car loan);
• unsecured (for example, cash on loan provided by finance companies).

They can be long-term or short-term. Most consumer loans are provided by banks and financial companies.

Before taking out a loan, analyze your financial capabilities to fulfill your obligations to the financial institution.

Evaluate whether you will be able to pay the loan on time and whether such a financial burden will be too much for your budget:

1. Calculate the amount of the monthly loan payment that you will be able to pay, taking into account your own income.
2. Get acquainted with the offers of credit services provided by financial institutions.
3. Calculate the total cost of the loan, offers that interested you.

What is included in the total cost of the loan?

▪        Nominal annual interest rate.

▪        Lender's commissions (for example, related to the provision, servicing and repayment of the loan, including settlement and cash service, legal execution of the agreement, etc.).

▪        Additional payments (for example, for the services of a credit intermediary, mandatory insurance and tax payments, fees for mandatory state pension insurance, payments for the services of state registrars, notaries, other persons, etc.).

           Taking into account these factors, make a decision on the need to issue a loan.

Read more information about credit services at #ZnaySvoiPrava_Kredyty https://promo.bank.gov.ua /know-your-rights-loans/