Commodity credit. Design Features

Commodity credit is a targeted consumer loan aimed at paying for various goods and services. The most popular destinations are registration of mobile phones, household appliances, computers and furniture due to credit. Payment for services is also included in this category. For example, the installation of plastic windows, various types of repair work, the services of tour operators. Almost every less large organization engaged in trade prefers to conclude mutually beneficial cooperation with banking institutions and provide a commodity loan.

Most often, representatives of banks are on the seller's premises and are engaged in filing applications, but sometimes the store employees themselves have the authority to conduct this procedure. Together with banking products, borrowers are offered various related services: registration of various types of insurance, credit cards and other services.

Rates on loans

This type of loan has the highest interest rates. On some types of goods, interest can reach 90% per annum. Especially, this applies to mobile phones. Excessive rates are logically explained by the high risk of non-return of debt. Often, this type of loan is issued by so-called second-hand dealers for resale for profit. Subsequently, these individuals do not make monthly payments. Since mobile phones are the most liquid commodity, which can be sold quite easily, it is this category that sets high interest rates.

Often shops together with banks develop special offers, as a result of which the commodity loan is provided without interest. This type of loan can be called installment. In this case, the bank sets a minimum bet, and the store makes a discount on the goods for a total overpayment. As a result, the final consumer receives the desired thing or service in installments.

How does the design work?

To obtain this type of loan, the borrower, having determined the goods, together with a representative of the bank or an authorized employee of the store, fills in an application for a loan. For this, a passport is required. The rest of the package of documents depends on the requirements of a particular bank. Usually require a second document (for example, a passport, rights, MHI policy and others), but some banks are willing to provide a commodity loan only on the passport.

Completing the questionnaire is an answer to some questions about the life and financial situation of the prospective borrower. The most important are information about work and wages. The questionnaire after filling out is sent for consideration, which takes no more than an hour. If approved, the procedure for signing the documents takes place. The reasons for the refusal of the bank never explains.

How to pay the loan and how to find out the loan debt?

Payment is made monthly by entering a fixed amount on the credit account. The amount and date of payment can be viewed in the payment schedule, which is included in the package of documents on the loan. The documents always indicate the date of debiting funds from the account, make payments at least three days before this date, taking into account the time of transfer of funds. Day-to-day payments come only when paid in the branches of the lending bank. The longest period of transfer is at the post office, up to 10 days.

If payment is not received on the appointed day, the bank will fix a fixed amount of the penalty for the fact of debt formation, and then interest is charged on a daily basis for the amount of debt. Overdue credit leads to the borrower getting on the black list, which negatively affects his credit history and makes it more difficult to receive any type of loan in the future.