Commodity loans: traps for credulous borrowers

Ten years ago, people still did not know what lending was. But the first large banks began to actively offer commodity loans. To buy any product you liked, without departing from the cash register, it became very simple. Product loans are now issued directly in the store.

The crisis of 2008 has slightly cooled the credit boom, and banks have become more discriminating to issue loans. Despite the cosmic overpayments, the popularity of banks has not diminished. In this article, we will consider what commodity credits are.

Loans for goods

Often, many equate credit for goods with "express loans," which is very popular. However, the commodity form of the loan is significantly differentiated by a simplified system and has a number of features.

• The main feature of this type of lending is registration without a visit to the office. The goods are made in the seller's shop. The application is accepted by filling in the form and sending data via the Internet to a loan specialist.
• Preliminary application in the store is filled out by a bank employee, who has full information and answers all the questions.
• Commodity loans are secured by the pledge of the purchased goods. Thus, as a result of non-payment of the loan, the bank has the right to take the goods. Of course, in practice, such cases are rare, as the product quickly loses its value, and it becomes more difficult to sell it.
• The borrower's data are checked in a simplified form. Granting of commodity credit is carried out under two documents. Help and work book are not required.

Main advantages of a loan

First and foremost, the most important advantage is the fact that the clearance is carried out in the store. Secondly, the whole procedure takes 15-20 minutes. It is not required to collect a full package of documents for filing an application and formalizing an agreement.

Main disadvantages of loans

The main disadvantage is a large overpayment, which sometimes makes up the amount of the purchased goods. The second drawback is mandatory insurance, without which the creditor will not approve the deal. It is also necessary to note the difficulties of the exchange of goods as a result of marriage or breakage.

How to take your favorite product on credit?

Probably, everyone faced this situation - go to the store to get acquainted with the novelties and see the desired product, which is liked by all characteristics, and to wages for several more weeks. And then a friendly manager comes up and offers to place the desired goods on credit. Happy customers do not understand the terms of the contract at the time of the transaction. Rainbow mood goes away when it is necessary to return the debt with interest.

If you seriously need a certain product and decided to purchase it on credit, we will tell you about the sequence of registration.

1. Shop selection. It is necessary to find a store in which the product is presented at the lowest price or offered for the promotion.
2. Choice of bank. Before making a loan, you need to familiarize yourself with the conditions of all banks and calculate the most profitable option with a minimum overpayment. If you can not deal with the interest yourself, you need to seek help from a loan specialist.
3. Choice of credit conditions. In this case, it is necessary to clearly determine how much you can contribute monthly on the payment of the principal debt. For the formation of an optimal payment, you can choose a cheaper product or increase the credit period.
4. Execution of the contract. Carefully read the credit agreement and only after acquaintance put a signature.

Currently, commodity loans are very popular, despite the overpayment of 30-80 percent per year.