More and more young people are deciding to take out a loan to be able to start an independent independent life. Before making a decision on a loan, however, you should carefully look at any additional fees that accompany it. You should check the total cost of the loan, taking into account not only interest, but also all commissions and fees. http://cichw.net has examples
Total loan costs
When signing the loan agreement, we incur commission charges calculated as a percentage of the loan amount. In addition to the commission for examining the application, the bank may also charge us a fee for each preparation of an annex to the contract.
There are also often additional fees, e.g. for issuing a certificate confirming repayment of a loan installment. In the case of long-term loans, e.g. mortgages, we encounter additional costs, such as: the cost of property valuation, the cost of securing the loan related to insurance until the mortgage is entered into the bank, mortgage entry fees, the cost of any changes to the terms of the contract during repayment or the cost of repayment loan ahead of schedule. An additional cost is insurance of the property against fire and other random events. Very often the required form of collateral is the borrower’s life insurance, which is usually also associated with significant expenditure. We should remember that we can negotiate the commission and interest rate, especially if we use other products of a given financial institution.
Withdrawal from the loan agreement
In the case of a consumer loan agreement, we can withdraw from the agreement within 10 days of its conclusion. You must submit a written statement of withdrawal from the contract and deliver in person or send by registered mail. The statement obviously results in the obligation to return the loan, unless the money was transferred directly to the seller (or service provider) from whom the purchase was credited – then he should return the money. The consumer is obliged to pay the fee specified in the contract for the conclusion of the contract (preparation fee) and to cover the costs of establishing the security. It is important that the withdrawal from the loan agreement does not mean a withdrawal from the purchase agreement (e.g. resignation from the goods purchased in installments). These are two independent contracts. Therefore, if we withdraw from the loan agreement, you must reckon with the need to immediately pay the price of the goods or service. Remember that when you decide to take a loan, you should be guided by your own common sense. Our decision should be aware and fully responsible to avoid possible problems in the future.