When comparing lending offers from different organizations, keep in mind that a lower interest rate does not guarantee a cheaper loan. In addition, the price of a loan includes various fees that can significantly increase the price.

There are single, monthly and annual fees, which are calculated based on the total amount of the loan or its balance on a given date.

Below is a list of possible commissions that will make your analysis easier and a small example for comparison.

List of possible commissions related to the loan
Commission for the examination of the credit application

Disbursement fee

Service commission

Commission for on-demand services (eg credit balance certificate)

Commission for preparing the package of documents for disbursement of credit

Commission for accepted risks

Early repayment charge

Commission for changing credit terms (eg changing guarantor and guarantee / pledge)

 

Example of calculating the final credit price with the same interest rate, but with different fees

Credit no. 1Monthly paymentTotal amount to payDAE
AmountMDL 10 000MDL 888,89MDL 10 666,75 12,68%
Term12 months
Interest rate12%
Disbursement fee (single)0%
Service fee (monthly)0%

 

Credit n0. 2Monthly paymentTotal amount to payDAE
AmountMDL 10 000MDL 1 005,05MDL 12 360,57 51,03%
Term12 months
Interest rate12%
Disbursement fee (single)3%
Service fee (monthly)%

 

To obtain a loan, you may need a sum of money to record the guarantee, its valuation and insurance (in the case of mortgage loans). Minimum amount for movable property – 300 lei, real estate – 2,000 lei.

Make sure you know the final price of the loan, the amount to be repaid monthly and the date of its payment. Read the contract very carefully, all its points are important, especially those written in small font. You have the right to request and obtain information and a model of the contract, before signing it to make the necessary analysis and calculations.

 

Choose your financial partner in an informed and responsible way.

GMW March 25-31, 2019

www.globalmoneyweek.org

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