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Most of the consumer at least once made a loan. Part of them tries to cover the obligation early on. They believe that the repayment of credit will positively affect the interest rate and credit history. Is it worth repayment of the loan and how profitable it is to pay a loan?

When you pay the loan in advance, you violate the payment schedule, and the financial institution will refund the amount back. This is a violation of the bank or any credit company as a delay in credit. Accordingly, additional commission is charged, which is basically 2%. If you pay the loan completely before expiration, you have to pay additional commission. However, you can pay more than a monthly fee to the Loan Servant Account and pay less money at the end of the term. In this case you will not have to pay additional commission.


What commission can be charged by a loan with a foreclosure

What commission can be charged by a loan with a foreclosure

The financial company is entitled to impose an additional penalty if the loan is paid in advance of the loan issued by him. This is taken into account in the following cases:

  • Within 6 months to 12 months, the loan amount is not exceeding 0,5%
  • Up to the end of the contract is withdrawn from 12 to 24 months, not more than 1% of the amount to be paid;
  • More than 24 months remaining before the end of the Loan Agreement, the loan is not less than 2% of the amount to be financed.

If you have more money on a monthly deposit in a financial company, as you want to pay the amount in advance, it is necessary to declare it. Since the credit organization is not obliged to cover the credit automatically.

How to reduce your expenses when making a loan

Before getting credit products, read the information about the service. Pay special attention to the contractor because it contains important information about expenses. Before making the decision, calculate how much is the effective interest rate, what is the repayment fee commission. Does the service have additional expenses?

Before you lend the loan in advance, find out whether the financial organization has a repayment fee. You can pay more for the Loan Servant Account and pay less at the end of the term, without paying any extra fees. Knowledge of the product conditions will avoid excessive expenses, you will be able to lend the liability and liabilities in a timely manner. This will create a positive credit history that will simplify you to use the product you are interested in in the future.

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Should we take a loan for repair? http://www.purplenet.net/should-we-take-a-loan-for-repair/ http://www.purplenet.net/should-we-take-a-loan-for-repair/#respond Fri, 15 Feb 2019 12:33:07 +0000 http://www.purplenet.net/should-we-take-a-loan-for-repair/ Read More Read More


The cozy, repaired house arranged by your own taste – who does not dream about such a home. The repair of the house is connected with a considerable amount of money. In low-income conditions, it is not so easy to make savings and pay for this. Most consumers do not have enough money to repay, and it takes several months and years to collect. Loan repairs allow you to get the necessary finances easily and make your dream come true. The service will help you quickly get financing and get a living in the home.

The most advantageous product for repairs is the mortgage loan. Its purpose may be to purchase a flat as well as repair it. The service is distinguished by low interest rates. And it’s a long time to cover it. The mortgage loan will be issued on a long-term basis. To secure the property, it is necessary to get the money. What does it mean, if the obligation is not paid, the creditor will be entitled to realize the property invested in. Take care to take this type of credit carefully, as the secured loan is associated with certain risks. If your financial situation is deteriorating and you can not pay the amount, you may face the risk of losing your real estate.


What to look for before mortgage loan

What to look for before mortgage loan

When taking a mortgage loan, a number of factors are needed. A reasonable decision can save you money and misuse your property. Before you get a mortgage loan:

  • Effective loan interest rate – the effective interest rate of the loan includes all the expenses you will have to pay while using the credit. That is why it is important to know the effective interest rate and take into account the decision making process.
  • Credit Currency – When taking a mortgage loan, keep in mind what income you have in your currencies and you decide to take credit in a dollar or a dollar. This will prevent you from damages caused by the difference.
  • Additional charges or charges – credits may have additional commission or expense. Eg: loan repayment or advance payment commission, expense of additional document, etc. Before you use the credit product you will find out about additional commissions.

When taking a loan, it is important to get acquainted with the promise of different companies to compare their proposals with each other and choose the ones that are most suitable to you. The correct financial decision will simplify the loan repayment and help you create a positive credit history.


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