When repaying a loan early, the borrower must take into account a number of features and nuances that may not seem obvious at first glance. On Saturday, February 18, he told the agency “Prime” partner of the fintech company “EvaBeta” Sergey Grigoryan.
The expert emphasized that early repayment of the loan is beneficial primarily to the client, since it is often possible to save on overpayment of interest. But the conditions for early closing of the loan always depend on the organization, which is why it is recommended to clarify the details with the bank or check the text of the agreement.
At the same time, the specialist noted that it is not worth investing the last money available to the client in the early repayment of the loan.
“From a financial security point of view, this is wrong. In the event of an unforeseen situation, loss of work, money may be needed, which will probably have to be borrowed from the bank at a higher interest rate,” he explained.
In this regard, Grigoryan advised to always keep a “safety cushion” so that the client has money to exist without income for three to six months.
In addition, the expert recalled that regardless of the amount with which the client partially repaid the debt, he still has to make regular payments. Otherwise, there is a risk of delays and fines.
Grigoryan also spoke about the nuance in the case of loans with annuity, in which the highest interest is charged at the beginning of the term. In his opinion, it is not entirely advisable to repay such loans closer to the end of their term, since then the benefit will be minimal.
Earlier, on February 4, the head of the retail business block of the Moscow Credit Bank (MCB), Alexei Okhorzin, recommended that Russians not purchase credit cards with expensive service or SMS service. According to his estimates, for some cards this can save up to 3,000 rubles a month. He also urged to carefully study the terms of the contract, since cards can often have very high interest rates after grace periods, which the client may not know about.
