Cheap loans are subject to conditions

Account and its active use, saving or insurance. All of this can be requested from you by Lite lender for interest discounts.

Lite lender also attracts clients for low interest rates on consumer loans this fall. They realize that this is no longer enough. Therefore, they add even more bonuses. However, if a person wants to get advantageous interest, he has to meet certain conditions. Lite lender looked at some of them.

Account opening

Account opening

One of the basic conditions that Lite lender imposes when offering cheap loans is that you also open a new account with a new loan. He usually won’t be free. Bank account prices range from USD 0 to USD 15 per month. Financial houses give this condition mainly because they know that if you have an account with them, you can start using it sooner or later. If not, they can “push” you to the conditions.

For example, since the beginning of October, a person has had a loan refinancing action, promising a new client of 4.9% interest, and even a USD 20 reward for each USD 500 refinanced loan. The condition is to have an account with this bank, to which the remuneration is paid after the loan is granted. You must also receive income to this account. Another condition is set up savings, to which you send at least 10 dollars per month. The last condition is that the loan must be insured.

Finally, you have to repay it for more than a year, because if you repay it early, the bank will ask for the reward paid back. Offer is valid until 31.1.2019.

Account activity

Account activity

Another common condition of banks for a cheaper loan is to be active in the account. So whoever wants to open an account just for a form and let him sleep will not reduce his interest.

For example, bank offers savings of up to 50% of interest when transferring a consumer loan. (The minimum interest rate is 5% when the conditions are met). A prerequisite for obtaining a favorable interest is the opening of an account and its active use. This means paying at least three times a month with a card, having a salary of at least USD 300, and having at least one standing order or direct debit. Another condition is that you have the loan insured.

The activityin the form of payments (card payments, standing orders, direct debits or transfer orders via internet banking) amounting to USD 200 in the account is also required by banks. It promises a 1% discount on the loan interest. Offer is valid until 12.31.2018.

Lender also offers a 1% discount on interest on new loans, but again you must actively use your account. You must receive at least USD 400, make three regular payments and even 5 card payments. When refinancing you can even get a discount on the interest rate of up to 3%.

Cheap loans with a limit

Cheap loans with a limit

Lite lender can give you a cheaper loan even if it’s not high. For example, bank offers a loan without interest, but only up to 1500 dollars and you have to repay it within a year. However, you pay a 2% loan fee.

Discount only after repayment

Cheap loans with a limit

Bank also offers a significant discount on interest on consumer credit. The applicant can reduce the standard interest rate of 7.9% to 2.6%, but only if the loan repays honestly for 7 years from the bank account. Also, the client must insure the loan, which is not cheap. If all of these conditions are met, the bank will return a part of the installment amount at the end. The final interest rate can thus fall to 2.6%.

Compulsory insurance

Compulsory insurance

In the case of mandatory credit insurance as a condition for a lower rate, it is necessary to consider in particular its amount. Sometimes the price of insurance is so expensive that it outweighs the cheapest loan. Finally, everyone should consider whether or not insurance really wants and needs it.

Savings as backup

Savings as backup

Finally, Lite lender may have a condition for cheap credit, as well as have another bank product-saving. They basically cover their backs, because, a person who saves them usually even honestly repays the loan. If not, he can use the saved money to repay it.

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