You have got into financial trouble or need a larger amount of money immediately to cover extraordinary expenses and the bank will set back? Then you probably started to think about non-bank loan or credit. Indeed, it is as simple as they claim all the media resources. You can usually call the toll-free number or fill out a simple form and the loan will be yours! Yeah, but then what? It is not uncommon for clients soon finds that based on the contract terms that under the loan signed, in addition to the expected monthly repayments are also required to pay considerable fees, penalties and fines in the conclusion of which the loan was not a speech. It is clear that each company does business in order to maximize profit. But where is the boundary that defines what is and what he is wrong not only from the legal curt, but especially after the human and moral?
On the market of non-bank loans and credit has lots of subjects and offer them to clients quite confusing. This is so because, among other things, that in addition to relatively few major reputable loan providers are also present dozens if not hundreds of agents who are trying to only as providers act. Below we point out some of the most common risks in procuring non-bank loans.
Fee before providing a loan
Some companies require that the clients allegedly fee for processing the loan approved with a strikingly favorable terms, low interest and repayment suspiciously low. What more could you want .... But once the client pays, so he usually has, unfortunately nobody answers. No favorable loan with low payments and still lose more money would need to be helped to survive another month of its difficult financial situation. Nowhere anybody anything beforehand. If the fee and only on loan and not from their own resources.
Unaffordable loan terms are affected by sanctions
In some loan agreements refer to such agreements and that the client undertake under the threat of sanctions to conditions that are very difficult to fulfill (ie. Personal substantiate immobilization of various types of insurance to the registered office of the Company in which no non-resident company, etc ...). The purpose of these arrangements is, of course, the resignation of the loan and the application of contractual penalties. So the company to get their money immediately loaned back and still with bold fines for breach of contract.
Withdrawal of the loan and the application of penalties in a single day late payments
You meet often with arrangements regarding payment discipline the client. Companies that are not interested in getting clients to only still repaying its debt to the agreed interest rate contracts are adjusted so that they could one day even when delayed payments to demand back the amount borrowed and usually including immorally high contractual penalties.
Securing the loan transfer of property rights rather than the conventional mortgage contract
Some companies use non-bank mortgage contracts instead of just locking property transfers so under the loan transferred to the client's property themselves. Some companies have this kind of lending money even pretentiously called "leaseback of real estate." For the client no advantage, quite the contrary. Non-payment of the loan by the company may simply move out because the property had actually not his client, and often our terms and conditions loses the right to repurchase.
Paying interest or penalties for early repayment of the loan
Other common contractual agreement refers to an early replenishment of the loan. It may happen that a client is able to eventually get cheaper credit, for example, a bank or a cash inheritance, income from business, etc. Unfortunately, most companies such conscientious client reward either proper sanctions, or he will charge for early replenishment and part or entire interest until the end of the original repayment schedule. This client often gets to several times the amount originally awarded a premature replenishment so usually better think twice.
Unwillingness to send the client a contract for inspection in advance
There are also those companies that refuse to send clients to the loan agreement in advance. It is for this reason that the client could then consult contents of contracts with his legal representative, who would be on unfair contractual arrangements warned if the contract would then, of course not. Few client is an expert on legal issues in the area of non-bank loans, and therefore it is of course independent expert advice on the spot.
Treaty bypassing the Consumer Credit Act
There are also those companies that are trying to withhold consumer credit trying to persuade clients to establish a trade license to be able to give the client loan business. In other cases, the client must sign a declaration stating that the funds from the loan used purely for the purchase or reconstruction of property and the loan becomes a mortgage. These types of loans are more profitable for providers, because the client is not protected by the law on consumer credit.
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