Repay an online loan – Frequently Asked Questions

Is it possible to repay an online loan early?

The loan agreement provides for early repayment terms, which is possible throughout the period. Generally speaking, financial service providers can allow early repayment of a loan for a certain fee. This fee is usually expressed as a percentage of the remaining principal. If we repay the principal in full, the loan agreement is terminated by paying the principal and the required fees. In case

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What should I do if I cannot pay a monthly installment for any reason?

What should I do if I cannot pay a monthly installment for any reason?

If there is an unfortunate situation and for some reason we cannot pay a monthly installment, we should contact a financial service provider. In such cases it is possible to extend the repayment period, which will reduce the monthly installments. It is a much better solution than not to pay the installments and eventually find themselves in the debtors register. To avoid such situations,

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Is it necessary for the online loan to be sent to my account with the provider?

In the case of online loans, a financial service provider does not normally require that the wage be sent to an account held with them. However, it is possible that we will get more favorable loan terms if we do.

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Is it necessary to include collateral in an online loan?

An online loan is a type of loan that does not require mortgage cover, so it is not required to involve real estate collateral in a loan agreement.

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How and where to ask for an online loan?

How and where to ask for an online loan?

As there are many financial service providers in the financial market, we need to be thoroughly informed before choosing an online loan. We recommend visiting financial aggregator sites, such as Sir Lender, who compares loans by the parameter we set. It is sufficient to indicate the amount, repayment period or monthly installment amount. If we choose this offer, you’ll need to read more

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What are the conditions for applying for an online personal loan?

In the case of an application for an online loan, the financial service provider is primarily based on the applicant’s income. In addition, the applicant must comply with other conditions. For example, at least 3 months must be employed, after a certain age of the applicant it is necessary to involve a co-debtor and with high probability the applicant cannot be in the debtors register. Discounts are given in certain cases

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Does the amount of my income affect the amount of the loan I can apply for?

Does the amount of my income affect the amount of the loan I can apply for?

Financial service providers rely primarily on verified income for personal loans – as the loan is not secured by real estate. According to the amount of income, they decide whether or not to grant the loan. Generally speaking, the higher the confirmed income of the applicant, the higher the loan amount. However, they take into account all circumstances, including how many members, when assessing a loan

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Is it possible to apply for an online personal loan without confirmation of income?

Since an online personal loan is not a mortgage type of credit, it is very likely that we will not receive a loan without a receipt of income. Since there is no mortgage guarantee in this case, the applicant’s income is the only guarantee that the loan will be repaid to the provider. There are financial institutions that provide a loan without a receipt. Applicants must be in these cases

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What does the monthly installment include?

The principal and interest associated with the loan are included in the monthly loan repayment. Typically, the monthly payment is calculated by the annuity method, each month in installments increases part of the principal and reduces the portion of interest and other charges. The method of calculating the monthly installment is always set out in the loan agreement. The loan agreement also specifies the maturity date of the monthly installment. if

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What does annuity repay?

If the monthly loan repayment is calculated using the annuity method, the borrower pays the same monthly installments throughout the loan. Repayments are part of the principal and part of the interest and other costs. Each month, a portion of the principal is increased in installments and part of the interest and other charges reduced. This is only true if the interest rate is constant throughout

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What does interest rate fixation mean?

We call interest rate fixation for the length of the specified loan contract period during which the financial service provider is not entitled to unilaterally change the interest rate of the loan.

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