Interest rates on loans change every month
Unfortunately, citizens’ incomes are not growing as fast as prices. And often we have to take loans for expensive purchases. As of April 2023, the average interest rate for individuals is at the level of 12-19% per annum. The shorter the term, the higher the rate. However, the cost of servicing the debt depends on when exactly the loan is taken.
Illustration: Debt good turn deserves another. When borrowing money, you must understand from what sources you will return it in the future. Do not take out a loan without being able to repay it – an obvious rule that many people forget about.
When is it more profitable
Financial Portal Experts Financing made recommendations on where and when to get a loan with the maximum benefit. To do this, they studied the official statistics of the Central Bank of Russia – it regularly publishes information on the average interest rate on loans. See how the indicator has changed over the past months:
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July 2022 – 18.08
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August 2022 – 18.48
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September 2022 – 18.35
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October 2022 – 17.98
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November 2022 – 19.11
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December 2022 – 17.43
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January 2023 – 19.53
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February 2023– 19.13
These are indicators for loans to individuals issued for up to a year. It would seem that the figures are close – the discrepancies are no more than 1.7%. But in terms of rubles, this can be very significant.
How to choose the right moment for a loan. First of all, it is necessary to monitor the key rate of the Central Bank. All other financial market participants are also guided by it. Now the key rate is 7.5%. Under these conditions, commercial banks themselves receive loans from the regulator. Then they provide money to citizens, but already taking into account their own benefit. If the key rate grows, loans for individuals are also more expensive.
What does the key rate depend on? Here it will not be possible to say unequivocally – this indicator is set by the specialists of the Central Bank, taking into account the current situation in the country and in the world.
Simple – only in advertising
According to advertising take a loan almost instantly by filling out an online application. But in practice, difficulties sometimes arise. Agree, not a single bank will give money to a random person without checking his financial situation. Here’s what banks are looking for:
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First of all, the solvency of a person is important – his income is studied. To do this, they may request a certificate from the accounting department from the place of work. But it is easier and faster to get data from the tax or pension fund if the client gives the appropriate permission. You will immediately see how much a person earns. True, there are cases when the employment is informal, or the employee receives part of the salary in an envelope. Banks are ready to admit such a situation, but a loan to an individual will be issued under stricter conditions at a higher percentage.
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Financial reputation is also important. The bank will definitely request information from the Credit Bureau. They store information about all credits, loans, delinquencies, overdue financial obligations for the last seven years. If you carelessly fulfill your financial obligations, it will not be easy to get a new loan.
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The debt load of the person who applied is also studied. If you already have several debts hanging on you, you are in the red on a credit card and pay a fine by a court decision, it will be problematic to get another loan.
The bank can get all this information quickly enough, and based on the analysis, it makes its decision. It is usually easier to get a loan from the bank where you have a deposit, where you receive monthly salary.
If the bank is not sure about the solvency of the client, it requires the registration of a pledge and the involvement of co-borrowers. In the first case, if you cannot pay off, the bank will sell your property to compensate for the losses. In the second, the person whom you indicated as a co-borrower will be responsible for the debt. Collateral is required when applying for a car loan and mortgage. Here, the purchased car and the property, respectively, will act as collateral.
Credit or loan
It is much easier to get money in microfinance organizations – in MFIs. In this case, an online application is indeed sufficient. It will be considered automatically and in case of a positive decision, the money will come to the card you specified.
But you have to understand that interest rate on loans significantly higher than for loans – and can reach 365% per annum. True, loans, as a rule, are issued for small amounts and for a short period of time. So if you take 20 thousand rubles for two weeks – the overpayment will be less than three thousand rubles – this is feasible. Although in the case of a loan for the same period, you would have to pay only about 160 rubles.
A huge number of microfinance organizations operate in Russia – more than a thousand. Basically, they provide services via the Internet: you do not need to go anywhere, collect documents – the main thing is to go online. Conditions in MFIs are similar, there is not much difference. But pay attention to the promotions offered. So, usually profitable offers exist for new customers – they can get the first loan without interest, however, for a meager amount and for a short time. There is also a bonus program for regular borrowers. The more often they borrow, the lower the interest rate, of course, provided there are no delays.
When applying for a loan, most likely, you will be offered to upload data from the State Services portal. It will be faster for you, and more reliable for MFIs.
Map – in advance
Perhaps the easiest option is to design credit card. Fortunately, most banks offer this option to customers. Some cards have an interest-free period. If you pay off the debt on time, you will not have to pay for its service.
For each client, the bank determines the credit limit. The higher your solvency, the more you can borrow. Don’t be discouraged if you’ve been given a small amount. When the bank is convinced of your trustworthiness and sees a high turnover on the card, it can change its mind.
