How to get the best personal loan transaction? Personal loan allocation skills

How to get the best personal loan transaction? Personal loan allocation skills

With the improvement of the development level of social life, people are consuming more and more, and individuals are taking out more and more types ofpersonal loans. As a result, when Chinese people choose corporate personal loan, they are often dazzled and at a loss.

In fact, from the aspects of personal loan type, personal loan amount, personal loan term, repayment method and personal loan application time, the cost can be reduced through flexible allocation.

In this installment, Xiao will take you through how to configure personal loans.

Choose the right personal loan type

There are many kinds of personal loans and their uses are very detailed. personal loan In short, according to the actual use of personal loans can be divided into consumer personal loans and commercial personal loans, according to the level of credit can be divided into mortgage personal loans and credit personal loans.

Among them, mortgage personal loan companies need us to provide personal loan management institutions with mortgages such as houses and cars under their own names. The interest rate is relatively low, but the review is strict and the lending time is slow. On the other hand, credit risk personal loans can become personal loans only by virtue of personal social credit information. As long as students have good personal credit information, it is easy to be approved and real-time loans can be realized, but the interest rate is relatively high.

Select the appropriate amount of personal loans

Generally speaking, in personal loans, the amount of personal loans can be freely chosen by the borrower. For example, the maximum credit personal loan is generally not more than 300,000 yuan, and the maximum mortgage personal loan can reach 10 million yuan. There is a big difference.

The borrower needs to realize that the size of personal loan depends on the financial needs of the individual.

Under this premise, borrowers need to consider their financial solvency first, so as to avoid making each repayment too high and too stressful.

Third, choose the right individual loan term

For students to apply for personal loans, usually for enterprises, the longer the term of personal loans, the higher the interest rate, and the greater the interest burden of borrowers.

Generally speaking, personal loans for cars are 3-5 years and personal loans for houses are 10-30 years. Short-term personal loan interest rate is divided into half-year and one-year two parts, half-year partial interest rate personal loan term is half-year, one-year partial interest rate is more than half-year.

For example, if the personal loan term is eight months, the one-year personal loan interest rate will be implemented according to the current personal loan interest-bearing regulations, which will increase the interest burden of the borrower.

Choose the right repayment method

There are many ways to repay debts, such as average capital amount, equal principal and interest, equal interest before principal, prepayment and so on. Under the different repayment way, the monthly repayment amount is different, causes the personal loan interest total amount to be different.

For example, compared with the equivalent principal amount, the monthly repayment amount of the equivalent principal and interest may be lower at the beginning of the repayment of the enterprise, but with the extension of the repayment period, the total repayment of personal loan interest income will be significantly higher than the other equivalent principal amount.

For example, a personal loan of $1 million will be repaid for 10 years at an annual interest rate of 5.4%. The same principal and interest payments wouldamount to $10,803 per month, for a total interest payment of $296,376. For the same principal payment of $12,833 in the first month

And 8,370 dollars, the total interest paid is 272,250 dollars, which is 24,126 dollars different from the principal and interest.

Choosing the right repayment method can help the borrower to reduce the repayment pressure and better manage their own financial affairs.

Choose the right time to apply for personal loans.

If you don't have a particularly pressing need for a personal loan, wait until the holidays to apply for a personal loan. Many personal lenders offer this service

Various promotions.

For example, we can deduct the interest on personal loans to businesses by charging coupon-free, ultra-low/interest-free for limited time, and discount on personal loans to beginners. This problem requires that personal loans be absolutely more cost-effective than most other times.

Warm tips

When applying for a personal personal loan, borrowers need to consider their own conditions and not cause unnecessary losses due to greed or high selfconfidence.

When applying for a personal loan, borrowers can consult the relevant personnel of the personal loan agency in advance so as to formulate the personal loan plan that is most suitable for them. For early repayment, borrowers should also consider their own economic situation, interest rate, repayment period and other effects.