Repayment of a liability in the form of a loan is a considerable responsibility for its owners. However, timely payment of liabilities brings a kind of relief to the repayment party. In addition, during repayment, we have the ability to check how many loan installments remain to be paid. How to reach for such information? Read.
What is a loan?
The essence of the loan is an agreement between the lender and the borrower, in which the former, on agreed terms, decides to make available a specific amount of cash for a specific purpose. The latter, undertakes to use these funds appropriately and within the time limit and on the abovementioned agreed conditions. This is a fairly complicated financial product because a number of conditions must be included in the written contract. These include the length of the repayment period, the interest rate, the number of loan installments, the costs of incurring liabilities, the possibility of withdrawing or terminating the contract, and many others. It is important that we read the conditions under which we sign carefully. However, before we receive a ready-made contract to sign, we must take into account the time that must be spent on gathering a number of documents and completing the mandatory formalities when applying. After verifying and processing the application, we will receive a decision. If it is positive, we will sign the loan agreement.
Who can get a loan?
Remember that not everyone will be able to take out a loan. In order for the lender-bank to provide us with additional funding, it will check us carefully. If we pay bills in a timely manner, whether we repay loan installments, we do not have debts, we do not appear in systems such as BIK or KRD or others, then we have the first step behind us – the bank will pick us up as a reliable partner. The second issue is the level of our income, which will directly affect our credit standing. The higher the income, the greater the chance of having access to a sufficiently high loan. Note, however, that both credibility and creditworthiness are two important elements that the lender will examine together. Despite the positive creditworthiness, the bank may refuse to finance us when our credibility leaves doubts. That’s why it’s worth taking care of her all the time.
Where and how to look for the best loans?
Looking for additional funding is not easy. The conditions that lenders place are surprising. To get convenient financing, with loan installments, which we can easily repay every month, it is good to do some research in advance on the various offers that banks offer.
- Let’s gather as much information about available loans as possible
- Let’s seek opinions among family, friends, friends who used such financing
- Let’s look for opinions on the internet about loans granted by a specific bank
- Let’s prepare the basic documents that will allow you to start applying
- Let’s also check alternative products that we can get on credit / loan services.
How many installments are left to pay – how to check it?
To check how many loan installments you still have to pay, choose one of the available ways to find out. The simplest is to check the loan repayment schedule, which is a mandatory annex to the loan agreement. There we will find ordered, subsequent installments, which we have to settle within a certain time – usually on a monthly basis. In addition, we can also check this in confirmation of transfers both in the bank’s branch and in transaction services prepared for electronic banking. Another way to check the amount of outstanding installments is the BIK report, which we can apply to at this institution. This is a useful report because it clearly specifies what commitment we have made and at what stage is their repayment. So as you can see, it is not so difficult when we need detailed information in this regard.
What can limit repayment?
Approaching responsibly to the timely repayment of loan installments, which we have taken, we should remember about reliable determination of needs and goals (including a careful assessment of the costs of their implementation). Such analysis will allow us to properly assess the repayment options. There is nothing worse than excessive debt, poorly estimated, for which we incur obligations, with which we later have a problem. Of course, there are random situations and force majeure that somehow prevents us from timely payments. However, we cannot predict such risk. Apart from that, however, let’s do everything to anticipate all situations that depend on us or limit their negative effects that could affect the settlement of obligations on time.