If you delay a payment for one day, the collectors will be at your door today.”
Posted: Wed Feb 19, 2025 5:53 am
Horrible stories about debt collectors who will write curse words on your front door or regularly call your child’s class teacher are another popular myth. The times of the “gangster 90s” are long gone, and today banks operate exclusively within the legal framework. If for some reason you cannot make a payment on time, be sure to call the bank and tell them honestly about it, specifying when exactly you can make a transfer or pay in cash at the branch. Most banking organizations are accommodating to borrowers, and getting a payment deferment (even a very short one) is a very real prospect.
Important: do not hide from the credit department under any circumstances, ignoring calls and messages from its employees. As for transferring the case to court, the bank's lawyers can do this only if you have not paid the loan for more than three months and are clearly hiding.
Conclusion. Most stories about scary collectors are a myth. If you uk mobile database borrow from a bank operating within the law, and not from a dubious organization like a pawn shop, there is nothing to be afraid of.
“I can’t afford the astronomical interest rates”
In order to dispel the myth about the allegedly "draconian" interest rates on loans, it is enough to get acquainted with the offers on the banks' websites. Many credit products provide borrowers with not only favorable conditions, but also quite affordable interest rates. Moreover, banks usually meet the needs of disciplined borrowers who repay their debts without delays and do not violate the terms of the loan agreement. In particular, some cash loans provide for a reduction in the interest rate after a certain period of use of the borrowed funds (of course, subject to regular repayment). In some cases, the bank can recalculate the rate after the contract is closed and return the remaining funds to the client's account.
Conclusion. Exorbitant interest rates on consumer loans are another myth. In order to find a profitable loan, it is enough to spend a little time and study the terms of the products offered by banks.
“I’ll pay off the loan early – goodbye, credit history!”
Finally, the last myth that we will debunk in this article is the impossibility of early repayment of a loan. Some people are sure that the bank, not receiving its interest in full, will be “offended” and spoil the CI. Is this true? Facts of early repayment are indeed recorded in the credit history – however, as are other actions with borrowed funds. However, a decrease in the credit rating in the case of early repayment is another myth. The credit history is spoiled not by the premature closure of the contract, but by the violation of obligations by the borrower (in other words, delinquency).
Important: do not hide from the credit department under any circumstances, ignoring calls and messages from its employees. As for transferring the case to court, the bank's lawyers can do this only if you have not paid the loan for more than three months and are clearly hiding.
Conclusion. Most stories about scary collectors are a myth. If you uk mobile database borrow from a bank operating within the law, and not from a dubious organization like a pawn shop, there is nothing to be afraid of.
“I can’t afford the astronomical interest rates”
In order to dispel the myth about the allegedly "draconian" interest rates on loans, it is enough to get acquainted with the offers on the banks' websites. Many credit products provide borrowers with not only favorable conditions, but also quite affordable interest rates. Moreover, banks usually meet the needs of disciplined borrowers who repay their debts without delays and do not violate the terms of the loan agreement. In particular, some cash loans provide for a reduction in the interest rate after a certain period of use of the borrowed funds (of course, subject to regular repayment). In some cases, the bank can recalculate the rate after the contract is closed and return the remaining funds to the client's account.
Conclusion. Exorbitant interest rates on consumer loans are another myth. In order to find a profitable loan, it is enough to spend a little time and study the terms of the products offered by banks.
“I’ll pay off the loan early – goodbye, credit history!”
Finally, the last myth that we will debunk in this article is the impossibility of early repayment of a loan. Some people are sure that the bank, not receiving its interest in full, will be “offended” and spoil the CI. Is this true? Facts of early repayment are indeed recorded in the credit history – however, as are other actions with borrowed funds. However, a decrease in the credit rating in the case of early repayment is another myth. The credit history is spoiled not by the premature closure of the contract, but by the violation of obligations by the borrower (in other words, delinquency).