7 THINGS TO DO BEFORE GETTING A LOAN

What you need to pay attention to when obtaining a loan:

• Under what conditions you are offered a loan. Interest does not always reflect the true value of the loan;

• Whether you only contacted your bank. Often the bank through which you conduct your main business offers rather poor conditions, since customers most often do not consider other offers;

• Have you applied to other banks. When contacting other banks, you must convincingly explain why you turned to them, and not to your own bank;

• What kind of loan you are being offered. Different lenders under the same name may have completely different services;

• What are the costs associated with the loan. Are there hidden costs hidden in the text of the contract?

• What additional conditions the lender puts on you. How will they influence your future activities?

• What are the conditions for terminating the contract.

• What collateral the lender wants. Often, lenders are reinsured and require more collateral than necessary.