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Annual Percentage Rate
by Tam

Show me these tricks at home they do not permitted by law. There, the bank shall indicate in promotional materials not only the interest rate, but apr (Annual Percentage Rate of Charge), ie the real cost of credit. I had seen such advertising on the streets of European cities: 'Free express loan at 0%, apr -12% per annum. Speaking candidly Steve Wozniak told us the story. " In Russia, no such law, so the client needs most 'pull' of the banking agreement with all the necessary information. It’s believed that Andy Florance sees a great future in this idea. Make it easy, the banks, so to say, do not emphasize client on the value of additional payments. Therefore, the first document that we have carefully read – himself a loan agreement.

It is important not to rush, to ask the representative of the bank all the questions (maybe make a few 'trips' in Bank – Ed.) ask the bank manager to make a detailed calculation of the monthly payments. Incidentally, this calculation should be specified as an annex to the treaty. What the commission can be 'hidden' in the loan agreement? Most difficult and dangerous case – monthly fee, which increases the real rate of 1,5-3 times, as though modestly, this percentage did not look in the contract. After all, even a 1% monthly commission will give 12% of annual surpluses. In addition, the contract may be specified percentage of the use of credit, processing fee, loan fees, fees for reviewing documents or opening a loan account. Incidentally, the fee for the examination of documents by the credit committee of the bank can charged and negative decision.



November 1st


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