According to financial institutions, the average Croat has a minimum of two credits. And while it may seem strange to our other European Union colleagues, we have learned to live this way because our living conditions do not allow us to do otherwise. Expenditure in excess of income is a Croatian reality. A large number of people have therefore become a real wizard in stretching their budgets. Loan repayment has become a real art and each has its own tactics. But what everyone agrees on is that the loan is always paid first and then all other overheads.
Repayment of the loan: How to repay the debt as soon as possible?
Repaying a loan requires a good plan first and then discipline. Before borrowing, you should be aware of how much you will have to pay on a monthly basis for the payment of the loan itself, and whether your home budget can handle this burden. It is best to do a simulation in a credit calculator as it will give you a good idea of what awaits you. After that goes the repayment plan.
The first step to paying off your loan faster is to control your finances. The most important thing is to know how much is being earned and how much is being spent so that money can be diverted to the right thing. Many are not even aware of the amount of money they spend on disputes they do not use, and they can use those few hundred kunas to pay off their loans.
The second step is to determine the amount you will be putting aside. It is best to choose a smaller amount because it will be easier to adhere to. The goal should be as realistic as possible in order to be sustainable. This money can be used to close the debt at the end of the loan repayment. Of course, the first thing to ask is whether early repayment of debt is subject to penalties.
What are all loan repayments?
Loan repayments can be made through monthly annuities or through installments. Many are not even aware that this is not the same thing and that the latter version is much cheaper. When repaying the installment loan, the principal is first repaid, while the monthly annuities repay a portion of the principal and interest. And this is something to think about before taking out a loan.
What kind of loan repayment is offered by banks, and what kind of credit houses?
The repayment of loans from banks is strictly determined and no credit line can be taken with a shorter repayment period of 12 months. Credit houses are much more flexible here, allowing you to repay loans after 30 days, after three months, after six months and after 12 months. In this way, clients adjust the repayment plan to themselves and repay the loan according to their capabilities. If someone wants to pay off their loan at the next payday, they can. Equally, he wants to do it in a year and is enabled to do so.