We have prepared five tips that will help you save money when using credit products.
Make payments in advance
Fines and penalties not only increase your borrowing costs, but also damage your credit history. Because of this, banks will offer you less favorable lending terms.
To avoid such consequences, transfer funds to the credit account no later than three days before the write-off. This will protect you from situations when you are late with a payment due to a service failure. And to avoid forgetting about the upcoming payment, set up autopayment in the mobile app or online banking.
Don't get insurance if you don't need it.
If you apply for a loan online, you can easily miss the information saudi arabia mobile database about insurance. Eventually, it will be activated, and you will have to contact the insurance company to cancel. You may not want to do this and prefer to overpay.
Carefully read all the clauses of the contract so that the insurance does not come as a surprise.
Use early repayment wisely
To save, you should send funds to reduce the loan term. And if you need to reduce the burden on the budget, reduce the monthly payment.
Look for favorable conditions
Applying for a loan should not be impulsive. Analyze different offers and apply for the program that has the most favorable rates and the lowest costs.
Work on your credit history
To get loans on favorable terms, without insurance, guarantors and collateral, you need to have a good credit history. Check it regularly to know your credit rating and understand what interest rates you can expect.
Don't miss payments or use early repayment too often. Don't go beyond the grace period on credit cards and pay all bills on time, not just bank products.