In cases where payments on existing loans and credit cards are 50% of income, the borrower falls into the high-risk category, i.e. those who cannot pay off the loan.
Even when financial institutions agree to provide a loan, they usually play tricks to reduce their risks. For example, they provide a loan for a short time and at a high interest rate. Another possibility is to lower the value of the deposit.
Lawyer Elena Kuderko advises against using such offers. Instead, it is worth checking existing loans and, for example, refinancing those with high rates.
General rule: don’t take a word. All loan terms (interest, full charges, insurance) must be reflected in the documents, otherwise you will not be able to prove your case in court.
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Source: 1prime