subject: little secrets that you need to know be you append your signature on that loan application form [print this page] You have just bumped that promotion you were anxiously waiting for. Thank goodness the goodies that accompany your new title have suddenly gained you instant fame.
You get a phone call from a damn confident caller. S/he is X calling from bank Y with a tailor-made product suitable for you, or so s/he claims. The conversition is so smooth that despite the initial shocker, you are eager to meet this guy who owns such a magnificent voice.
But not so fast, s/he lets you heal first. Three days or so later a immaculately dressed, suave and confident young man or woman show up at your place of work. After a very brief introduction S/he continues to telling you of the life-saving product for your needs. Application forms are handy and you may fill immediately. By the way, it is free to fill them! Welcome to the gimmicks and trickery used by salespeople to entice innocent people into swindling their hard earned cash.
Take your time and study the fine print of this hot deal. Loan appraisal fee,insurance fee, commitment fee besides other terminologies are oftenly used by financial institutions to sweet talk you into signing that loan application form. Infact, i would equate it to the carrot stick dangled at a donkey in order to deliver a tonne of burden to the required destination. You don't discover it until you cmmence repayment of the loan; that is when how hard the jig is!
Woe unto you should you get late on repaying an instalment or wish to terminate the contract Midstream after you luck star shine andyoubump into a windfall of cash- a fee is readily available for your philathropic character!
The poorer you are the higher your charges. The rich will negotiate their terms but for the poor you are getting a favour by being loaned and nothing comes free! Consider the case of Microfince Institutions. They are considered as the cheapest way to getting credit. However, have you sat down and thought of how much you will be charged for their credit? Most of them hide their charges in weekly instalments usually a shorter span of period oftenly less than a year. Others will tell you of a weekly or monthly interest rate say 2% rather than 24% per annum.
No wonder the economic divide between the rich and the pooe continue growing in reaps daily!
little secrets that you need to know be you append your signature on that loan application form
By: leatus
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