Credit card price protection, what is it?

Imagine, one day you arrive from the office thinking about the great day you had, with great pride of your work you think “I deserve a beer!” And you go to the refrigerator, but a strange smell begins to invade your nose, as you approach to your kitchen When you open the refrigerator, you realize that it is broken and all your food is spoiled. You speak to your trusted technician and he tells you that there is no fix, so you urgently need to buy a new one.

With great regret you go to your favorite department store and And you give the “card”, because it is already the end of the fortnight and it has been a hard month for your finances. However, a week later, you see that same product has a 40% discount. Sounds terrible, don’t you think? In addition, being an unplanned charge can lead to over-indebtedness problems.

You keep thinking about how good it would be if they returned that difference. And despite sounding like a story too good to be true, there are cards that under certain circumstances can give you that money back, it is known as price protection.

Of course, they are not all cards and there are certain restrictions and in this article we will explain how it works.

How to get your card back money?

How to get your card back money?

If you see written advertising or a notice on the Internet where it comes that the price of the product you bought has dropped in price, you can make the difference request. To be able to carry it out, you will have to contact your card customer service with the evidence about the price difference in the next 30 or 60 days to your purchase depending on the type of credit card. However, there are cards that do it automatically.

What items can apply?

What items can apply?

They include new items, which have been purchased in stores that are not considered auction, nor does it apply in the payment of services or if the price difference is linked to shipping prices for sale on the Internet.

In short, your washing machine, clothes, perfumes, books, cell phones and a host of products can apply whenever they are new and must be the same brand, model, year, name you purchased.

What types of cards have this benefit?

What types of cards have this benefit?

There are Visa and MasterCard cards that have the benefit of price protection on credit cards. The main feature is that they are platinum cards or more exclusive than a basic credit card and mostly charge an annual commission for use. Although there are not many that exist in the market, you can approach your bank to find one that apart from it, has other benefits according to your needs.

Our recommendations

  • If you would like to have this benefit on your credit card, do not forget to ask your issuer if the plastic you have or want to purchase has this benefit.
  • The cards that have the price protection are gold or platinum range, which usually charge commission, it is important that you keep this in mind.
  • Do not throw your vouchers or tickets and keep all the evidence you find of the price change to make it easier to claim your benefit.
  • Use the benefit with large purchases of products that are easy to locate in multiple stores or establishments.
  • Read the terms and conditions, so you don’t have a surprise.
  • When you see the advertising, avoid taking your request as the benefit expires days after the advertising has been published. You can take advantage of the sales and end of the season to claim your benefit.

Works loan: find inspiration online for your home.

 

Improvement or renovation works occupy all your thoughts? You don’t know where to start? A site can help you find inspiration: Lite Credit.

This collaborative platform is dedicated to the decoration and furnishings of the house. A real library of ideas, Lite Credit allows you to find good ideas for your work project. It also allows you to be put in contact with professionals near you but also to find furniture for your project (garden furniture, bed, bath, etc.).

Photos to inspire

Photos to inspire

Once on the site, you can view all the photos that match your search. For example, you want to redo your kitchen in a contemporary style. You can filter your search according to style, budget, size, colors and type of cuisine (American, closed,…), finishes, etc.

With this site, you can find various ideas for example: how to separate a girl / boy room? How to adjust your storage? How to optimize a small bathroom? So many challenges to respond to the problems of Internet users. Because each project is unique.

Find a craftsman

Find a craftsman

The connection is free. It works like a directory with additional notices and photos. Architect, builder, decorator, interior designer, landscape designer the list of professionals registered on the site is long. The opinions left on the Web will allow you to make the right choice for the completion of your work.

The works loan = a consumer credit

The works loan = a consumer credit

Since carrying out work can represent a significant cost (almost 1000 USD per m² depending on the renovation chosen) a work loan can be a means of financing them.

What is a work loan? It is a consumer credit. A sum of money is made available to the borrower without justifying its use (personal loan) or allocated to the project (assigned credit) for interest. The borrower repays the borrowed capital and part of the interest monthly. Interest is defined by the rate of the works loan. The higher it is, the more expensive the credit will be. It is therefore essential to compare work loans to get the best financing.

This type of credit can be taken out with borrower insurance. Its amount is then added to that of the loan. It is possible to choose an insurance other than that offered by the bank.

Find your consumer loan at the best rate, it’s easy and free! From 0.70 % * over 12 months.

 

Car loan what conditions – here are the facts

 

Lenders then check the customer’s creditworthiness and this must be impeccable. With a car loan, what requirements, for example, must the customer’s credit bureau be clean.

There should also be sufficient income.

Car loan what conditions?

Car loan what conditions?

If you want to take out a car loan, you have to meet certain requirements. Banks generally do not grant credit until they have checked the customer’s creditworthiness. This includes checking the income as well as querying the credit bureau, both facts must be correct, otherwise the car loan can be rejected as to which requirements.

Generally, lenders must be of legal age and should not be older than 70 years. If you want to take out a car loan, you must be able to pay a loan after deducting all expenses. Banks therefore recommend that you check your personal financial situation yourself before applying for a loan. A loan application should only be made if there is a surplus in this check.

It is better to submit a loan request than a loan application. Especially if the borrower is somewhat uncertain about his credit rating. If a loan application is rejected, this process appears in the credit bureau.

Car loan what conditions – creditworthiness

Car loan what conditions - creditworthiness

In the case of a loan, a distinction must be made between creditworthiness and creditworthiness. While many consumers are creditworthy, some are not creditworthy.

Car loan, what are the requirements?

Basically it is sufficient income and the clean credit bureau that lead to a good credit rating. In order to have the best conditions for a car loan, you should have a regular income that comes from a self-employed activity.

For example, employees who have a permanent job can look forward to their credit check more confidently than those who have a temporary job or a probationary period. The second important requirement is the perfect credit bureau.

If the borrower has negative entries, the number of lenders is drastically reduced.

Car loan what conditions – negative credit bureau entries

Car loan what conditions - negative credit bureau entries

The following entries ensure that the borrower no longer allows credit. If so, he pays horrendous interest that makes a loan no longer affordable. This includes a payment order. This reminder is still one of the softer features in credit bureau.

The enforcement notice then looks a little different. There will be no credit here. The same applies to an arrest warrant for outstanding outstanding debts. Even with an affidavit, the credit opportunities don’t look good.

Unfinished loans follow, and lenders are very reluctant to do so before granting a loan. In contrast, lenders could be found with some negative entries such as a reminder but not paid mobile phone bill. In addition to the credit bureau, it is the regulated attachable income that allows a car loan which conditions.

Car loan what conditions – unemployed, pensioners and students

Car loan what conditions - unemployed, pensioners and students

Employees have a much better chance of getting a car loan than this group of people. Unemployed people, pensioners and students, on the other hand, are often left out when it comes to requesting a loan.

For an unemployed person it is the reduced income. Nevertheless, there is also unemployment benefit that is relatively high. Nonetheless, unemployed people will be rejected by most lenders because unemployment benefit is a government benefit and cannot be seized.

In the case of a pensioner, the meager pension can also lead to a loan refusal. For banks, however, a reason for rejection is often the age of the applicant. Banks often no longer grant loans to 70-year-old pensioners. Although pensioners regularly receive their earnings, age can make a dent in a loan.

It looks similarly bad for students. Most receive Financial Aid or still work part-time. Even so, income may still be too little for a car loan.

Car loan what conditions – lender

Car loan what conditions - lender

If you are looking for a cheap car loan, you can do it with a loan comparison. It is therefore important to find out the purchase price in advance. This sum is then used as the basis for the loan comparison. It is entered with the selected term.

With one click you will be able to see the installment amount and the interest rate. If the rate does not fit, it can be changed with a corresponding term. With a long term, the credit rate becomes lower, with a short one, higher. The interest rate will also change with the term.

The interest rate that is displayed does not apply to all customers. This will depend on the customer’s creditworthiness. So if you have a good credit rating, you will also receive a low interest rate. In general, the credit rate should always be adjusted according to income.

What remains in the month can be determined with a budget. If you choose a long term, you have to assume that the loan will be somewhat more expensive overall.

Car loan what conditions – residual debt insurance

Car loan what conditions - residual debt insurance

Many lenders offer the customer residual debt insurance when taking out a loan. This protects against death, unemployment or disability. However, these insurance policies are expensive. They only make sense if the loan amount is high and the term is long.

With a small loan it is rather inappropriate. Anyone who decides to take out residual debt insurance should read the contract carefully.

There are many restrictions where the insurance company does not pay. The insurance only applies to unemployment if it has occurred through no fault of your own.

Cheaper credit for the self employed.

A cheap loan for the self-employed or freelancer is usually very difficult to find. Most banks refuse to lend to the self-employed. This is often justified by the higher risk of default. If a bank offers for the self-employed, it is usually associated with high interest rates. Collateral for lending is also often required.

Banks that offer a loan to the self-employed

Banks that offer a loan to the self-employed

There are some banks that offer cheaper credit for the self-employed. The respective conditions and interest rates are very different. For this reason, you should definitely carry out a precise comparison before completing it. Always compare the effective annual interest rate.

In addition to the interest rate, this already includes important costs such as processing fees and commissions. When applying, you submit the last two income tax notices available instead of proof of salary. In addition, depending on the provider, a current income statement and a business evaluation is required.

Alternative to bank credit

Alternative to bank credit

A cheap loan for the self-employed is alternatively also possible as a loan from private individuals. Here you get the loan not from a bank but from private investors. This makes processing much less bureaucratic than a bank loan. There are various Internet portals that mediate such a personal loan. To do this, create a profile in which you can explain the reason for the borrowing and your personal situation. In addition, you can also directly specify the desired loan amount, term and the effective annual interest.

If you can convince enough donors with your profile, you will receive the loan amount through the mediating portal. You have no direct contact with the donors. The monthly installments are also collected from the relevant portal and distributed to the donors. You will be charged a corresponding placement fee for the placement.

Installment credit independent of credit rating

Installment credit regardless of credit rating should not be understood to mean that anyone can get this installment loan, regardless of their credit rating. The only thing is that, provided that the creditworthiness is given, everyone gets the loan on the same terms. That means that the teacher Mr. Meier pays 5.9% interest for 10,000 USD with a 48-month term as the baker Mr. Tanz. In contrast to installment loans with interest rates dependent on creditworthiness, personal creditworthiness is irrelevant. The creditworthy student is treated in the same way as the creditworthy doctor.

If the installment loan is independent of creditworthiness, this has advantages for borrowers

If the installment loan is independent of creditworthiness, this has advantages for borrowers

In the first place, credit-independent installment loans have the advantage that they can be compared better from the start using the loan comparison. The potential borrower knows at a glance how high the interest is and can calculate for himself what the loan will cost him. The situation is completely different for installment loans with interest rates dependent on creditworthiness.

Here is advertised with an interest rate that is optically optimal, but which is almost certainly not granted to any customer. If a potential borrower wants to know which specific interest rate is suitable for him, he has to get a personal offer. If that is the case, there is usually the awakening because there can be worlds between advertised interest and offered interest.

The installment loan with fixed interest is on the rise

The installment loan with fixed interest is on the rise

The new consumer credit directive has been in place since June 2010, forcing banks to back up the advertised interest rate with a representative example. Using the example, which must be chosen so that it applies to two thirds of the borrowers, consumers can quickly see the distance between interest advertising and reality. Some banks, such as Agree bank, have subsequently switched back to granting the installment loan with interest independent of creditworthiness.

Loans without Credit Bureau query

Advantages of financing through loans

Advantages of financing through loans

Loans without a Credit Bureau query have been advertised more and more frequently in the past few years and are intended primarily to convince debtors who have already learned about the advantages of financing through loans. Anyone who thinks that they have already sufficiently demonstrated their creditworthiness by taking out a loan should be surprised by most of the assessments of banks and service providers today.

Most credit institutions have long been applying much stricter criteria for lending than they did a few years ago, so that an excellent credit rating in the past no longer means anything today. And especially those who are looking for loans without a Credit Bureau query and therefore want to conceal the possibly negative preload from a current loan should be able to come up with other guarantees in order to have any hope of being granted the loan at all.

Missing Credit Bureau query and its consequences

Missing Credit Bureau query and its consequences

What distinguishes loans without a Credit Bureau query and how do they differ from other loans? First of all, it should hardly be possible to take out such loans at an ordinary local bank or savings bank, since the creditworthiness of the debtors plays an important role here and an existing Credit Bureau entry makes a new loan virtually impossible. At this point, many debtors only have the option of cooperating with rather unknown financial service providers, who usually only offer their services via the Internet and, accordingly, can only be reached by phone or email.

Although these promise fast and uncomplicated loans without any Credit Bureau query or the provision of financial security, the conditions of these loan contracts are designed in such a way that most debtors are completely overwhelmed with their fulfillment after only a few months. Terrifyingly high repayment rates make the repayment phase much more difficult than with a conventional lender, so that after a while many debtors only have private bankruptcy. In a condition that must be avoided in any case, especially if another loan has to be repaid.

Loans through internet

A large number of banks grant loans to individuals, but in most cases they require a large burden of documents and bureaucracy. If you need money urgently, this option may not be the fastest way. There is another much more convenient way to solve this problem: apply for a loan or any other city through the internet. The necessary official documents will be only in DNI or NIE, and with a brief application form and after verifying your bank account, the loan can be granted in minutes. To save time, you don’t have to move anywhere; You can ask for the loan without leaving your home or even from the office.

Fill out your application easily and quickly on the Lite lender website and send it. You will not wait more than a few minutes: this is the maximum time the system needs to process your data. If the system made a positive decision, you will instantly get a loan in your online bank account, being able to use the money for any purpose .

Who apply for loans?

Who apply for loans

According to the study ‘Why users have chosen mini-credits in 2016’ , created with real data on annual loan applications, 18% of the loans were requested from the community, where 22% of total loans were requested.

Continuing with the profile of the person requesting these loans, it is revealed in the study that 54% are men between the ages of 30 and 39, without children and with work . Of this majority, what users value most is the comfort, simplicity and immediacy of being able to apply for the loan online. And it is that this type of process only requires a connection with any device, be it a mobile, a tablet or a computer, and a few minutes to complete it all.

How to get a loan

How to get a loan

Prepare the minimum necessary, which we indicate here:

  • Scan your ID or NIE
  • Prepare your bank account number you own and your online credentials
  • Keep your mobile phone handy
  • Have access to your email

As you can see, this list is much shorter than those usually required in most banks, which means you don’t have to spend much time preparing.

Pay your loan: as easy as getting it

Pay your loan: as easy as getting it

Making the loan payment is as easy as receiving it at Lite lender. There are several ways to repay the loan :

  • Through the user area on our website (My Account button).
  • By bank transfer to account.

You are the one who chooses the payment method that best suits you . You just have to keep in mind that the payment must be made in a maximum of 30 days . If in this period you have not had time to collect the money from the repayment, there is also the option to extend.

Finalized or personal loan: when is it convenient?

One of the first classifications that can be made among the various loans is that between finalized loan and non-finalized loan. Then within the first category, with the evolution of the various products, we can today distinguish:

  • those that provide for different redemption options, such as car and motorbike leasing;
  • classic finalized loans which provide for the payment of a fixed installment until the end of the repayment plan, immediately becoming owners of the asset;
  • loans granted in advance, for example with vouchers that can be spent in affiliated shops.

In the latter case, the credit institutions that offer this type of loan make a certain amount available to the customer as a preventive measure, which must be used within a certain period (for example 30 or 60 days) precisely with affiliated partners. The reimbursement plan will start only when the purchase is decided, while if you do not proceed with the purchase, you will not have to pay any installments or related costs.

What all these (apparently different) forms have in common is the need to contact a vendor affiliated with the institution that grants the loan, remembering that by definition, if the financing is finalized, it is in turn subject to the purchase of a specific good .

 

Differences between finalized and personal loans

personal loan

As we said at the beginning, both targeted and personal loans are ‘functional’ to the consumer credit system, of which rules and regulations must logically follow. Having said that (and regardless of the mere definition) what differentiates the personal loan from the finalized loan? First of all, the obligation to indicate the use that will be made of the financing obtained, which is not envisaged in the personal ones, while it is present in the finalized ones.

 

How to access it?

personal loan

There are two traditional channels of access to the “finalized” form, namely:

  • by directly contacting a bank or a finance company, which provides, for example, a car loan within its offer, therefore specifically intended for the purchase of a car.
  • going through the service offered by the seller of the property (also online) that must be purchased which, in turn, will have entered into agreements with a financial company or a bank. Among the most common are PutUp Finance, Ardose, Fedilia, United Easy Bank, Onecredi, Lendomestic. In many cases the sellers of certain products (cars, household appliances, etc.) rely on loans that the ‘internal’ banks offer at rates that are on average lower than the market average.

These types of loans should not be confused with those typical of revolving or revolving credit lines, as these are sums that are (with some exceptions) usable as it deems appropriate, to be then repaid according to what is defined in the contract of financing, in the manner and with the expected interests, without obligation to justify.

 

Which is cheaper?

credit loan

In principle, the principle according to which it is the “risk” that drives a bank or a financial company to apply higher or lower interest rates always applies. Precisely for this reason, in general, the interest rates of the targeted loans can be lower compared to a personal loan where there is no objective guarantee (for example the car or a valuable asset, etc.) of the purchased object. In fact, in a finalized loan, the lender can redo the asset, object of the loan request, in the event of non-repayment of the loaned amount.

These are logically generic speeches that can vary considerably also depending on any promotions. It is therefore necessary to make more estimates to be compared, analyzing the orientation of the market and evaluating the presence of offers that can present attractive reward rates up to the 0 rate.

 

What could be the best way for you?

best loan

Without these necessary premises, even if you are oriented to choose the finalized loan, there may be different levels of convenience. First of all between ‘doing it yourself’ and requesting financing from the seller, this second way is the simplest one (it will be the seller who will have to take charge of the request procedures and follow the practice, already having in hand the documents necessary to prove the purpose as a quote, etc.) and, in most cases, even the cheapest.

As mentioned, in fact, in order to guarantee a certain volume of loans, credit institutions are better prepared to offer cheaper rates, compared to what happens instead with individual individuals.

For example, when it comes to car loans, if you have to choose between “internal” financing (that is, a bank of the group or an affiliated one) or external, the first ones are almost certainly, at least for what the l experience, those with the best conditions. Once again, before deciding, it is always advisable to have a quote for each type of loan that may be requested, and compare them.

 

The importance of consulting

credit loan

However, it is also necessary to evaluate the credit policies, which sometimes make it possible to make the request only to a limited number of proposers. The experience of the sellers, also from this point of view, can be a valuable help, especially when making more particular requests, such as in the case of an application without a paycheck, but using a guarantor or another type of income certification, etc.

Attention: moving away from a standard practice, for example when you need to insert a guarantor for the purchase of a car or a surety policy for the financial one, the possibility of being able to choose completely neutral between the different channels which offer access to typical targeted funding, can be significantly reduced.

 

What alternatives?

financial loan

Finally, we must also consider the fact that not always becoming owners of an asset right away can be the best choice. A typical example is found with car leasing, which can make the possession of a vehicle more flexible according to the changing conditions of personal and / or working needs. Also noteworthy is the greater ease of access starting from the preliminary investigation times, usually faster than traditional loans.