Have you taken any loans recently that you would like to pay back today? Or maybe you want to consolidate your financial obligations? In the event of early repayment, you can apply for a partial reimbursement of expenses you have incurred. How to do it
The first thing that comes to our mind in the event of early repayment is the refund obtained for the insurance premium for the unused period. Insurance has for many years been an additional credit cost, which often constitutes a high fee. The reimbursement of insurance should therefore be our first step, which we should take.
What about the rest of it?
The next step is interest. It is logical that shortening the repayment period should pay for the time in which we basically used the obtained funds. For example, if the loan is still valid for six years, but decides to pay it back today, the bank will not make me pay interest for these years. We will pay only the remaining capital and any interest as of today.
Can a bank commission be recovered?
From mid-2016, we have the opportunity to apply for a refund of bank commission adequate to the time of repayment, which is not refundable until then. This possibility appeared thanks to the favorable interpretation of the Financial Ombudsman and UOKIK regulations, in which we read:
“In the event of early repayment of a consumer loan, the creditor should reduce proportionally and reimburse all costs of such a loan. This is a common interpretation of the provisions of the Consumer Credit Act of the Financial Ombudsman and the President of the Office of Competition and Consumer Protection. ”
What does this mean for the borrower?
This is a clear message that allows you to get rid of the reimbursement of the commission costs incurred, which is included in the loan agreement. Thanks to this, earlier repayment becomes more profitable,
and the less favorable terms of several loans can be safely consolidated into one convenient installment.
Applying for loans through capital lender is easy. An online loan application is sufficient to address both banks and private investors at a serious level. Of course, the borrower decides who gets the loan.