There is a marketing term, “poster price”. Say, in bold letters, that the XY car is only $ 3,999,000. It turns out in the salon only that there is such a car for this, but no air conditioning, no parking radar, no tilt rear seat, so no one buys it poster car. The real price of a car is five million forints and above, the poster price is only to entice customers to the salon.
If you think the poster price is only used on cars then you are wrong. As it turned out, the very attractive interest rate is only available for loans over HUF 3 million, and the interest rate is significantly higher. But so much so that it specifically has more than double the interest on two million than three million.
The 6.9% low-cost loan is being advertised everywhere on billboards. The figures on the website are slightly different, that is, at 3 million forints and above the low APR, and in other cases they change in a band. Here are some pictures, which show, for example, that 2.9 million monthly installments are more than 3 million since the APR is higher.
Obviously the pricing of the most used loans is different
There’s no problem with that, you need some kind of customer lure, but obviously the pricing of the most used loans is different.
I was wondering how much a drop of attention could be saved, so if I take out a discounted $ 3 million loan and immediately transfer back $ 1 million as a prepayment (because, say, I only need $ 2 million with a APR of 14.9% !!!), then that is what it entails.
So what’s written on it? For 5,000 forints (that’s 0.5% of the 1 million) I’ve already solved to have 6.9% APR on the 2 million credit line.
And what else can we find below? If I pay back the $ 1 million in two installments ($ 200,000 on the day of the borrowing, $ 800,000 the next day) and I fill out two prepayment forms, I don’t have to pay the $ 200,000 prepayment fee, only $ 800,000, low THM.
I tried to check back to see if I had a good idea of the process
But not the sharpest knife from the kitchen behind the “Credit Expert” chat on the site. We get stuck. Unfortunately, at the beginning. On the other hand, it is positive that in two simple steps the percentage calculation has been successfully passed.
So if you are serious about borrowing, let’s run a round at the bank and try not to chat.
So that’s it. If you need a personal loan for some reason, take more and pay it back the next day.
When is a Personal Loan a Good Idea?
For example, buying a home or renovating it requires a couple of million forints, but only for a few months to a year. Let’s say you can repay a few hundred thousand a month, or expect a larger amount in a few months.
You could take out a home loan or a free use loan, but it would cost a lot more. Valuation, disbursement fee, land registry costs, etc. Prepayments can also be much more expensive, 1-1.5% compared to 0.5-1% in the example.
It is better to take a personal loan with a 7% interest rate
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It’s cheaper, easier and faster. What you should keep in mind is that you need a good salary because they will give you X times your salary and your monthly repayment will have to be within 40-50% of your salary.