Loans with an annuity (equal) contributions are very popular. At the same time as the credit is withdrawn, we must be ready for its prompt and correct redemption of the creditor. Repayment of debt obligations is a serious and important process that involves an in-depth analysis of our financial situation, a rigorous refinement and a comparison of income and expense.
On this page, we will introduce a few suggested to withdraw an annuity (both bank and fast online loans) and we will explain what annuity installments mean.
1. First Investment Bank – Consumer Loans
2. Expressbank – Fixed credit
3. United Bulgarian Bank – Consumer loan with fixed interest rate
4. Sibban – Consumer Loan “For You”
5. Micro credit – CrediHome
6. Feratoum – Contribution Loan
Repayment of credit money is made through repayment installments, which contain a certain amount of interest and principal.
In order for the repayments to be convenient and beneficial, it is very important that we properly choose and agree on their type, size and exact date of importation.
So we have to arrange the repayment of the loans so that it does not hinder us and is secured with our income obtained from different sources.
It is necessary to cover our urgent expenses, the utility bills, to have money for food, clothing, medicines, education, recreation and other current needs and to have the means to pay the full amount of the repayment installment.
An integral part of the loan agreement is the individual repayment plan specifying the amount of the repayment installment and the maturity date.
It is prepared by the creditor with our active participation. Banks and financial companies offer online credit calculators with the help of which we can make calculation variants and we can pre-calculate the entire amount due and the amount of the repayment installment.
What is an annuity loan? In practice, we know two types of repayment installments – equal (annuity) and declining. For equal contributions, it is characteristic that they remain the same, fixed for the entire duration of the loan.
In equal installments the interest rate is constantly decreasing and the principal is increased by the same amount.
Most borrowers prefer equal repayments, one of the reasons being that they are a constant same expense that is known does not change over the time provided for repayment of loans.
In principle, equal repayments make more expensive loans from declining, but they are for people with less high income.
The way we pay for withdrawn credits also forms our credit history, which is available to all legitimate creditors enrolled in the Central Register of the BNB, and defines us as payers, whether we are loyal and reliable.