How to pay off a loan. Repayment strategy for multiple loans. How to choose the right one? If the borrower does not pay the loan, should relatives pay?

The Russians began to actively repay their loans ahead of schedule. Financiers call this strategy correct. What approaches should be guided by the early repayment of debts?

According to the NBKI, early repayment of retail loans in the first 3 months of 2016 increased by 67% compared to the first quarter of 2015. For three months of this year, the Russians paid out more than 950 thousand loans before the end of the term. More than 3700 companies provided data for the study to the NBKI financial institutions. The calculations took into account the number of fully prepaid mortgage, consumer, car loans, credit cards and loans in MFIs.

The trend of early disposal of debts was recorded by the NBKI in the fourth quarter of 2015, when citizens repaid 720,000 loans ahead of schedule. First of all, borrowers pay off consumer loans: in the first quarter of this year, 640,000 such loans were repaid. In second place are credit cards and microloans.

The main reason for the growth of early disposal of debts of the NBKI is the expiration of the terms of super-profitable deposits that banks opened in late 2014 and early 2015 after an increase in key rate Central Bank to 17%. “Funds from these deposits were used by people for early repayment of loans,” explains NBKI Marketing Director Alexei Volkov. Volkov says that people pay off consumer loans more often due to the fact that there are more of them. According to him, the share of loans for the purchase of consumer goods exceeds 2/3 of all retail loans.

Proper Behavior

When repaying loans early, you should pay attention to several parameters - the amount, term, rate on the loan and the remaining time for its payment. Independent financial adviser, Associate Professor of the Financial University Saida Suleymanova believes that it is important to start with the most expensive loan. “If a borrower has several different loans open at the same time, for example, both consumer and card loans, then the loan with the highest rate is paid out first,” she says.

It is necessary to pay attention not only to the rate, Natalya Smirnova, general director of the Personal Advisor company, is sure. “The value has the effect that partial early repayment will have on the size of the monthly payment. Paying off your mortgage early will not affect your monthly payment. According to this criterion, the most profitable is still the repayment of relatively short consumer loans”, Smirnova notes.

The term for which the loan is issued is taken into account in the third order. Since most of the payment at the beginning of the loan term is used to pay interest, consultants advise paying off loans with more time left before the end of the loan to save on interest. “Long loans are more profitable to repay ahead of schedule in the first half of their validity. This is a general recommendation for all loans with annuity payments,” says Smirnova.

Financial opportunities

Loan repayment before the due date is not always economic sense- for example, if the amounts allocated for these purposes are small. Suleymanova does not recommend doing this if it is not possible to deposit an amount at least twice the amount of the monthly payment.

Often limit the minimum amount of additional payments on the loan and banks. Andrey Tocheny, Deputy Director of the Retail Business Development Department at Sviaz-Bank, says that usually the borrower will have to pay an amount not less than the amount of the monthly payment or established by the bank amounts. This is how bankers fight costs. At the same time, the bank cannot officially set a commission for early repayment - this is prohibited by the law on consumer credit, says Pavel Samiev, managing partner of the National Financial Research Agency (NAFI).

Smirnova believes that in case of early repayment, it is necessary to weigh your financial capabilities and not deny yourself everything in order to pay off the loan. “If after that a person has no money left, then it makes sense to pay not ahead of schedule, but in the usual way,” the expert believes.

Suleymanova draws attention to the fact that early repayment is not profitable for banks. “Officially, not a single bank will confirm this, but many times I have come across the fact that banks in every possible way interfere with the borrower in a new application for a loan. They may even refuse,” she says. For banks, the most preferable option would be to repay the loan on time, without delays and without early payments, Samiev explains.

Smirnova, however, is sure that early repayment does not affect the decision of banks when issuing further loans. “The only exception can be the situation when the client takes a large amount for long term and pays it in full within a year or two. On such borrowers, banks will not earn anything at all, and they may subsequently be refused,” the expert believes.

Everything's under control

According to Sergey Sitin, head of the retail lending department of the Bank of Moscow, as of the date of writing off the amount of early payments, the borrower must check the sufficiency Money for early payment. “Sometimes there are situations when there are fewer funds on the account than necessary, but the bank can only write off the amount indicated in the application for early repayment, so in such a situation the payment does not occur at all – we have no right to write off a smaller amount,” says is he.

Experts also urge not to forget about the documents. “After partial or full early repayment, the client must ask the bank for a document that confirms the fact of receiving the payment and indicates the changed conditions for the loan - either the term or the monthly payment changes,” says Natalya Smirnova from Personal Advisor.

Suleymanova warns that sometimes a client who has paid off a loan may still be considered a debtor due to the mistakes of bank employees. “I had a case when I paid off part of the loan ahead of schedule, but the bank left the old schedule and charged payments on it,” she says. In her opinion, these moments should also be controlled independently.

Since there are on average 3 loans per Russian, we decided that it would also be interesting for IT specialists to learn how to repay their loans and debts correctly and profitably.

Getting a loan is very easy, but paying off creditors is much more difficult. As practice shows, you can get out of the deepest financial hole if you don't despair. Our tips and methods will help you pay off even with large debts: competently pay off the debt, find money to pay, choose the best payment method.

How to pay off credit card debt

1. Talking to creditors

You may be offered lower interest rates for a while, or even eliminate some late fees, change your payment schedule. All this will help you move on, and as an option, your credit history won't get hurt. Of course, you should stop using your credit card, fixing the debt so that it does not increase.

Advice:

• Tell them you can't pay more.
• Fix the debt.
• Try to soften the terms.

The bank is just as interested in repaying the loan as you are. There are cases when banks can close a loan even at a loss, while this does not affect the client's credit history in any way - a common cost management business process.

2. More than the minimum payment

Credit companies and banks love it when you pay exactly what you need. It seems to you that you are repaying the loan, albeit little by little, but in fact your debt only increases due to interest. If you pay at least a little more, it will be more profitable, as it will shorten the payment terms. As practice shows, about 10% of income is spent on random things, so try to immediately deposit them into a credit account.

For example, take a credit card with spent credit limit at 100,000 rubles. The table of minimum payments for this amount will look something like this:

By the end of the year, you will be able to pay only 60,000-70,000, and interest will accrue on the balance of the debt. In fact, the minimum payment is arranged in such a way as to make your loan as long-term as possible and profitable for the bank. If the minimum payment is made even with small, but delays, it can all be spent on repaying fines, interest on overpayments, penalties, and current interest. You will pay, but the debt will not decrease at all.

Advice:

• To close the card in less than a year, make x1.5-2 minimum payments

3. Plan your budget

Surely there are things on which you spend more than you need, believing that this minimum amount will not work. What can a cup of coffee change if you need to pay off a car loan? It sounds naive, but write down all your expenses and you will see what you can save on. No fantasy, but even a small amount will be enough to cover the interest payments, and in addition, pay a little more than the minimum payment. This is exactly the money that you spend on nonsense.

Advice:

• Optimize your expenses

4. Try to increase income and prioritize

There are no general tips here. Someone can take more working hours or days, someone can work longer and get a bonus. Some make money with their skills and hobbies. Take any temporary job, look for part-time jobs, you need to improve your financial situation. If you have a car, get a job as a taxi driver. You can try to sell unnecessary things. They can buy anything from you, from an old washing machine to a broken children's bicycle. Something that has been gathering dust on the balcony for years can bring you $20-$50. Enough for the minimum payment.

If you're saving up for education, it might be worth spending it now, pushing back your plans for a year. If the family has two cars, you can sell one of them, so you will not only get a large amount, but you will not spend money on gasoline and maintenance, renting a garage. ride on public transport more inconvenient, but cheaper. Try to give up hobbies and hobbies, this will free up a certain amount every month and allocate time for part-time work.

Advice:

• Grow your cash: new income = new credit opportunities.

American methods of debt repayment

1. First of all - with the highest discounted rate

It would seem that this is obvious, but many try to pay off small loans first in order to pay off at least part of it. In this case, you overpay the interest for the service, so the total amount is higher. For example, you have one loan at 13% per annum, the second - at 10%. With the same loan amounts, focus on paying off the 13 percent loan while paying the minimum payments differently.
You will have to pay interest anyway, but this way you will make them less.

If the amounts are different, then it is necessary to bring the interest rates in line with these amounts. Suppose we have two credit cards: Alfa-Bank, with a debt of 100,000 at 25.9%, and Sberbank with a debt of 80,000 at 19%. We bring the rate of Sberbank to the rate of Alfa-Bank:
19*(100/80)=23.75%. That is, the main efforts must be made to repay the loan at Alfa-Bank.
If we assume that the amount of debt in Alfa-Bank is 50 thousand, then the reduced rate of Sberbank will be 19 * (80/50) = 30.4%, which makes the repayment of this debt paramount.

Advice:

• Count loans: pay off those that are profitable, and not those that you want.

2. If the accruals for several loans are approximately equal

Reverse method: if you have several loans with equal charges, pay off the smallest one. This is the so-called “snowball method”: paying off one loan motivates you to pay off the next, while reducing their number. Most people find it easier this way and subconsciously lean towards this method. Please note that if you are at risk of confiscation or one of the accrual credits is clearly larger, this method is excluded, extinguish more credit as described above!

Advice:

• With equal debts, try to close a specific loan

3. Restructuring and refinancing

If you borrowed a large amount to develop a business or buy an apartment, and paid at least a third, you can ask for a restructuring. It is beneficial if the bank now provides loans for the same purpose at lower interest rates. They can meet you halfway, and you will receive not only a reduction in the total debt, but also an extension of the term for a new loan. That is, you can take advantage of the restructuring to reduce the monthly payment, increasing the total loan term. Restructuring makes sense when interest rates are significantly different, as you will have to pay commissions and some other fees during registration, so carefully calculate the benefit.
By the way, not all banks agree to refinance their own loans, so you can try to sell the loan to another bank. For example, refinancing mortgage loans engaged in VTB24 and Sberbank. Raiffeisenbank can refinance both its own and other people's car loans.

Advice:

• If you can't pay - restructure: restructuring will collect everything in one payment and reduce the monthly amount.

4. Repayment from another credit account

If you want to repay a loan with another bank credit card, on which you have no debt and there is a certain amount that you can use, make sure that it is profitable. Even if you can use the amount at 0%, there are always fees associated with transfers, so you will lose some money, but at the same time increase the number of loans that you have to repay at the same time. If you choose this method, to calculate the amount, divide the debt by the number of months during which the interest-free loan is valid, and make sure that you have enough funds to repay.

Advice:

• Avoid fines: use other loans if the situation requires.

Comparative table of American repayment methods:

These simple techniques will help you avoid various unpleasant situations with loans. Loans are a very useful and correct tool that expands our capabilities, the right attitude towards loans is the key to success.

A law adopted in Russia in 2011 secured the right of bank customers to repay loans ahead of schedule. Now banks do not have the right to demand notification of early payment of borrowed money and fine borrowers. When is early loan repayment beneficial?

Since 2011, customers have been legally entitled to repay operating loans ahead of schedule. Previously, banks often prevented clients from doing this: they appointed commissions, introduced minimum and maximum payments, demanded notification, and even fined payers. Law No. 284-FZ clarified this issue. Now any borrower can repay the loan ahead of schedule without any consequences.

Features of early repayment

Early repayment is beneficial to the client at any stage of fulfilling his obligations, as it leads to a reduction in the principal debt - the so-called "loan body". The fact is that the interest on the loan is calculated according to a special algorithm that provides for the total balance of the debt. And the smaller it is, the lower the value of accrued interest.

Early repayment is especially beneficial with an annuity payment method (in equal installments). For example, Ivanov has consumer credit in the amount of 300,000 rubles, issued for 5 years at 21% per annum. He pays 8,116 rubles a month. A year later, he received a bonus of 50,000 rubles and decided to repay his loan at the expense of it. His balance of debt (excluding interest) before the payment was 262,004 rubles, after - 212,004 rubles, and the total payment per month was reduced to 6,564 rubles.

The earlier you manage to make an extraordinary payment, the more the borrower can save on interest, since initially they make up most of the payment. But early repayment at the last stages of lending can save some of the funds and finally free the borrower from debt obligations.

If the client has fines and penalties, then they will have to be paid off separately before making an early payment.

Full and partial repayment

Distinguish between partial and full repayment. With partial repayment, the body of the loan is reduced by the specified amount. In this case, two options are possible:

• “early payment” is charged at the next payment, then the account must have funds for the next payment + additional amount;
• "early maturity" reduces the size of the loan body immediately, then the amount of payments is recalculated, and on the day of payment it will be necessary to deposit a smaller amount.

How exactly the loan will be reduced in case of early repayment is discussed in the contract.

Upon full repayment, the client pays an amount equal to the balance of the “net” debt plus interest accrued for that month. For example, the body of the loan is 240,000 rubles, and the amount of the monthly payment is 8,000 rubles, of which 3,500 are interest. This means that the account should have 243,500 rubles. You can see the balance of the debt and interest in the payment schedule and plan in advance how much money you need to deposit into the account.

If the loan is repaid in full ahead of schedule, you must not forget to take the appropriate certificate from the bank, otherwise unpleasant incidents are possible when the bank suddenly “remembers” about the unpaid 2 kopecks and charges penalties on them.

How to make an early repayment

The early repayment algorithm - full or partial - depends on the terms of the loan agreement. But usually it goes like this:

1. The client must notify the bank of the upcoming payment (usually a period of at least 2 weeks is set, but some banks allow you to repay the debt at any time and without prior notice);
2. On the day of the next payment or any arbitrary day (as established by the agreement), deposit the required amount on the card or account;
3. Submit a loan application;
4. Wait for the funds to be debited and receive a new payment schedule, or a certificate of full repayment of the debt.

Each bank sets its own rules for early repayment. For some, it is enough to have the necessary amount on the card or account (for example, deposited through an ATM or transferred interbank transfer), and some require cash deposit through the cashier.

The most progressive banks generally provided for the possibility of early repayment of debt online, for example, without visiting a branch and filling out an application. To do this, it is enough to have a comprehensive service agreement and know the details of the card or account from which the funds are debited.

The technical limitations of this method of debt repayment lead to the fact that:

• you can write off funds only on the day of payment, and not on any arbitrary day;
• the amount of an extraordinary payment cannot be less than the next one (i.e., you need to repay the amount of at least 2 times more than the next payment).

However, programmers are gradually circumventing these restrictions, and it is quite possible that in the near future the possibilities of early repayment will be practically unlimited.

Other banks - for example, VTB 24, and a number of others - provide for the possibility of early repayment through an ATM. But this only works if the funds are debited from the card. In order for the program to “understand” that it needs to write off money as an early repayment, this must be indicated directly when making a payment.

However, there are restrictions on maximum amount payment through an ATM, usually 30-50 thousand rubles. If you need to pay more, you will have to contact the branch.

Payment reduction or term reduction

Often, banks do not leave alternatives for their customers and only offer a reduction in the monthly payment for early repayment, while a reduction in the validity period is also possible. loan agreement.

Which of these is more beneficial?

If we think purely psychologically, then the reduction of the payment looks quite attractive: the monthly burden on the budget is reduced, and the client has free funds that he can spend on increasing the amount of early repayments. In a situation where the loan payment is a significant part of the costs, this remains the only way to free up some funds.

However, mathematics says that from the point of view of saving on interest, it is more profitable not to reduce the amount of early payments, but to shorten the term of the contract.

Let's explain with an example. Petrov took out a loan in September 2016, the loan parameters are as follows:

• payment amount - 9,175 rubles per month;
• overpayment - 200,204 rubles (57.2% of the debt).

Suppose a year later, Petrov had 50,000 rubles free, which he decided to spend on early repayment of the loan. If he chose to reduce the monthly amount, then the new loan parameters will be as follows:

• payment amount - 7,664 rubles (1,511 rubles less);
• overpayment - 177,901 rubles (50.8% of the debt).

If he chooses to reduce the loan term, then the numbers will be different:

• payment amount - 9,175 rubles (same);
• overpayment - 150,326 rubles (42.95% of the debt).

Thus, there was a significant savings on interest - 27,575 rubles remained in the pocket of the bank client. In addition, with a reduction in the term, the loan will be repaid as early as November 2020, while with a decrease in the amount of the payment, the end of loan obligations will come only in September 2021, i.e. the borrower managed to “save” almost a whole year!

Naturally, banks do not like to shorten loan terms, as they lose most of their profits, and in most cases do not inform borrowers at all about this possibility. By the way, with differentiated payments (with a gradual reduction in the size of the monthly fee), the reduction of the term is even more profitable.

What to choose in the end - remains at the discretion of the borrower, and should be chosen based on current circumstances. Sometimes reducing the debt burden is simply necessary, and then this method of early repayment should be preferred.

There is an opinion that with long-term lending - for example, a mortgage, it is best not to shorten the term, but to reduce the monthly debt burden, since inflation will devalue a significant part of the payment over time, and it will become easier to fulfill your obligations.

What to look out for

Before you start early replenishment, you must carefully read and familiarize yourself with the rules. So, sometimes banks impose the following restrictions:

• on the day of early repayment;
• for the minimum repayment amount - usually it is equal to the standard payment;
• on the payment method, etc.

If the contract specifies any commissions or penalties for early repayment, then they are illegal. You can challenge them in court.

For partial early repayment, be sure to get a new payment schedule. It must be certified by a round seal and signed by the officer responsible for lending. Even if payments are left for 1-2 times, this schedule should still be drawn up. Make sure that the date of the next payment is not lost in it, otherwise you can overdue it.

Before you apply for "early maturity", make sure that there is a sufficient amount in the account. It is better to put it in advance, and not leave it for later: anything can happen - you forget or the ATM will not work.

If the bank allows early repayment on any day, then it can write off all the funds deposited on the card as soon as it receives applications from you. And then on the day of payment, the account will have 0 rubles, and this is fraught with delay and penalties. So just before the normal due date, make sure you have enough money in your account.

Thus, early repayment of the loan is a real way to save own funds on interest payments. The right to "early maturity" is enshrined in law, and the bank cannot create obstacles for this. Significant savings can be achieved by reducing the term of the loan agreement. But in some cases, to reduce the credit burden, you can also use a decrease in the amount of the monthly payment. Before making an early payment, you need to make sure that after debiting funds, there will be enough money left in the account to service the debt. If, with the help of repayment, you closed the loan completely, do not forget to take the appropriate certificate from the bank.

How most profitable: extinguish Bank loan ahead of schedule, or pay further? If you have free capital, you can use it to repay the debt. But is it worth it?

The profitability of this procedure is undeniable - the faster you pay off your debt, the smaller your final overpayment will be, and the faster you will be able to morally "free" yourself and your family from giving half of your income to the bank every month.

Therefore, if you have additional income, savings in the bank, etc., then it is best to use them to pay off debt.

Repayment benefits:

• you will not need to pay interest for the next period;
• the overpayment is reduced. Moreover, if you took out insurance, then in case of early repayment of the loan, part of it can be returned upon a written application, detailed instructions you will find here;
• after payment, you will receive moral relief that you got rid of the debt.

Minuses:

• it may affect your credit history,
• fines. The fact is that sometimes the size of sanctions for early payments can exceed the entire winnings in interest. Therefore, you should re-read the clause on the conditions and procedure for repayment in your contract.

Remember - in order to pay off your debt ahead of schedule, you need to contact your bank branch with this question in advance at least a week before the date of the next payment. Exactly credit specialist will tell you how profitable it will be, exactly how much you need to deposit and give you a new repayment schedule.

Many of our readers are interested: which method is more profitable - to reduce the amount of the payment or the term of the loan? We answer - the profitability will greatly depend on what kind of repayment scheme you have (annuity or differentiated payments), as well as on what your income is, and how burdensome the monthly loan installment is. We consider this situation in detail.

After comparing the amount of fines with the amount of interest that you will not pay, decide which is more profitable for you. A mini-instruction on the actions to be taken is given in this article. We talk about whether banks can introduce a moratorium on early repayment in this article.

If you mean the method of payment of the loan, then there are many different options. Terminals, bank account transfers, payment systems, ATMs. Check with your bank which repayment options are supported by your loan program.

Please note that some terminals and payment systems charge a fee. A classic example is debt repayment through Qiwi terminals.

Accordingly, it is more profitable to repay the loan through ATMs or the cash desk of the bank where you received the loan.

If you want to know how to get a loan without refusal? Then follow this link. If you have a bad credit history, and banks refuse you, then you should definitely read this