How often do you buy by installments? Do you remember all the steps that must be taken? Luckily, you can find a suitable checklist on our blog.
We have already provided reasons advocating for installments. Now it is time for a 10-item checklist with basic rules for all of you buying by installments or planning to do so. The list may come in handy during the very purchase process and after taking the loan.
#1. Remember that delivery is a cost as well
Shipping cost is included in the amount to be covered by a loan. The total order value must be higher than PLN 300 but cannot exceed PLN 20,000. Moreover, you can pay for more than one product from your cart.
#3. Get ready for formalities
To fill out a loan application, you need your ID, bank account number and information concerning your income and employment.
#4. Buy an insurance policy if needed
Such insurance should always be an option, not an obligation.
#5. Verify data you enter
For the purpose of identity verification, you need to make a refundable transfer. Transfer data must match the data included in a loan application (in other words, it should be always “William” or “Bill”, not “William” and “Bill”). Remember to use your account to make the transfer – do not use your spouse’s account. In order to improve transaction security a bank consultant may call you.
#6. Read the contract
The document should include a repayment schedule and rules as well as provisions concerning breach of contract.
#7. Do not keep a product that does not meet your requirements
Check the loan contract you received to your email address to find a repayment schedule. If an installment is due, you will be subject to consequences set forth in a contract concluded between you and a bank (lender). The contract withdrawal includes two steps – first return the item within 14 days from the receipt. Then withdraw from the loan contract (within 14 days after concluding it) through the bank (lender).
#8. Repay your installments on time
Check the loan contract you received to your email address to find a repayment schedule. If an installment is due, you will be subject to consequences set forth in a contract concluded between you and a bank (lender).
#9. Make sure you have enough fund
Remember to have enough funds on your account at the installments’ maturity day.
#10. Inform the bank about changes
If you lose job, you can negotiate the contract or suspend the repayment.