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Have you ever wondered why you automatically take a loan from the bank? - Walla! Of money

2022-06-12T11:07:52.628Z


It's time to take the field of lending out of context as well, literally: money is a product that has a price, so those who need a loan should conduct a market survey


Have you ever wondered why you automatically take a loan from the bank?

It's time to take the lending field out of the box as well, literally: money is a product that has a price, so anyone who needs a loan should conduct a market survey.

Our examination revealed that non-banking entities, such as Max, offer a loan on better terms than the bank.

Worth checking out

In collaboration with max

12/06/2022

Sunday, 12 June 2022, 11:13

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Credit card companies now offer non-bank loans to the general public (Photo: ShutterStock)

When we need a loan, our first instinct is to go to the bank.

The combination of where his account is conducted and the belief that the bank will give us the best loan terms, probably does its thing.

The thing is that the first part is less relevant (and can even be a disadvantage) and the second part is not necessarily true: the fact that the bank manages the account and where the money is located should not make us a captive audience and the belief that the bank will give the best loan terms has long been incorrect.

For example, the publications of the financial reports of banks and credit companies at the end of 2021 show that max offers a loan with the lowest interest rate of all credit companies and on better terms than the bank.



Credit card companies now offer non-bank loans to the general public.

This is a loan given in addition to the credit offered at the bank and sometimes at a more affordable interest rate than the one it offers.

A non-bank loan is intended for any purpose: from closing the deficit, through assistance in purchasing a new car to financing a vacation (which we all need after two years of Corona) and there is also flexibility in terms of loan terms.

The credit card company max, for example, offers a loan in a convenient distribution of up to 84 payments.



So how do you decide where to take out a loan?



Tests conducted by max among its customers show that the considerations that guide them before taking a loan are: the body from which the loan is taken - there must be a reliable and recognized body in the field of loans;

The interest to be paid on the loan;

The flexibility in loan repayment;

Portfolio opening fees and portfolio closing fees and whether it occupies the framework in the bank.

All of these are important parameters and we suggest behaving as you do when making a big purchase: conduct a market survey first.

This way you can reach the most affordable offer for you.



Those who accept our advice often find that while until recently the interest rate at the bank was indeed lower than that of non-banking entities, today it is not necessarily so.

This is due to two changes that occurred in 2019 and increased competition in the lending market: In April of that year, the Bank of Israel launched the credit database, which stores information on the credit history of the general public, in order to allow financial entities to be exposed to information and offer appropriate loans. Everyone's personalities.

A customer with a good credit history will get a loan on good terms.

In addition, the two credit card companies Leumi Card and Isracard were separated from the banks Leumi and Poalim (respectively), so the interest rate in the market also became more competitive.



Even if the market survey reveals that the bank's offer is similar and even identical to the non - bank credit offer, we, the customers, are advised to know that taking a loan from the bank affects the customer's different frameworks and his banking space, the non-bank loan works on a separate, unrelated bank.

In addition, the customer is spared all the bureaucracy of presenting documents (pay slips or account sheets), guarantors and collateral / collateral.

Max loans are given to customers of all banks over the age of 21 (Photo: ShutterStock)

Up to NIS 150,000 on favorable payment terms



To continue to lead the non-bank loan market, with the largest non-bank credit portfolio in the country, max offers several things: provide the customer with an additional credit line, unrelated to his bank account, lend him up to NIS 150,000 on better payment terms From the bank and transfer the money to it in just three working days, after submitting an application in an easy and simple way.

If you already have an offer from the bank, you can contact a representative at max with it and request an offer at a lower interest rate.



Max's loans are given to customers of all banks over the age of 21, who hold a credit card from one of the banks or from the credit card companies.

All of these can check their eligibility immediately online or by phone.

After filling in a short details, the applicant will be able to know if he is entitled to a loan and if so - get a quick confirmation and see the money in the bank within only three days after the loan is flowing.

For those who do not have a max card, they will first be issued a card and then they will receive the loan.

Those who already have a credit card from max will also be able to get a loan on the card.

There are also loans that are given outside the credit line on the card, with the two lines together (at the expense of the credit line and outside it) can reach an amount of up to NIS 150,000.



The amount of interest actually paid on the loan will be based on the applicant's personal financial data.

The interest rate on the loan consists of a prime interest rate, which is the interest rate set by the Bank of Israel (which currently stands at 2.25%), with an interest rate customized to the customer.



For an affordable loan offer from max >>



It is important to know:



Failure to repay the loan / credit may result in a charge for arrears interest and enforcement proceedings |

Subject to the approval and conditions of the lender: Max |

The loan offer will be given according to the client's personal data

The publication does not constitute an offer for credit and Max may change what is stated in it at any time |

The benefit will be given up to a minimum interest rate of Prime + 3% |

Conditional on presentation of verifying documents regarding a loan offer or an active loan received from the Bank |

For new entrants only

Loans over NIS 50,000 can only be divided into 84 payments

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Source: walla

All business articles on 2022-06-12

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