CB
Let’s share Bank
January 20, 2021
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In this article we explain everything you need to know to pay your credit.
How do you pay off a bank loan?
In order to make your credit payments you must know the following points:
1. Payment methods
A payment method is the way in which you make the loan payment periodically.
What payment methods are there?
- Web portal: Through your Bank’s web portal.
- Bank: You can pay from your branch through cash payments or checks.
- Correspondents: Specific points in which in addition to paying your credit you can make withdrawals and transfers; for example, Yastás Points, supermarkets, self-service stores, etc.
- Mobile: Through the digital banking application of your financial institution.
Remember not to share your account number, username, or password with anyone.
2. Deadlines to pay the credit
What is a deadline? The term is the total life time of a loan, from when it is granted to you until you make the last payment and pay off your debt.
It is important that you keep this date in mind, write it down in your diary or on some paper that you can put in a visible place (like with a magnet on the refrigerator).
3. Extension of loan payment
The extension of a loan payment is when the time of your credit is extended, due to the emergence of some inconvenience that has made it difficult for you to pay on time. For which the bank can grant you an extension.
4. Interest on a loan
Interest is the charge that they charge you for lending you money, therefore, when you make the payment of your credit, you pay what was loaned to you plus interest. That is, if, to say a figure, they lent you five thousand pesos, you will have to return that money and, in addition, the corresponding interest.
It all depends on the bank with which you are and the type of credit they agree on. Therefore, when you apply for a loan, make sure you understand when and how much you will have to pay. The differences between different offers can be very significant.
If you want to know more about how loans work, we invite you to browse through our category Take care of your portfolio.
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