Avoid commissions when doing in advance partial payments for a bank credit

in finance •  2 months ago 

Thought to share with you some advice if you want to pay in advance a partial amount from your credit taken to a bank. What is very important in this process is the day you request and perform a partial amount for the payment in advance.

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Image source: GoodFon.com

Usually for the bank credit we are paying once a month the main and interest rate at a certain date - let's say 15th of the Month. An important factor is that if you want to pay in advance the bank will be taking also the amount for the current month interest. So it would be wrong for you to perform the payment few days before the maturity, but rather you should do it in the same day with the maturity after the money for the previous month have been taken. This way there wouldn't be any other charge taken and you will not pay additional interest for that month.

It's important to keep the fees with the bank at a minimum and just this trick can save couple of hundred of dollars. So, even if we all love crypto-currencies, but if we are still anchored in the traditional banking let's at least play it smart and try to bring the bank commissions to a minimum. The don't do the work for such additional activities so we shouldn't throw money away if we can save them.

I was lucky enough that when I've tried to pay in advance such a credit the person handling the account advised me to wait for the day of month when I would usually pay the monthly rate and only after that is taken from the account to forward also the partial payment for the remaining amount. It is still nice that there are kind employees working for bank which still think at the people loaning money. Credit and loans can put pressure on our financial so any help or tip to minimize the interest rates given back are quite important. Keep safe and play it smart with the banks!

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Goood work. Congrats