How to Be Careful When Applying for a Bank Loan


This article is shared by criminal defense lawyers in toronto for people who have intentions or have already begun negotiations to improve their loan terms but are not really familiar with their legal rights. Keep reading and you will find out everything.

When the bank agrees to improve the terms of the loan, things suddenly become very, but very urgent.

“We have agreed to reduce your interest rate by 1%, but you need to sign an annex for renegotiation by Friday at the latest!”

“You will be charged the annual fee, but this offer is only valid until the end of the month!”

Here is one of the best ones: “You need to come to the bank. It is pointless to send you the new email offer. I’ll explain everything to you in the annex when you come. ”

It’s a sure sign that they are afraid of letting you down as a client by telling you how to improve your loan terms.

Who best suits your quick signing number:

Best Bank Employees. They build a strong emotional relationship with the borrower. They look as if they’ve done the impossible to achieve the best for their client. A rude and unpopular credit inspector would never achieve such results.

In fact, courteous and involved bank employees are often well-trained pit bulls. Biting the customer with the strongest bite – emotional engagement. And because they did everything by themselves. And because you, for incomprehensible reasons, are very kind and sympathetic to them. They have earned a “special” discount in the re-negotiation fee, in the interest rate, etc. And you’re starting to feel so special.

How many people give up in the middle of the process of negotiating a better rate just because their favorite banker has told them that this is the best? A lot.

There is nothing wrong with that. Be loyal to the people you serve. To appreciate their labor. But it is a financial disadvantage.

Just imagine what would happen if you do not respect the deadline set by your creditor. You have an interest rate of 6% at the moment. They offer you to reduce it to 5%. You have missed the “promotion” that you (as you know) is special for you. And if you say a month’s delay you decide that you will agree – what next? Do you think your creditor will say, “I’m sorry! The offer is no longer valid! You stay at 6%. ”

Especially if you have learned the lesson about how to negotiate with a bank. Especially if you conscientiously played the theater and you convinced the bankers that you would be breaking up with them and you would go to their competitor. Do you think there is such a short-sighted lender that you can stomp and say you have missed the offer?

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