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As of February, consumer loan interest rate base score dropped to 0.88%, the lowest level of the last 4 years, while those using high-interest rates are applying for restructuring. Experts state that structuring the general purpose loan can be done in two ways and there is no penalty in case of early payment.

*** This release is originally published in Turkish.
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ISTANBUL (TR) - Consumer loan base interest rates fell by 52 percent in February compared to the same period of the previous year. According to the data of Hesapkurdu.com, the lowest interest loan interest rate given by banks decreased from 1.89% in February 2019 to 0.89% in 2020. Consumers using consumer loans in September, October and November of 2019 and 2018, where the consumer loan base interest rate reached the highest level in recent years with 2.45%, wants to get rid of the interest burden by restructuring.

“Saving 3 thousand 370 TL can be achieved through the configuration in the 20 thousand TL general purpose loan”

Stating that interest rates can be saved even in small amounts by structuring consumer loan debts, Hesapkurdu.com Credit Product Manager Ersin Yaşar said, “For example, a person using a consumer loan of 20 thousand TL with a 24-month maturity in February last year was at the lowest interest rate of 1.89%. If he had received his loan, the total amount he would pay would have been 26 thousand 155 TL after 2 years. However, today, if it goes to restructuring for a remaining annual debt, the current loan interest rate will save 3 thousand 370 TL over 0.89%. Credit configuration not only offers cost advantages from current interest rates, it also allows loans in different banks to be collected in a single bank and to create a flexible plan.”

“There are two ways of restructuring in loans”

Ersin Yaşar said “Consumer loan debts can be closed by structuring in two ways. In this case, the bank closes the loan in cash and calculates from the current interest rates and the debt is restructured according to the most appropriate maturity. The second form of structuring is about structuring the used credit or credit card debts with a more convenient payment plan. The structuring process can be started by declaring the loan debts and income status to the bank.”

“The most critical issue for the configuration is the credit rating”

Stating that attention should be paid to profit and loss account in credit debt restructuring process, Ersin Yaşar said, “Credit configurations may not benefit consumers under all circumstances. It is necessary to make sure that it is at the right time for the configuration. Before making an application, the best choice should be made by comparing the loan interest rates of several banks. Another issue to be considered about the configuration is the credit rating. Every application made for loan configuration is processed according to the credit rating. The configuration requests of those with low credit ratings are not accepted.”

About Hesapkurdu.com

Founded in 2010 Hesapkurdu.com, a free website and mobile application that offers the opportunity to compare and apply for credit and insurance products. It helps users easily access the most up-to-date and advantageous products of banks and insurance companies from a single platform and make the right financial decisions. Founded by Turkish entrepreneurs Hesapkurdu.com first, Italy's leading financial comparison platform MutuiOnline from the founding team, then serving 17 million customers in 18 countries, based in the Netherlands, the group received investment from Linn. Hesapkurdu.com, the 7th fastest growing country in Turkey between 2011 and 2013 by TOBB. his company was named and cited by Deloitte as among the top 50 fastest growing technology companies in our country between 2013 and 2016. In March 2019, BHL (Budget Holdings Limited), one of the largest comparison platforms in the world, is an online insurance sales company operating in Turkey. Koalay.com with Hesapkurdu.com united under the same roof. With the merger, 40 banks and insurance companies meet on the same infrastructure to serve about 4 million users each month.