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According to Hesapkurdu.com data, consumer loan interest rates fell by %45 in October, from 2 percent to 1.10 percent compared to the same period last year. While the interest rates are at their lowest since last year, this decline offers a great advantage for those who want to restructure their loan debts.

*** This release is originally published in Turkish.
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ISTANBUL (TR) - An average of 9 million people apply for general purpose loans each year to meet their short-term and low-cash needs. Increasing interest rates in the second half of 2018 led to a decrease of up to 25 percent in the number of consumer loans used. This year, on the other hand, interest loan interest rates, which declined by 45 percent in October compared to the same period of the previous year, provide opportunities for those who want to provide cost advantage by structuring their debts.

“There is no penalty for early payment in consumer loans”

Sinan Zeydanlı, Senior Business Analyst at Hesapkurdu.com stating that an advantageous period has been passed for the structuring of loan debts, “For example, a person who used a loan 6 months ago with an interest rate of 15 thousand TL, 60 months and 1.90 percent monthly, 1.18 percent interest per month closes the existing loan using a new loan from the rate; can shorten the term by 13 months with the same monthly installment amount and save approximately 5 thousand TL interest ”. Sinan Zeydanlı stated that there is no penalty for early payment in consumer loans, "In case of the closure of the current loan, no penalty is paid. In addition, the life of the loan, personal accidents, such as the number of days remaining insurance will be returned to the premium," he said.

“When structuring loans, profit and loss account should be done carefully”

Sinan Zeydanlı explained the issues to be considered in the loan debt structuring and said, “First of all, monthly installments should be calculated with the new interest rate over the total amount to be paid. Evaluating only interest rates may cause an error. When the costs and the total costs that are outside the interest rate are included in the loans, different results may be obtained. For this reason, it will be helpful to make a comparison through several banks before applying. At this point, Accountkurdu.com helps all its customers with a simple and understandable interface. ”

“Credit debts can be closed in two ways”

Sinan Zeydanlı, who stated that general-purpose loan debts can be structured in two ways, shared details about the process: il The first of the configuration options was the restructuring to reduce the interest rate; The second method is the restructuring of credit and credit card debts. When the interest rates decrease, the bank calculates the new interest rates by showing the loan closed in advance and the loan is repaid. In the configuration made for the debts which are difficult to pay, documents showing the credit and credit card debts and income status are transmitted to the bank. The allocation unit of the Bank makes a positive or negative return by evaluating the documents and credit rating given. ”