Six Ways to Tackle Consumer Financial Complaints

With a change in the lifestyles of the Indian people, there are a whole lot of those who opt for loans for consumer products and decide to buy products on EMI or easy monthly instalments. Not only does the system ensure that the buyers get to enjoy products that they may not be able to buy without loan, but they also get a convenient payment plan. However in a lot of cases it is seen that after the purchase people come across problems which are generally seen on the Syndicate Finance complaints forum. These complaints mainly arise for one simple reason which is that the loan takers do not read the fine print and when they face an issue, the loan providers may blame the problem on terms and conditions. This is one of the reasons why one must know the different ways of tackling a consumer finance complaint. Here are 6 major ways to do so:

1. Compare: In the excitement to make a purchase, one must not forget that they are supposed to make a thorough check about the different rates of interests and the payment durations of the loan. It is important for the loan takers to compare more number of loan providers to get a clearer picture of which one to opt for.
2. Duration of loan: When opting for the EMI option, one must check what kind of duration the loan needs to be prolonged to. Though the EMI amount becomes smaller with a longer duration of loan, the amount paid in interest increases and one ends up paying more at the end of the term than the value of the product.
3. Repayment: In normal circumstances, when one borrows something, they do not have to worry if they want to return it sooner, but in the case of loans, a lot of companies levy pre-payment charges. This would mean that one may have to either go on with the loan arrangement and keep paying interest or pay a charge to end the loan.
4. Processing Fees: According to Syndicate Finance, consumer loans are usually done without any processing fees. However, a lot of companies charge a fee for the processing of the loan papers. The best thing to do in such cases is to check for companies that levy 0% processing fees and save up a few bucks there.
5. The down payment: When opting for a loan, a lot of sellers as for a down payment. This means that a certain part of the value needs to be paid upfront while the reaming can be paid to the loan provider in instalments. It is essential to compare the amount of down payment also in order to be able to get the best deal.
6. Credit Rating: One major problem that people are faced with is the issue of credit rating, when the rating is high, the borrower is said to have a clean repayment record. In order to make sure that the loan amount gets paid regularly one must ensure to either give the loan provider post-dated cheques or make an arrangement for automatic issuance of EMI through the bank account. This method can ensure a good credit rating for the patron.

When one chooses to go for loans for buying consumer products, they should not only take care about finding the best value product, but also make sure to search for the best value loan.

Syndicate Finance
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