Get to know the types of loans before deciding to borrow. What type of loan...suitable!
What is a loan (Loan)?
Loan is money borrowed from a financial institution which must be permitted by law. There will be contracts, agreements, various terms and conditions, which will be determined by the financial institution that lends the loan. with interest in return There are many types of credit available to financial institutions. and terms of loan and objectives of credit granting Including the interest rate will vary according to each financial institution, the owner of the credit product will determine. Therefore, if it is necessary to apply for a loan Choosing the correct loan that meets the objectives of the loan can help you save on interest. They may also receive additional benefits from that loan as well.
Type of loan
Loans can be classified in many ways, for example, classified by type of loan applicant (personal loan, corporate loan, government loan), divided by purpose of loan application. (multi-purpose loan, home loan, car loan, etc.) divided by duration (short-term loan, long-term loan), but mainly Then we usually divide by type of loan according to the nature of the loan applicant.
Loans can be classified according to the characteristics of the loan applicants as follows:
1. Personal loan or Personal Loan
Personal loan It is a loan for the purchase of goods for consumption and consumption or services. according to the needs of the borrower can be further subdivided according to the purpose of the loan, such as multi-purpose loan, car loan, home loan Education Loan including credit card products and cash card It is classified as a type of loan as well. Personal loans can also be subdivided into personal loans without cards and personal loans with cards Securities or guarantors in applying for a loan may or may not be available depending on the conditions of each financial institution authorized by the Ministry of Finance. And under the supervision of the Bank of Thailand will determine
1.1 Personal loans without cards
A personal loan without a card is a multi-purpose lump sum loan in which the loan applicant must submit a loan directly to the lending financial institution and the loan applicant will specify the amount of credit required in the document during the loan application process. After the loan is approved, the lump sum amount specified in the loan application documents will be transferred directly to the applicant's account in one go. And the loan applicant, the owner of the bank account that receives the money transfer, can use the money to spend immediately.
Paying off personal loans without a card
Cardless personal loans have a set repayment amount each month. The conditions and interest rates for repayment will vary according to each financial institution providing credit services.
Interest on personal loans without cards
Interest will be in the form of discounted interest. The more you pay back, the more money you have to pay interest. Conditions for interest calculation and repayment amount Including the interest rate that will be received will depend on each financial institution as well. Unsecured or guarantor loans tend to have a slightly higher interest rate than those with collateral or guarantors.
1.2 Personal loans with cards such as credit cards and cash cards.
Credit card
Credit card is A credit card issued by a financial institution to a customer to pay for goods instead of cash, which is to bring money to spend in advance, provided that the spending limit must not exceed the limit approved by the issuing financial institution. Cash is required Credit cards can also be used to withdraw cash from an ATM, but additional interest and cash withdrawal fees may apply. The conditions are as specified by each financial institution that owns the product. In addition, credit cards can also be used to pay for products in installments. or periodic service according to the store's promotions as well
Payment of credit card debt
Advance spending via credit card to purchase goods or services. must be repaid later which has both repayment and minimum payment and full repayment There are different interest rates and repayment terms depending on each financial institution. Most of the time, it's a discounted interest rate. But if the monthly expenses are paid at the minimum payment The remaining principal plus interest will be added to the principal of the next month's expenses. Therefore, credit card users must know how to use them with discipline and suit their ability to repay debt. In order not to be caught in the trap of credit card debt.
Credit card benefits
Credit card holders will receive other benefits according to each card's promotional program, such as points redeemed for rewards. Cash back from spending Store discounts 0% interest installment payment, airport lounge service Airport transfer service and protection when traveling abroad
cash card
Cash card is another form of personal loan. issued by financial institutions The cash card can be used in 2 forms:
use with cash
Installments can be used to pay for products at participating leading merchants of the service provider according to the approved limit, but will not be able to use it to purchase goods or services like a credit card.
Cash card type loans can be applied without collateral or guarantors. Just having the qualifications to apply, meeting the conditions specified by each financial institution, can apply immediately. Resulting in a slightly higher interest rate than other types of loans For the Umay Plus cash card, the applicant must be qualified as a full-time employee whose income starts at 7,000 baht per month or more. have salary slip And having a job period of 1 month or more can apply for a Umay Plus cash card. Apply for a Umay Plus cash card here.
Payment of credit card debt
The payment of the cash card can choose to pay in minimum and full amount. The interest rate is a discounted interest rate and is calculated on a daily basis. Interest rates and repayment terms vary according to each financial institution. But if the card is not used or withdrawing cash, there will be no debt burden. Therefore, if applying for a cash card, keep it as a reserve in case of a sudden lack of financial liquidity can do so without having to worry about the burden of annual card status maintenance fees.
Benefits of cash card
The benefits of the cash card depend on each financial institution. But in general, cash cards often have promotions to choose to receive reduced interest, but must be within a specified period. Or a promotion for installment payments, such as a promotion for applying for a Umay Plus cash card. When the card is approved, you can choose to receive a promotion for cash withdrawals with 0% interest for 30 days* and Umay Plus cash cards can You can pay in installments for both electrical appliances and smartphones at 0% with leading participating stores nationwide. Terms and conditions are as specified by the company and participating stores.
If you apply for a Umay Plus cash card today, there are good promotions. Get up to 2 ext.
Step 1: Apply and submit all documents, then you can choose to receive a premium bag based on your salary.
Step 2 Choose to receive a special interest rate of 0% for 30 days or a wheeled bag. Just make the first cash withdrawal transaction within 30 days after approval.
*Conditions are as specified by the company. Apply for a Umay Plus cash card immediately.
2. Corporate loan
A juristic person is a company, partnership, association, foundation, temple, ministry or province that the law assumes to have the same as a natural person. able to make legal contracts Have the right to own various properties by corporate loans are Loans that companies, department stores, stores that are juristic persons apply for loans to invest or expand their business. There is a fixed period of principal and interest payments.
3. Government credit
Loans that financial institutions lend to the government sector. Usually in the form of budget deficit compensation bonds. But nowadays, this type of loan is rarely found.
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