How to avoid default on a loan?
Problem loans: how to avoid delays and what to do in case of delay
1. What are problem loans?
A problem loan occurs when a borrower cannot fulfill his obligations to the bank, which leads to late payments, fines and a deterioration in credit history. This could lead to litigation or the debt being referred to debt collectors. To avoid this, it is important to know the basic principles of competent credit management.
2. How to avoid late loan payments?
Simple tips for paying your loan on time:
1. Plan a Budget: Include monthly loan payments in your financial plan and make sure your income covers all obligations.
2. Set up automatic debits: Connect automatic payments through a mobile application or online banking so you don’t miss the payment date.
3. Prepare a safety net: Keep a small amount in case of unexpected expenses or delays in income so that you always have funds to repay the loan.
4. Check the payment date: Make sure that the loan payment date coincides with the day you receive your salary or other income.
5. Payment Notifications: Our bank sends SMS notifications by default on a regular basis as a reminder that the payment date is approaching.
6. It is necessary to regularly check the credit schedule.
3. How to repay a loan correctly?
Strategies for Effective Loan Repayment
1. Make payments on time: This is a key aspect that affects your credit score and financial stability. Late payment may result in fines.
2. Pay more than the minimum payment: This will help reduce your principal faster and reduce the amount of interest you'll pay on your loan.
3. Regularly monitor the status of the loan: Use the DCB360 mobile application or Internet banking https://online.doscredobank.kg on the Dos-Credobank website to track the loan balance, payment schedule and accrued interest.
4. What to do if the loan is overdue?
What to do if your loan is overdue
1. Contact us: If you realize that you will not be able to make your payment on time, contact your bank immediately. The sooner you report a problem, the greater the chance of finding a solution.
5. Contacts for consultation
If you are in arrears or have difficulty repaying your loan, please contact us.
WhatsApp: https://wa.me/996551157070 +996551157070
Telegram: https://t.me/dcb_softcall_bot @dcb_softcall_bot
You can contact the Problem Loans Department using a short number
7070 calls from mobile operators of the Kyrgyz Republic are free (9:00 – 18:00 from Mon to Fri)
At bank branches.
https://www.dcb.kg/ru/terminals/credit-points
Download the DCB360 mobile app and monitor your credit:
https://play.google.com/store/apps/details?id=kg.dcb.mobilebanking&pcampaignid=web_share