Business Momentum

Posts Tagged ‘Fast Loans’

We have talked here about fast loans, also known as easy credit. Here we detail the advantages and disadvantages that can have them. Among the advantages are fast hiring, a simple procedure, a maximum repayment period of 60 months and an amount of between 500 and 6000 euros. In terms of disadvantages talked about the high cost involved and the possibility of requiring the client to the recruitment of additional products such as insurance, credit card etc.

Today we will talk about the advice offered by the association of consumers when applying for a loan of this nature.

1) Know the real interest rate that is credited with making the credit granting financial reporting of SAD usually monthly but rarely bother to explain to customers the annual APR. This is often between 20 and 25%.

2) Apply for a short repayment period. As with mortgages, the more you extend the repayment period the customer will end up paying more in interest.

3) Since it may require the purchase of insurance or credit cards, it is advisable to know all the conditions of the loan in advance to avoid unpleasant surprises to formalize it.

4) On loan online is important that the customer has the contract before signing it in order to meet the conditions. In turn, you can also cancel the credit for the first 14 days without penalty, at least according to the law.

5) Although credits are treated as remarkable for its ready access to the amount requested, the truth is that credit is obtained from 24 to 48 hours after signing the contract, which is not the 24 or 48 hours after the first call as often this kind of financial advertising.

6) Finally, it is important to know whether these companies have a physical center to the public. Many of these companies operate via mail and have no obligation to answer a mail to 2 months, hurting the client if, for example, would cancel the credit in the first period.

The Consumer Credit Act lays down certain regulations that all lenders are required to comply, but does not state anything about “quick and easy credit.”

With the enormous credit boom quick and easy it is logical to ask about regulations they must abide by law, and although it seems uncertain, there is no legal limit for interest rates of such loans, which can reach up to 20 %.

Yet consumer credit, which can be funded from vehicles, travel, appliances, etc.., Which are from 150 € to 20,000 € must comply with regulations prescribed by the Consumer Credit Act. It stipulates that all contracts are in writing the terms of the contract, the Annual Percentage Rate, timing of payments and the period and the items included in the total cost of the loan.

What we do is very clear in this Act is that every financial firm is necessarily obliged to accord, before signing the contract, a document with all the conditions of credit.

In this document the offer is considered binding and requires the credit company to respect what is provided there for ten days. Another requirement that these companies must comply with in advertising is to mention the APR interest rate, but nothing is said about the fine print that still exists in some contracts and that functions as a trap where many customers rely on their conditions bank promises, they fall easily. Read the rest of this entry »

Buy gifts for family or a good Christmas dinner may be two of the destinations that can be covered with loans quickly, the mode of loans and credits that are awarded in a few days even in less than 48 hours or in some cases on day. They are waiting for customers in a wide variety of financial institutions, banking houses or on the internet and here I show some of the most salient features and advantages of this type of credit on others that exist in the market.

One of the main things that make for fast loans is the simplicity of their paperwork, where the user is prompted relatively little documentation compared to such mortgage loans or liens that have an important and abundant paperwork at the time of application. Simply with proof of income of the holder of the credit, with a record of address and identity card or social security and can be accessed, after study and approval, disbursement of the money order. Anyway, it is important that the institution where you are applying for any loan that offers fast has a guarantee and certain prestige in what is the market. Remember it is a contract which will be signed to give it the requested amount and sign it in any paper if you are unsure of who is hiring, it may cause problems in the future. Read the rest of this entry »