Quick credit is a cash loan that can be obtained from private lenders. One of the main benefits of this credit is its convenient and quick way to obtain one – all you need is a computer and an internet connection to complete the credit application process.
Fast loans are one of the solutions when people need money quickly but their own financial means are not enough
These types of loans are primarily for emergencies. However, the amount of money that can be borrowed is only a few hundred euros. Of course, there are also lending companies that offer a few thousand loans. Another benefit of fast loans is that if the lender decides to grant the borrower a cash loan, the amount claimed is credited to the debtor’s account in just a few minutes.
While it may seem that quick credit is beneficial, the borrower should expect that this type of credit will also have to be repaid in the short term. Usually the repayment term is up to 30 days, but it can be extended. Of course, extensions are for a fee. Similarly, fast loans have a very high interest rate.
Usually, it starts at 10% and above
The interest is different for each creditor and must always be compared first. However, in order to attract new customers, credit companies offer the possibility of receiving interest-free credit. Such a first loan free of charge means that the borrower must repay at the end of the repayment period exactly the same amount of money that was initially credited to his account. When receiving a free loan, the debtor does not have to pay interest on the principal of the loan in addition to the principal.
When one has decided that it is impossible to do without fast credit, then one of the most important steps is to first compare the offers of all creditors. You need to find the best lender who can give you both the money you need and the lowest interest rate. One has to look at the factors that are most relevant to the borrower. For example, for 18-year-old borrowers, the most important thing is to find a lender who can lend money at all, as most lenders start at the age of 20.
After selecting the most suitable lender, one has to register on the website of the particular lender, as only then can one apply for his / her credit. When registering, the person must provide information about themselves – contact phone, bank account number, income status.
Depending on the lending company, further information on the borrower may be required
However, now an inevitable step towards completing the registration process and confirming the lender’s identity is the registration fee of € 0.01, which has to be transferred to the lender’s bank account. While the amount of money you need is really small, you may end up in a situation where you need a loan, but your bank account doesn’t even have that 1 cent.
Quick credit in Latvia is available only since 2007
In the beginning, when the credit system was not yet fully developed, it was much easier to obtain loans. Similarly, not all creditors applied for registration fees.
This means that in the past it was really possible to get a loan even if the person’s current account was completely empty. Now, however, lenders have made a lot of changes – both age limits and the need for every new client of a lending company to pay a registration fee.
This means that fast credit without registration fees is currently practically impossible
A person must have at least one cent to apply for a loan. However, this factor is only important for people who have not yet received a cash loan from a particular lending company or who have never made a loan at all. If a person wants to borrow again from one lender, there is no need to pay the registration fee. The registration fee applies to a person only if the credit is taken from a new, previously unused creditor.
However, several years have passed since the beginning of fast credit in Latvia, during which many crediting companies have emerged, which enable them to receive fast credit. Since in the past, fast credit without registration was obtainable, it is possible, after careful study of all lenders, to find one that can grant quick credit without registration fees.
However, in such a case, one must expect that the lender’s insurance history will certainly require a much closer examination of the individual’s credit history as well as the status of regular income. If in other cases of fast credit the creditor does not always check the person’s solvency so closely, then in that case the person’s solvency will be given more attention. Similarly, the creditor may charge less favorable credit repayments, such as higher commissions.
In any case, a person’s credit history, as well as the stability and volume of his or her income, are among the most important aspects that a creditor will check, as it is these factors that determine whether a credit application will be approved or denied. The more money you want to borrow, the more thorough the prospective customer will be. There is also a much lower likelihood that a person will be able to obtain a loan without registration fees if the cash loan requested is high.
When you are in a situation where you need a fast credit, you don’t necessarily have to apply for credit with the first creditor on the Internet. Also, before choosing a lender, it is even more important to think about whether you really need the credit.
Failure to meet a credit obligation
Delaying the repayment but not extending the term and failing to pay back the penalty interest – can lead to significant debts, which can have a dramatic impact on life. Entering a credit or debtors register may limit a person’s ability to obtain other loans in the future.
Debts that are easy to get with fast loans are definitely more important financial problems than the registration fee. Every loan decision has to be reconsidered several times, as such a cash loan must always be taken responsibly when evaluating your ability to repay the loan without any hassle.