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Payday Loans

Payday loan: A new maximum interest rate for this year

The Federal Council’s decision will lower the maximum interest rate for a consumer loan in July 2016 from 15% to 10%. Why was this decision made and what are the consequences for consumers?

In Switzerland, banks are free to choose their interest rate as long as it does not exceed a maximum. This limit was 15% in 2015 and will be limited to 10% in 2016. The official goal is to reduce the indebtedness of certain households by limiting the budget available for repayment.

 

The concept of risk

personal loan

What does an interest rate cover? First of all, the interest rate on a loan covers the costs of the lender’s functioning: employee wages, premises, administrative costs, … These elements have a price that, generally speaking, is “paid” by borrowers. The interest rate generally also covers the risk. If the repayment is not made, the lender loses the money. The interest rate thus also secures the company’s losses caused by insolvent people.

 

Consequences for the banks

personal loan

With a lower maximum interest rate, banks have fewer options to hedge the risk of default. The Federal Council hopes that the banks will be less likely to grant loans and thus reduce the debt risk. However, this consideration forgets two important elements:

  • It is not always easy for a bank to determine the creditworthiness of its customers for the future. In the face of unemployment, changing jobs and other changes, the customer’s financial situation can quickly change.
  • To ensure risk coverage, banks are forced to impose new costs on customers that do not yet exist.

 

Probable consequences of the limitation

personal loan

It is difficult to accurately predict the consequences of this law. In any case, the banks must ensure that they function properly. If a maximum interest rate of 10% is not enough to guarantee this, it is likely that the banks will start to compensate for their losses:

  • Either by increasing the duration of the repayment: as a reminder, the interest cost of a payday loan depends on the interest rate, but also on the duration of the repayment. A 4 year loan is twice as expensive as a 2 year loan. It is therefore sufficient to conclude a contract for a longer period of time to compensate for a lower interest rate.
  • Or by inventing additional costs: dossier fees, processing fees, consulting fees …

In any case, it will be better to wait for the reactions of the banks and to watch the development of the offers before making a decision. However, the best thing is always to contact a specialized insurance advisor. Do not hesitate to contact our borrowing partner for a free, no obligation meeting with a specialist.

Where can I get a credit for a card around the clock?

Suddenly, you can be left without money at any time, so you need to know where you can apply for an online loan around the clock. No need to even leave the house, the money will come directly to the card.

Where can I get an online loan around the clock on the card?

Where can I get an online loan around the clock on the card?

Bank This is the first and most obvious option that you recall, if you urgently need to find money, but there is nobody to borrow from. But not everything is as simple as it might seem at first glance. The bank always needs confirmation that you are solvent and pay off the debt. To do this, you will be asked to collect a list of documents, including a certificate of income, confirmation that you are officially employed and may be asked to provide a guarantor. After you spent time collecting documents, it was the turn of the bank to double-check everything. The procedure for obtaining a loan around the clock can take up to a week. But what to do if money is urgently needed and there is no time to wait?

The cache knows how important it is to get money on the card quickly and without asking too much. Therefore, you can take a loan around the clock and without collecting unnecessary documents.

Benefits of loan

Benefits of loan

  • No inquiries. In order to get a loan around the clock, you do not need to collect certificates and documents. You only need a passport of a citizen and an identification code. The cache will give money to the unemployed, student or senior citizen and will not ask why you needed the money. As you can see, everything is simple.
  • Credit in 15 minutes. In order to get a loan around the clock, you just need to go to the official website and register your personal account. In your account you will see a simple questionnaire that you need to fill out in order to apply for a loan. Within 15 minutes after applying, the manager will contact you to clarify the information. That’s it, now wait for the money on the card in the near future.
  • Transparent interest. Before you take a loan around the clock, you can use the convenient calculator to calculate how many percent you have to pay off on the site. The final amount depends on the amount you borrow and the loan term. The first time you access the cache, you can take up to 3,000 dollars, with repeated visits, this amount can be increased, and the interest will be reduced for you. The cache takes care of its customers.
  • Easy return. You can return the money to the cache in any way convenient for you, for example, through online banking on a card. If suddenly you do not have time to repay the loan on time, then this is not a reason to worry. Just go to your personal account and apply for an extension.

It’s very quick and easy to get a loan from the cache around the clock. You can forget about the long lists of documents confirming solvency. No need to worry if you do not have time to pay off interest on time. The cache understands everything and do not ask why you needed money on credit around the clock. Now you can not worry that you will be left without money, because there is support around the clock.

Where to get a loan for treatment?

If it is not possible to foresee something during budget planning, it is a disease and its subsequent treatment. Especially in the cold season, we are all prone to colds and it is impossible to predict how much treatment will be needed.

Where to get money for treatment

Where to get money for treatment

If the accounts are empty but should they be treated? After all, it is not always possible to borrow from friends and relatives. Do not carry expensive things to a pawnshop, and then redeem them. There are two best options for borrowing quickly or safely:

  • Get a loan for treatment at the bank. The option seems to be a win-win at first glance. However, if money for treatment is urgently needed and you are in no condition to collect certificates at all instances, then waiting for a loan may aggravate the situation. The bank always wants to make sure that the borrower is able to repay the loan. For this, bank employees request a certificate of employment, documents that demonstrate the movement of funds on accounts. Be prepared for the fact that the bank may ask for a guarantor for the loan.
  • Contact Good Finance. A loan or an online loan for treatment Cache will give without further questions. It doesn’t matter to you; you needed a loan for treatment or repair of the refrigerator. A treatment loan is issued in just 15 minutes.

Why is it profitable to borrow money from Good Finance?

Why is it profitable to borrow money from Good Finance?

  • Simple registration. Getting a loan is easy. You need to register a personal account on the official website. In your account, you can find a short form that you need to fill out. You do not need to collect documents and certificates. All that is needed is a passport of a citizen of Ukraine and an identification code. No guarantors, certificate of employment or bank statement is requested.
  • Loan in 15 minutes. Good Finance knows how important it is to find money quickly, especially when it comes to health. The process of obtaining a loan does not exceed 15 minutes. It takes a couple of minutes to fill out a short questionnaire in your account and up to 15 minutes the manager processes the application and issues a loan decision.
  • Money on the card. In order to find the money for treatment on a loan, you do not even need to leave home. You fill out all the documents for a loan online and indicate the card on which you want to receive funds. This can be a salary, retirement or scholarship account.
  • No hidden interest on the loan. By taking a loan from Good Finance for treatment, you can be sure that you will pay exactly the amount that is indicated initially. No hidden fees. The site has a convenient calculator with which you can calculate the final loan repayment amount. You yourself regulate how much you want to take money for a loan for treatment and for how long.
  • Loan and credit up to 3000 dollars. At the first appeal to Good Finance, you can borrow up to 3000 dollars. If you are a regular client, then the amount that you can take on a loan for treatment increases, and the interest decreases. The cache highly values ​​regular customers and constantly develops loyalty programs. You can find news on the website.
  • Loan extension. If you see that you do not have time to return the money on time, you can independently extend the loan repayment term. You can find this option in your account. Just increase the loan term on the portal and it will automatically be extended.

The cache knows how important it is to be sure

The cache knows how important it is to be sure

That you can always find the money for treatment if necessary. No unnecessary questions, documents that confirm the financial situation. You just have to turn 18 years old. From the documents, you need only a passport of a citizen of Ukraine and an identification code.

Finding money for a loan is quick and easy at Good Finance! Only up to 15 minutes and the funds have already been credited to your card.

Calling on a credit repurchase broker: how does it work?

Choosing a credit repurchase broker allows you to benefit from its network of partners to obtain several offers likely to perfectly meet your expectations. This intermediary specialized in the repurchase of credit brings its skills and its expertise to carry out the operation since the analysis of the file until the final offer transmitted by the bank.

What is the point of betting on a loan consolidation specialist? What are the stages where the role of the intermediary is most interesting? Or even, how to find a broker in repurchase of credit? Here are all the answers to these questions to allow you to move forward on this project with full knowledge of the facts!

Why use a loan repurchase broker?

Why use a loan repurchase broker?

Going through a broker specializing in credit buyout allows the borrower to maximize his chances of obtaining the most advantageous solution compared to his needs. We can mention three major reasons to call on a loan consolidation expert: its network of partners, the time saved and its expertise.

  • The network

The loan repurchase broker has a network of partners, banks and other lending organizations that he makes available to borrowers. He can therefore formulate a wide range of business proposals to his customers in order to seize the best opportunity.

Please note: a distinction must be made between the exclusive agent linked to a single financial institution and the non-exclusive agent who has mandates provided by several banks.

  • Save time

The credit repurchase broker saves precious time because the broker saves the subscriber from prospecting the lending organizations . Its role is to mobilize its network, to make various telephone contacts and to develop the assembly of the file, all while respecting the regulatory framework imposed by the Consumer Code. This avoids the borrower having to make an appointment with each banking establishment and then to re-explain their situation and their project at each interview.

  • Skills and experience

The loan repurchase broker makes available to borrowers his know-how, his knowledge of the market and the legal rules in force . Indeed, certain groups of real estate loans require real expertise to be carried out. Over time, he also knows how to send the files to the appropriate financial institutions to speed up the operation while finding the best offers to buy back credit.

Trusting the expertise of a broker means offering yourself the possibility of obtaining the best conditions in a simple and effective manner, whether your project is to buy back a home loan, consumer loans, revolving credits or a set of several debts of a different nature.

How to choose a broker for a credit buy-back?

How to choose a broker for a credit buy-back?

The loan consolidation broker can specialize in the repurchase of consumer credit, the repurchase of revolving credits or the repurchase of mortgage. He operates under the status of intermediary in banking operations and payment services.

The broker is not the representative of financial institutions. It is an intermediary who receives a mandate from his client. Held in his duty of advice, he works in the interest of the borrower. He therefore does not have to favor one banking establishment over another.

The professionals most active in the repurchase of credit are intermediary agents (more than 5,000 operations in 2017), ahead of brokers (more than 2,000 operations) and non-exclusive agents (approximately 500 operations).

In summary: to choose a broker in repurchase of credit, it is recommended to verify its registration in the Orias, to know the age of its activity, to obtain returns from other customers and to evaluate the relational during the first contacts including knowledge and responsiveness of the professional.

How much does a broker cost to buy back credit?

How much does a broker cost to buy back credit?

The payment of the remuneration of a broker specializing in credit redemption must only be made when the transaction is effective. Before the final loan is obtained, the law stipulates that no payment may be required.

If the commercial transactions are concluded by the absence of an agreement, the borrower does not have to pay anything to the broker . Nor does the latter have to request a check to cash it later. If necessary, it is possible to enter the repression of fraud.

Indeed, such a request from a broker must immediately alert borrowers of the possibility of a scam.

As an intermediary in banking operations and payment services, the professional is bound by ethical and transparency constraints. The commercial proposal and the calculation of the APR must contain all the costs of the transaction, including the broker’s fees or any fees charged by the requested financial institution.

Often the fees charged by the bank correspond to the commission received by the broker as a business provider. On average, the intermediary receives 1% of the loan amount granted (excluding subsidized loans). The amount and conditions of this remuneration must be clearly communicated when the loan offer is submitted on the standardized information sheet.

What documents must be provided for a mortgage loan buyout?

Before giving a favorable opinion or rejecting the request, the lender seeks to know you. Civil status, repayment capacity, debt ratio: what are the supporting documents to be provided for a credit buy-back?

The documents for a repurchase of mortgage as for a grouping of personal loans are numerous. They allow banks to know what borrower profile they are facing.

This data is essential in the analysis made by the bank advisor and therefore largely determines the financial conditions which will be granted. Note in passing that a complete loan buyback file will be processed quickly for an accelerated response.

It is therefore in your best interest to prepare the supporting documents beforehand so that the redemption of credits becomes a study commission. What are they ? Identity, place of residence, income and bank accounts: their number and their nature vary according to personal, professional and patrimonial situations.

What documents to provide for a mortgage loan repurchase?

What documents to provide for a mortgage loan repurchase?

There are a wide variety of documents to provide. Depending on the type of loan you wish to take out or on your family and professional situation, the supporting documents to be provided are different.

Important: do not hesitate to ask your contact, banker or broker, for the list of documents to provide. Indeed, there may be some differences between financial institutions.

Administrative documents

Among the supporting documents for the repurchase of credit, the lending establishment is obviously interested in your identity and your family situation. For the checks to be carried out, the file must contain:

  • a front / back photocopy of the valid identity card or passport (the lender will normally ask to see the original of your proof of identity as a supplement);
  • a photocopy of the family booklet (including the pages relating to the last child);
  • in the context of a marriage or PACS, a photocopy of the marriage contract, if applicable, or of the civil solidarity pact;
  • following a pronounced divorce, a photocopy of the divorce decree;
  • within the framework of a real estate civil society (SCI), the statutes of the company.

Reduce your monthly loan payments!

Reduce your monthly loan payments!

A project but already credits? Thanks to the grouping of credits, benefit from a single monthly payment at the best rate for your credits and your project!
Unique Loan, broker in credit consolidation for more than 20 years, renegotiates your loans at the best rate.

Proof of income

To analyze the feasibility of the request to buy back credit, the lending organization studies the cash inflows in order to establish a borrowing capacity. Depending on their status and activity, the applicant must therefore submit the following documents:

For employees:

  • the last 3 pay slips (including the one for the last month of December in order to record the end-of-year bonuses),
  • the last 2 tax notices,
  • a photocopy of the employment contract or the employer’s certificate (the date of entry into the company making it possible to specify seniority, a guarantee of stability);

For the unemployed:

  • a photocopy of your compensation agreement notifying the duration and amount of unemployment benefits;

For self-employed workers:

  • a photocopy of the last 3 tax forms (BIC) or declarations n ° 2035 (BNC),
  • a photocopy of the complete balance sheets for the last 3 financial years,
  • a photocopy of the last 3 tax notices;

For retirees or people with disabilities:

  • the last 3 retirement slips,
  • the latest annual summary of all pensions,
  • for early retirees, the last 3 ASSEDIC allocation slips;

For everyone :

  • photocopy of all other sources of income (disability pension, rental investments, alimony, etc.)
  • proof of payment of family allowances and other housing assistance (APL) if applicable.

Evidence of housing and real estate

The lending institution needs to know more about the place of residence, requesting on this subject the sending of the following supporting documents:

  • a proof of address (electricity, gas, fixed telephone bill, etc.) dated less than 3 months and in your name;
  • for persons accommodated free of charge, proof of address, proof of accommodation and a photocopy of the identity card of the person hosting the borrower;
  • a photocopy of the housing tax (when it is not deleted);
  • for property owners: a photocopy of the property tax, the title deed and, ideally, the estimate of the property made by a notary or a real estate agent;

The study of the bank account

The lender also assesses the level of risk by examining the bank accounts and the movements identified therein. The documents to be provided for a credit buy-back therefore include:

  • a bank account statement (RIB);
  • the last 3 monthly personal and / or professional bank statements;
  • statements of all savings books when transfers are recorded from the main account, in particular regular transfers or with a view to justifying the contribution made;
  • if applicable:
    • the loan offer and the mortgage repayment schedule,
    • a document notifying the amount due under all consumer credit outstanding,
    • the latest movements linked to one or more revolving credits (revolving credits);
  • a financial guarantee (credit insurance, mortgage, surety, pledge of life insurance or goodwill, etc.).

Good to know : when the repurchase of credit involves two borrowers, the supporting documents to build the feasibility file are doubled, each one having to inform the lending establishment of its individual situation.

Is it possible to buy back credit without supporting documents?

Is it possible to buy back credit without supporting documents?

There are no companies in France agreeing to finance a loan buyback operation without supporting documents. The borrower cannot ignore his situation and the volume of loans he wishes to redeem. It is also responsible for giving visibility on its solvency, its stability at professional level and on the state of its bank account. All this means that you must provide certain supporting documents.

Our advice for a successful loan buyout

Our advice for a successful loan buyout

To maximize his chances of obtaining a loan buyback proposal that meets his expectations, the borrower can follow a certain number of tips and key points:

  1. Prepare your loan repurchase file carefully, making sure to bring all the elements during the first appointment with your bank advisor or broker. A well prepared request reassures the interlocutor and puts him in good mood;
  2. Be realistic about your request: estimate your income, expenses and future monthly loan payments lets you know if the project is achievable in terms of debt ratio standards and remains to be lived. It is thus possible to use simulators and calculators directly on the internet;
  3. Always approach several financial institutions, directly or indirectly through the intermediary of a broker. This saves time and quickly obtains the best financial proposals;
  4. Take your time : it is essential to study in detail the proposals in terms of interest rate, borrower insurance coverage, APR (annual effective annual rate), etc.

Work loan: how to obtain a bank loan to finance your work?

To help individuals finance the many works likely to improve or renovate their main residence, banks and credit institutions have a wide range of ” work loans “, which can take the form of restricted loans or loans. personal. In all cases, it is recommended to multiply the work loan comparisons and simulations to obtain borrowing conditions as favorable as possible.

How does a work loan work?

How does a work loan work?

Within the framework of a works loan, the bank or the credit organization lends a sum of money of a certain amount to an individual who wishes to carry out, in a property owned by him, essential works ( repair of a roof, anti-fungus disinfection, etc.) or comfort (conversion of the attic, new kitchen, wine cellar, etc.).

This loan can be granted for a primary residence as well as for a secondary residence or rental property.

The works loan is considered as a conventional consumer credit : it is therefore subject to the same rules concerning the withdrawal period of fourteen days or the terms of early repayment of a credit (no penalty below $ 10,000 reimbursed per year).

What are the characteristics of a work loan?

As with any other consumer loan, the main characteristics of a work loan allow quick comparisons between different offers.

There is a very wide variety of work loans, each financial institution having its own promotional offers in this area. Depending on the scale and cost of the site, the amount loaned can start from $ 1,000 and reach fairly high amounts, especially in the case of the complete renovation of a dilapidated housing.

Legally, the works loan can reach a maximum amount of $ 75,000 . If the amount of work is higher, it is advisable to move towards a conventional mortgage. The nominal rate of credit, likewise, is likely to experience very large variations depending on the profile of the borrower and the type of loan requested, and ranges from 4% to more than 10%.

The overall effective rate (TEG) of the credit takes into account all the costs related to the loan, from its subscription to the very latest maturity: this includes of course the interest paid according to the nominal rate, but also any application fees and insurance costs if the latter is offered by the lender himself. To compare the cost of several credits, it is therefore necessary to take into account only this simple and universal criterion.

Credit can be subject to a fixed or variable rate . In the first case, the amount of the monthly payments is known in advance and with certainty, until the last due date. A variable rate, generally indexed on short-term interbank loans (Euribor 3 months), allows you to start borrowing with a lower interest rate, but puts you at risk of paying more later if ever the rates go up. In view of the current economic situation, it is very often recommended to opt for a work loan at a fixed rate.

Borrower insurance is not compulsory for a work loan. However, minimum cover (disability and death) will often be offered by the lending organization itself or may be judiciously taken out with a third-party insurer, all the more if the sums involved are significant.

When should you choose a work loan?

The work loan is suitable for all renovation, improvement or enlargement projects of a house or apartment. It can be work carried out on a main residence, a secondary residence or even on rental property. Thanks to variable terms, the works credit adapts to all projects:

  • enlarge the accommodation by creating an additional room, for example when a new child arrives;
  • renovate part or all of a dwelling : redo paintings, electrical installations, plaster, etc. ;
  • improve living comfort : build a garage, a terrace, dig a swimming pool…

There are an almost infinite number of possibilities for using a work loan. Its flexibility means that it has been chosen by many property owners.

If the work aims, among other things, to improve the diagnosis of the energy performance of the housing or to install more ecological equipment (wood boiler, heat pump, double or triple glazing, etc.), it should be noted, however, that the cost of the loan may be largely offset by various subsidies or tax advantages, such as the energy transition tax credit.

What can be included in a work loan?

Before taking out a works loan, it is important to take an interest in the different types of existing loans, as presented below. In fact, some work loans are said to be “unallocated”.

With these “unrestricted” loans , it is not compulsory to provide supporting documents when requesting release. This type of loan, although generally more expensive, can therefore be highly recommended when the owner is unable to provide invoices (work done himself for example) or if he wishes to finance something other than work at strict sense of the term.

In fact, in an assigned loan, it is essential to provide invoices and, moreover, not all of them are eligible. Thus, the majority of banks refuse to release funds for the acquisition of household appliances (dishwasher, washing machine, oven, etc.) or for the purchase of DIY equipment (drill, jigsaw, circular saw, etc.).

On the other hand, an assigned works credit makes it possible to finance all types of works (swimming pool, extension of the living space, renovation, etc.) at a more advantageous rate.

Reduce your monthly loan payments!

A project but already credits? Thanks to the grouping of credits , benefit from a single monthly payment at the best rate for your credits and your project!
Unique Loan, broker in credit consolidation for more than 20 years, renegotiates your loans at the best rate.
Free study without commitment .

Work loan simulation: how to proceed?

Work loan simulation: how to proceed?

Your work project is budgeted and you want to borrow all or part of the amount? Obtaining several simulations makes it possible to compare the conditions and the amount granted by the various financial institutions . To do this, you can go to your usual contact, your bank advisor, or to online simulators, which allow you to quickly and easily access many offers.

To simply compare two work credit proposals, referring to the APR is generally recommended.

For example, if you borrow the sum of $ 10,000 over a period of 3 years, the monthly payment to be reimbursed will be $ 288.88, to which you will have to add the amount of borrower insurance, if applicable.

Depending on the amount you need and your financial capacity, the duration can be adjusted up or down. You also keep the possibility of making a partial or total prepayment at any time, with any type of work loan.

What are the different types of work credits?

What are the different types of work credits?

Depending on the nature of the project and the personal preferences of the borrower, several forms of consumer credit can be used to finance works. Unallocated personal loan, assigned credit or revolving credit: which work loan to choose?

Unallocated personal loan

A personal loan allows the borrower to receive the capital without having to justify its use . It is therefore a much more flexible option than an earmarked loan, which may in particular be suitable for individuals who are a little DIYer and who intend to carry out the work themselves and therefore will not be able to present a professional quote.

Affected credit

A work loan can take the form of an “earmarked loan”. The sum, in this case, must be specifically earmarked for carrying out the planned works . The lender is also entitled to verify this by being presented with quotes drawn up by professional companies . This form of credit comes with a number of advantages, including greater protection in the event of default by the contractor (the possibility of canceling the loan is often provided for in the contract, under certain conditions).

In addition, the loan must be obligatorily allocated if it is envisaged to back it up to a zero-rate eco-loan.

Revolving credit

It is theoretically possible, finally, to charge the amount necessary for the work to a revolving credit, that is to say a reserve of money permanently available and which is replenished over the repayments. This solution is certainly more practical and quick if the borrower already had this reserve of money before, since he then does not need to carry out any other formality or request for a loan.

However, it should be avoided as much as possible, since interest rates are much higher!

Are there state aids in addition to the works loan?

Are there state aids in addition to the works loan?

Depending on the type of work you are considering and your personal situation, different devices can be added to a work loan, particularly when the renovation affects the energy performance of the home. In the table below, simply discover the main aids you can claim for your work project.

The various work assistance systems

What are the work loan organizations?

What are the work loan organizations?

Do you want to take out a work loan? You are spoiled for choice: many lending organizations compete in this market, and this competition is beneficial to you.

Indeed, promotional rate offers appear regularly. It is possible to turn to conventional banking establishments , but also to online credit organizations , which offer their services on personal loans, assigned credits or revolving credits.

How to find the best rate for a work loan?

How to find the best rate for a work loan?

In order to find the best interest rate for a works loan, the APR comparison must be carried out. Also check the other characteristics of the work loan such as the amount of the loan, the duration or the borrower insurance formula is essential.

Loans for carrying out works constitute, together with car loans, one of the most widespread forms of consumer credit. In view of the plethora of offers available on the market, it is recommended to entrust the search for the best conditions to a specialized broker .

The latter will present your file to a large number of banks and credit organizations, and put them in competition to present you the most interesting offer, by taking a low commission in the process.

Micro-credit in the market

 

If you are interested in the question of where and how to get a microloan in the country with minimum requirements, we suggest that you familiarize yourself with the online service. It is possible that this is exactly what you were looking for! After analyzing customer requests and competitors’ offers, we created a universal resource, minimizing the requirements for borrowers living in the country. In fact, there is only one condition: reaching the age of 18.

Why such a strict age limit? Because in order to get a loan online, you must comply with the requirements of the law, or rather be fully legally responsible for your actions.

At the same time, we are pleased to announce that there is no upper limit: both young people and middle-aged people, as well as senior citizens, elderly people can take microcredit in the country. Regardless of the availability of an official place of work and confirmed sources of income.

List of requirements for borrowers – minimum

List of requirements for borrowers - minimum

To get a microloan in the country, you just need to fill out an application. We worked on the design and interface of our site, making it as simple and intuitive as possible. We are sure: not only experienced users, but also beginners who first visited our resource to take a micro loan will be able to deal with the application process.

If you live in the country, it does not matter in which settlement you are registered and how far it is from the regional center. Even villagers can get a microloan, the main thing is that the borrower should have a bank card in his hands, for which the funds will go.

According to the terms of microfinancing, any citizen with citizenship and permanent residence registration can take a microloan in the country.

Given the economic crisis, we do not require certificates from the place of work: confirming the size of wages and their availability is not required. The main thing is that our client must be aware of their financial capabilities by filling out an online application for money.

The purpose of microfinance

The purpose of microfinance

The main advantage is that it gives its customers complete freedom of action. The borrower decides how much he needs and for how long. At the same time, you can take a microloan without explaining the purpose: it is not targeted and can be spent on any needs in the country or any country.

So, you can get an online microloan for the purchase of household appliances, treatment, gifts, payment for purchases on the Internet or repair.

Where to get money in microcredit in the country?

Where to get money in microcredit in the country?

This question excites many people living in the country, especially when it comes to the outback. Unlike other microfinance organizations, we give out money not at the company’s offices, but by transferring money to the borrower’s card. This method of work was not chosen by chance: it allows you to take a microloan even where there is no official point of issue. The main thing is to find the nearest ATM, with which you can withdraw money from a bank card or pay for purchases with a card.

Quick money loan: all the subtleties

 

Unforeseen situations often happen in life when finances are urgently needed. The most common ways to quickly loan money are acquaintances, friends, relatives, or an online loan.

The first case is understandable: I asked, and then I had to answer a bunch of questions about why the money, why so urgently and how you are going to return it. Interrogation is not one of the most pleasant, since you have not even received the money, you have to make excuses and swear that by the agreed date the funds will be returned.

Another thing is a loan online. Oddly enough, this option works much faster than contacting relatives and friends. Without interrogations with addiction. Practice shows that this is a reasonable choice, and there is good reason for that.

Why is it more profitable to borrow money online?

Why is it more profitable to borrow money online?

  1. When making a money loan through an online site, you are not required to explain why you need money. And relatives will definitely ask about it. At the same time, you will feel like a helpless child and a bankrupt person who cannot solve his problems on his own.
  2. Money loan services – this is the official conclusion of the contract. This means that no one will demand a refund earlier than specified at the conclusion of the agreement. A friend may request a refund at any time. Just because he himself unexpectedly needed finances.
  3. If you have ever borrowed from a friend, be prepared that he can ask for the same at any time. It will be inconvenient for you to refuse him. A quick online loan method will never spoil your friendship. Because apart from repaying the debt, you owe nothing to anyone else. You will never be asked for a return service.

Note the time

Note the time

Imagine how much time you spend calling a telephone directory and finding someone who agrees to give you a loan. After that, you need to find time and a way to take the borrowed funds from him.

Lender online will transfer you the required amount much faster. How fast it depends on you: just register on the site, fill out an application, wait for confirmation and get the right amount for the selected period. The faster you do it, the faster you get a loan!

A number of advantages with a quick loan of money!

A number of advantages with a quick loan of money!

It is unlikely that you will find a better offer anywhere: lender offers you a quick money loan using an online application. No pledges, witnesses, guarantors or official certificates!

Minimum requirements for borrowers:

  • online registration on the site;
  • citizenship;
  • age over 18 years;
  • a valid bank card.

No need to provide certificates of family composition, availability of dependents and confirming the official place of work. No reporting of funds spent! In addition, customers can rely on pleasant bonuses and quick online application service 24 hours a day.

Revolving credit after the Cogilaw Company reform and the Mahon law

A “reserve of money” permanently available and usable as you see fit, with low reimbursements and adapted to your means! The discourse of banks, credit organizations and supermarkets has been particularly well developed over the years, but what exactly should we think of revolving credit?

Attractive because of its flexibility and ease of use, this type of credit can provide welcome relief in the event of temporary cash flow difficulties. But used more regularly, in the longer term or for large amounts, the famous reserve of money can also accelerate the spiral of over-indebtedness in a home. These are all reasons that require you to master a few basic concepts.

Principle of operation

Principle of operation

Revolving credit is also known in common parlance as “revolving credit”, “permanent” or even “replenishable”. Since 1 September 2010, however, only the term “renewable” is allowed in contracts and brochures, so as not to induce the customer into error.

By contract, the bank, the credit institution or the supermarket makes available to the beneficiary a reserve of money of a certain amount (1,000, 2,000, 5,000 $…) and available at any time. This reserve can be borrowed in whole or in part, either by a transfer to the beneficiary’s current account, or by a purchase made with a credit card linked to the money reserve. The use of this money is left to the complete discretion of the borrower, which therefore distinguishes revolving credit from a classic “allocated ” credit, such as a car loan for example.

Loan duration and cost: a complex mechanism

Loan duration and cost: a complex mechanism

As soon as all or part of the money reserve is borrowed, the borrower begins to pay monthly installments, which must include a share of the principal repayment. In any event, and whatever the interest rate charged, the full repayment of the loan must not take more than three years (36 months) for an amount less than $ 3,000, and not more than five years (60 months) for a higher amount. Finally, a deadline cannot be less than $ 15.

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The cost of a revolving credit, that is its overall effective rate (TEG), is typically very high, often close to the rates of wear and tear, and more important than that of a conventional consumer credit and depreciable. The total cost of a revolving credit is all the more difficult to calculate that the interest rate is, most often, revisable monthly, and that the capital borrowed can change regularly with the liking of new loans or prepayments. Repayments, even partial, are strongly encouraged as soon as you can afford them, as they do not give rise to any penalty and will prevent you from paying interest unnecessarily.

The lender is required to notify the borrower, every month and by post, of the general condition of his credit (interest rate applied for the month, TEG since the start of the credit, schedule, principal remaining due…).

Loyalty cards and promotional actions

Loyalty cards and promotional actions

Many loyalty cards from major brands now offer an optional revolving credit, and allow instant use of the cash reserve at the checkout. In this case, the mention “credit card” must appear in full on the back of the card. Furthermore, and in order to avoid an excessive mixing of genres, the advantages linked to the use of the loyalty card cannot be conditioned on the use of the money reserve, and the distinction between the two functionalities must be clearly stated in the presentation brochures.

Revolving credit should not be confused with promotional operations such as ” payment in x times without fees “, which allow you to benefit from 0% credit conditions: the amount due will not be subject to the contractual interest rate of your money reserve only if you miss a deadline.

Renewal of revolving credit

Renewal of revolving credit

Each year, the renewal of the revolving credit must be submitted to the borrower at least three months in advance by the lender, who is also supposed to consult beforehand the national file of incidents of repayment of loans to individuals (FICP). Up to twenty days before the renewal date, the borrower can then express his opposition by returning the delivery slip. In this case, he will of course have to repay the last sums he owes, but he will no longer be able to use the money reserve again.

In addition, and if the money reserve has not been used once during the past twelve months, the lender must propose in his mail the suspension of the contract. In the event of a positive response or no response from the borrower, the revolving credit is then suspended. In the absence of reactivation, the termination is final one year later.

Despite an increasingly strict legal framework…Despite an increasingly strict legal framework…

In view of the dangers represented by revolving credit for the most vulnerable, several laws and regulatory texts, including the Cogilaw company of 2010 and the Mahon Law of 2014, significantly strengthened the supervision of these contracts.

In order to encourage the subscription of a traditional depreciable credit rather than that of a revolving credit, the law obliges the lender to automatically propose this solution for any credit greater than $ 1,000. The Mahon Law provides for a new threshold, not yet defined but undoubtedly lower, beyond which this proposal for depreciable credit will have to be materialized in a very precise manner, with in particular a comparative presentation of the “cost”, of the “depreciation terms “And the” repayment period “for each of the two credits.

In addition, the participation of a seller in the subscription of a revolving credit by the customer (via a premium, a higher commission, etc.) is now a formally prohibited practice.

Finally, remember that a revolving credit offers the same degree of legal protection than a standard consumer credit, with in particular and since 1 May 2011 a statutory withdrawal period of fourteen days after signing the contract.

Revolving credit can always represent a risk

Revolving credit can always represent a risk

Despite the efforts made by the Legislator in favor of information and consumer protection, a survey carried out by the Best Bank in March 2014 reveals that revolving loans continue to be involved in almost 75% of over-indebtedness files. On average, it was even found that an over-indebted household held four of these credits, for a total amount equal to approximately 30% of its total debt.

Please note that…

Revolving credit can represent an interest for people with irregular cash inflows: in the short term, in fact, the costs induced by this credit may prove to be much less heavy than a bank overdraft, which makes this product ideal to settle temporary cash concerns.

Conversely, the fact of using a reserve of money to live sustainably beyond its means inevitably leads to serious problems.