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Need money fast? Advantages and disadvantages of instant loans

Getting loans is one way people look out of their economic maze which is often and cannot do with their […]

Getting loans is one way people look out of their economic maze which is often and cannot do with their own means, but seeking help from a bank to them a hand with some money paid on time.

One of the things that help in achieving a loan is the credit history you have, by means of which to be studied, financial institutions open their doors to give money to the person or people in need can begin to manage to get by.

At the thought of getting loans is essential to determine a stable source of income, which is as important as the credit history. Fixed Income sources can make a monthly fee, which will be the equivalent of the money borrowed in equal installments.

The banks or lenders require a good amount of documentation that must be propitiated by the person you want to make the loan. Obtaining loans is fully resolved before the fulfillment of all the requirements that will be filled with the entity.

Finally there is the matter of finding a place in which to make a loan, if possible, the best place to manage a loan is a bank, for many reasons that could not be explained in this article, but in reality are important.

Image Source:www.cikly.com

Image Source:www.cikly.com

A couple of years ago, when credit was flowing, had a huge success. If you could not buy the car in cash or going on holiday libations one quick loan. However, the relatively small fees were accompanied by very high APR. But now, what interested ask them?

Advantage

The main advantage of immediate credit against best personal loan is that they require feasibility studies go through cumbersome.

Some of them do not even require sending any document, and when asked are not limited to:

  • Photocopy of ID
  • Photocopy of salary or pension (or invoice or mobile phone if your name)
  • Photocopy of current account passbook or receipt

Disadvantages

The major drawback of this type of loans is fast personal interest.

In fact, are so high that financial firms providing such urgent loan interest not call, but “fees”. To get an idea, fees derived from a $ 200 loan repayable over 20 days would be around 50 euros.

Tips

So should use this type of loan to get out of trouble only if we know that we can repay shortly. We should never borrow money fast if we have no imminent income will cover this debt as default interest will be devastating.

Image Source: articlebank.biz

Image Source: articlebank.biz

As for the mini-loans they also have advantages and disadvantages.

Advantage

  • It is very easy to obtain money
  • Income is almost immediate, between 1 and 24 hours
  • The entity a few questions, you’re not only look at ASNEF
  • The documentation required is minimal, to facilitate opening and closing of the same loan

Disadvantages

  • Charge a high interest rate
  • He returned in a very short time (few days)
  • In case of default, the defaulter very quickly enters ASNEF and may not apply for another loan until it is repaid

In order not to get into a loop of debt that will be difficult to leave, before contact is necessary to verify that:

1. Will soon have the money to repay the loan I need

2. We will not use the new loan to repay a previous loan

3. Our name is not on ASNEF or other defaulters list

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