Description: What is special about online loans, what are their advantages and disadvantages, when it is worth taking a loan and how to improve credit history with its help?
Borrowing money from relatives and friends is not always appropriate. To find someone who can quickly lend money, you need to spend time and time is always short. Due to the difficult economic situation in the country which lasts over the past 4 years, average earnings have fallen by almost half and start to recover only last year, but not at all, and not completely. Life goes quickly, so no one wants to cancel the weekend, a vacation or celebration. Did you know that you could borrow money not from relatives, but, for example, take a credit on a card in the Internet?
All of us could face with financial problems. We cannot be sure about the future, because there is always a risk of losing a job, or facing unplanned costs. Credit history damaged due to unforeseen circumstances, unfortunately, is not uncommon for 25% of borrowers. In such cases, a quick loan for a card or a microloan from an MFI can help you out.
When banks refuse …
New FinTech allow you to quickly and easily get a credit card online. Today, many banks issue such loans, but they are available mainly for regular customers, and for people with a good credit history. Banks offer significantly better credit conditions, but are very attentive to the credit rate. They are happy to issue loans only to people who have a steady, documented income.
It is advisably to take loans from a bank if there is already a sufficient credit limit and the possibility to use installments when purchasing consumer goods. For people who apply for a loan for the first time, or already have a bad credit history, it is quite difficult to get a loan from a bank. They are often denied credit, set a minimum credit limit, or even offer to issue a debit card. If the credit rating is low, the last possibility remains – to contact the MFI and apply for a loan through an online platform.
To quickly improve your credit history …
Did you know your credit history can be improved? The microloans from the MFI can help. Such organizations will give credit to the card quickly, almost to everyone, issue loans with a minimum package of documents. You can borrow small amounts for a short time. By repaying the loan on time, you align the indicators of the credit history, because MFIs also transmit information to the credit bureaus. This will make it possible in the future to use the services of banks on more favorable terms and for receiving large sums.
The interest rate for a loan in an MFI is much higher than in a bank. But even in such companies it is possible to take the cheapest loan on the card. Many offer a first loan with a zero interest rate. Usually it will be a small amount – an average of UAH 3000 UAH 10,000.
That’s not enough to go abroad for vacation, but to live until receiving salary will be enough. In 2019, many new MFIs hold promotions that allow them to take loans on a card at 0% several times. The main thing is to repay them at the time specified in the contract. Then you will not have any problems, and credit history will be corrected quickly.
How to find a profitable loan?
Be sure to look and compare loans from several companies to find the right amount and low rates. All online loans in one place are available at Financer.com/ua. The site also contains a lot of useful information related to finance: all types of loans and deposits, ways of investment and types of insurance.
Let’s look through the pros and cons
A quick loan at stake is not a panacea for all problems, it can be an assistant in difficult situations or unforeseen events. But credits can ‘sink’ your ‘wealth ship’ if it is inept to use them. Let’s look at all the pros and cons of an online money loan from an MFI.
Positive sides:
· the ability to take a loan online at any time of day with a minimum package of documents;
· the ability to solve financial problems quickly or not to miss a profitable offer;
· no need in providing data on earnings, no matter for what purpose the money will be spent;
· ability to align credit history;
Negative sides:
· the interest rate is very high, so you can take a loan only for a short period from 5 to 35 days;
· in case of late payment within a few weeks, your debt will be transferred to the collection company.
In any financial relationship, it is quite important to return debts on time. This will allow you to keep credit history flawless, which makes it possible to take loans on favorable terms. Before you take out a loan, always consider whether you can repay it on time or not. This is a rather important question. If you understand that income does not allow you to take a credit card online and return it without delay, it is better to try using other methods of receiving money.
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