Fast and immediate loans can be seen as salvation, by some, and as perdition, by others. It is important to stay informed before acquiring one of these microcredits, to ensure that the experience is not bad.
All kinds of fast loans carry rumors and myths that are often not true. For that reason it is important to inform you before acquiring a loan and in this section we solve 5 of the most common myths that exist when applying for a fast loan:
Myths of fast loans
You pay more interest than for the loan: Lie. Within the market there are many fast loan options and if you compare, you will find that you can save a lot of interest between one company and another. The recommendation is to look for lenders that make loans that are at an interest rate below 5 percent . Remember that an important factor is time.
Young people do not have access to loans: False. All people, regardless of their age, have at some time had a complicated economic situation and therefore need credit. In other cases, people want financial resources to start their business and start. Quick credits can be given to young people who are in their first job or want to undertake, as long as they have a backup plan.
It is very difficult to get a quick loan
Lie. The main feature of a fast credit is that institutions do not require too many documents to be able to deliver the money. Another peculiarity of these loans is that a guarantor is not required . This makes the process faster. Ideally, from the moment you make the request for resources, the amount will be transferred to your account in a maximum of 48 hours.
Clients are indebted for a long time: False. There are all kinds of credits, from those that are short term to those that are for very long periods such as mortgage loans that may have terms of up to 20 years or more. In the case of fast loans, the maximum period to pay must be three years and can also be paid in months. The important thing is that the institution to which you apply for the loan gives you advice to coordinate the appropriate time.
They only give low loan amounts
Lie. Some companies that lend money quickly give low amounts, and if you meet the payments, the credit amount may increase. But you should inform yourself well, since there are other credit institutions that provide from small amounts to sums that can reach Q. 60 thousand, that can help you to renew your car, create your company or for educational issues. The advantage of fast credits is that they are without guarantor and made to measure.
Since you resolved some doubts about fast loans, it is important that you choose a company that cares about your Financial Health so that the word credit is synonymous with financial peace. It doesn’t matter if the amount is low or high, the lender should focus on providing you with a credit you can afford.