Loans – what to be aware of?
With quick non-bank loans you can immediately solve out your unfavorable financial situation even if you have low income and a record in the Credit Bureau. However, non-bank loans also have some disadvantages which you should be aware of and count with.
Quick loan – higher interest
You can be surprised by high installments of non-bank loans. Although you do not pay any fee for arranging loans, the APR ranges in tens of percent.
In some cases, the APR climbs to hundreds of percent. Non-bank companies set high APR because they know that you cannot get any bank loan because of your record in Credit Bureau or because of low income. Therefore, choose these products only within large and credential companies and read carefully the terms and conditions.
Beware of hidden fees
Some dishonest companies offer acceptable interest rate, but then you learn from contract about other fees that are associated with loan arranging, its administration and management. You can easily happen that the fees are higher than the interest rates of the loan and the final amount due can rise to astronomical heights.
Pay your obligation on time
Be also aware of timely paying of installments or amount due, otherwise you can be unpleasantly surprised by the amount of the sanction. If you know that you are not able to repay the amount, consult a financial company about alternative date agreement. When they see the effort on your side, probably they will be willing to help you.
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Loans – what to be aware of
Within the loan market we can meet many inconveniences and complications. How to avoid them you can learn here.
APR - what is the APR
Terms from loan marketCredit Bureau
Consolidation of loans