Online loans and 5 tips for choosing the right loan
Did you notice that too? You can find everything on the Internet. Every information, every business, every person… Everybody and everything is on the net. Read more at http://hypnosemontreal.net/payday-loans-may-hide-the-particular-shame-that-troubled-financial-debt-carries/
No wonder. Today, the Internet has more people than television, so lenders also create or move their activities to the Internet.
This is also an advantage for anyone interested in the loan. Detailed information, customer reviews, experience and other insights help us all.
With the help of the Internet, we will learn everything we just remember and do not have to rely on the advice of several acquaintances we meet in real life.
This article deals in detail with online loans. We will find out on what principle they work, who is currently providing them and how we get to such an online loan.
Some time ago, non-bank providers dealt with online loans rather than banks. It was due to the fact that the banks functioned (and still operate) as stone branches, where the client solves all the financial needs, including account equipment, credit card, mortgage and, last but not least, a loan.
Until recently, clients were accustomed to going with every need and comment to the bank. However, the time is still moving further and with the advent of the Internet, many customers have begun to demand simplification of handling. As there is strong competition among banks, most of them have taken into account the trend of switching to Internet services.
Non-bank companies were and still are in competition. They also had to set up branches or at least small stands scattered around Slovakia. But they did not bypass the trend and get to know the future of their business on the Internet.
If the lender does not work on the Internet today, he would lose so many future customers.
Today everything is virtual
Longer-functioning banks still have tens to hundreds of branches across the country, but have included loans and other products in their online offerings.
In addition, there are new banks that have already entered the market with more or less being active on the Internet. They are characterized by low incidence of branches. Some even have no branches.
As for non-banks, the scenario remains unchanged. There were various “loan shops” that you could have found at every corner in larger cities. As a disadvantage we see the fact that the loan was less than the banks, and if a person was interested in a non-bank loan, he encountered a monopoly in his city. He simply had little choice.
Internet borrowing has also contributed to lowering interest rates and hence reducing lending to the past. Once monopoly providers have huge competition today and attracting a new client is possible either on the basis of spectacular advertising or just as low interest and fees as possible.
How is it today with online loans?
More online loans now offer non-banknotes. Banks are not really that much, even though walking around the city may be different. Although the bank is at every corner, the internet is always more.
Virtually anyone can become a non-bank provider. There are proven, large and “branded” non-banknotes that have been operating for years, but still new and new. Whether companies or individuals create them, everyone can be a provider.
However, this is the reason that a number of fraudsters and untrustworthy companies appear to spoil the reputation of others.
TIP no. 1) Verify that the non-bank is registered with the Nabaslo, which is in charge of it.
Just registering will help the NBS to properly explore the new provider with its history and intentions for the future. It may happen that a fraudulent non-banknote will explicitly deceive its website and claim to be registered. If in doubt, contact the NBS directly.
The website associates several non-bank companies, all of which are registered with the NBS.
The simplicity of online loans
In this respect, providers are not unusual. The habit is to have the so-called. a loan calculator, where you can clearly set the amount of the loan and the length of its repayment.
The law imposes on online lenders a regulation to indicate the interest rate and annual percentage rate of charge (RPMN) information for calculations in the calculator.
TIP no. 2) When browsing the provider’s pages, look for interest and RPMN in the loan calculator. Unless this is stated, the provider does not comply with the Regulation.
The website associates multiple providers with different loan terms and parameters. That’s why you won’t find the calculator on the page. We give priority to a telephone conversation with a specific company operator that provides detailed information about all terms and conditions of the loan.
Bank loans a little easier
It is a little easier to arrange an online loan at the bank if you are a client. The bank has an overview of you, and if it sees you as a reliable client, you can even have a loan pre-agreed.
It is then sufficient to apply for a loan through internet banking and wait for money.
If you decide to apply for a bank where you are not a client, you will probably find a calculator on her site. The bank will proceed through the register control, income assessment, etc. Sending money is thus prolonged.
Non-banknotes more expensive
Non-bank companies are overtaking in that will deliver money faster. They do not view and require certificates and guarantees. Regrettably, this “closure of the eyes” is burdened by higher interest charges on their part.
Non-credit cards also use credit calculators to a large extent, but you will also encounter a simple contact form in which you provide your details and the operator will contact you by phone or arrange a personal meeting with a sales representative.
Especially don’t pay anything in advance!
This is one of the guiding principles to avoid fraud. Untrustworthy providers plunder people in advance because they stop communicating after the money has been collected and can often not be found due to a failure to locate the company. They simply fall off the ground and your money.
TIP no. 3) Never pay money in advance until you have a credit agreement in hand.
We have encountered many negative experiences of deceived people who have written to us that they have often paid several hundred euro “fees” for brokering credit. Others even claimed to have given money to an unknown person who would only recommend a reliable loan to them!
So the reality was that they paid someone € 150 for a recommendation, they never received another € 200 for approval and money. Suddenly they lost € 350, and only because of their trustworthiness and the audacity of someone to “mine” with the alien disaster.
Online loan repayment
Once again, it is easier to take out a loan in your bank on repayment. So there is no worry about timely repayments. You just don’t have to keep them in your head because the bank will take them out of your account.
If you are repaying a non-bank, you can also choose a standing order. Payments can also be sent by bank transfer or postal order.
There are also so-called. fast loans. They offer clients a maximum of several hundred euros and are payable once. At the same time they have a short maturity – usually one month.
Change credit agreement
Under contract change, we mean extending or shortening the maturity, increasing or decreasing the monthly payment and extraordinary (sudden and one-off) installments. It rarely happens that the provider provides such interference in the current contract free of charge.
Sometimes the client’s inability to pay the monthly installment in the agreed amount occurs. If it asks for a reduction in the installment, it will extend its total maturity and pay more in real life. However, the service can help to help in the sudden lack of money.
The same situation occurs when the maturity is extended. The monthly repayment will be reduced, but the repayment may result in much greater repayment.
TIP no. 4) Review the charges for additional changes before signing the contract.
There are two ways in which providers calculate these charges:
- The modification fee may be expressed as a percentage of the borrowed amount. For a € 1,000 loan and a 2% charge on this amount, you will pay for an extension of € 20.
- The second provider may have a fixed fee (eg 40 €), you will pay the same for a 500 loan as well as 5,000 €.
Therefore, always find out what the fee will be for the percentage calculation and if you do not pay less for a fixed fee competitor, even though the price may seem at first glance.
The Cancor Brand website brings together several providers, each with a different price list. This allows you to always choose the best offer. If you are not satisfied with any of the offers, you simply end the call and wait for the next offer.
How does it work?
As we have already written above, the site associates several Slovak non-bank companies. All of them are popular and registered with the NBS. We do not cooperate with unverified companies.
There is a contact form on the page where you can fill in details about yourself, contact details and loan amount. Submit the request.
Your application will be stored in a database to which only participating companies have access. So you do not have to worry that they will be overwhelmed by mail or harassing calls after sending a non-binding request.
There will only be two calls. First you will be contacted by a company that will offer you a loan. You agree with the operator on all terms, set the repayment period, and discuss interest with any charges. It is not excluded that the operator will ask for a receipt or other necessary documents.
If you do not want to meet a sales representative in person, the contract will be delivered to you by post.
TIP no. 5) In order to speed up the approval of the application, we recommend that you have the most frequent documents prepared (receipt receipt, account statement, etc.).
The second call will inform you of the loan approval. If for some reason you are not approved, do not despair. Resend the form and join another company with you. The one who refused the application or did not ask her for a quote will not hear from you.
The goal of Cancor Brand is to provide people with loans with transparent terms, without hidden and additional charges. We do not cooperate with new and unverified companies.
- TIP no. 1) Verify that the non-bank is registered with the Nabaslo, which is in charge of it.
- TIP no. 2) When browsing the provider’s pages, look for interest and RPMN in the loan calculator.
- TIP no. 3) Never pay money in advance until you have a credit agreement in hand.
- TIP no. 4) Review the charges for additional changes before signing the contract.
- TIP no. 5) In order to speed up the approval of the application, we recommend that you have the most frequent documents prepared.
In addition to these five principles, there is one that is valid at all times. ¨
Borrow only if you are sure that you can repay the money. Don’t borrow too much money, but just as much as you can to solve the problem.
No loan will ever go unpaid, and even a single penny you may get into trouble over time. Think of your commitments and try to resolve them immediately. Do not postpone them later because the amount owed may increase to unmanageable dimensions.