Real online loans for bad credit -Low credit loans online: Get $500 to $1000Low credit loans online
A traditional bank loan is a product that is extremely difficult to obtain. Banks check their customers ’creditworthiness very carefully and verify debtors’ records in detail. Compared with them, payday loans have definitely less complicated procedures, which is why those loans are chosen by people for whom bank loans are not available. Such persons maybe those who have low income or those who already have some debt.
Low credit loans online: Get $500 to $1000
Yes, there is no mistake here. There are free payday loans and, what’s more, they are doing great. By completely getting rid of the costs, the lenders have gained millions of satisfied customers. Almost every Viyubank offers its new clients a completely free online loan. Initially, they aroused little public confidence, but after a few months of functioning flawlessly, customers trusted lenders taking payday loans more and more willingly.
An additional advantage of low credit loans online is the possibility of borrowing money without leaving home, 100% online.
As it happens with cheaters, it was abusive, because almost every request was refused, so the entire “activation” amount was lost and we had no chance for getting our money back. Fortunately, borrowing from proven lenders is between $ 1 and $ 10. Even if you refuse, we do not incur large losses. So what do Viyubanks earn? Nobody will lend us money for nothing. Well, problems begin when we have difficulty repaying our commitment. Banks can show a much better approach here. They offer us all kinds of ways to minimize costs while extending the contract.
The most popular option is credit holidays – deferment of one installment at no additional cost. Usually, however, we can use them only once a year. Sometimes this is enough, but in most cases, it is still too little. So how do Viyubanks behave?
Do quick loans have disadvantages?
Non-bank loans have one definite disadvantage. It is a higher nominal interest rate. It creates a false impression, which is treated as a more expensive type of loan. Is it really so? On the contrary.
The main difference is how the loan costs are calculated. Banks charge the customer not only with interest but also a commission. Where does it come from Each Viyubank operates based on the Civil Code, which categorically prohibits lending money to third parties? On the other hand, banks operate on the basis of the Banking Law – they use their money for credit purposes. This causes additional costs that we must incur to pay not only the bank but also the actual owner of the money.
The only value that should be considered when choosing a loan for yourself is the APRC – the actual annual interest rate. In other words, the total cost of the loan borne by the customer, ranging from registration fee, preparation fees, insurance, and interest. So how do banks outweigh Viyubanks? The main advantage of bank loans are discounted in case of problems with repayment of installments. But more on that later. Let’s move to the best offer on the credit market, both banking and non-banking.
No payday payments. What now?
Viyubanks grant loans to almost everyone, they do not verify their clients thoroughly, which is why they often have problems with recovering borrowed money. How did they deal with it? Severe penalties. If we are late with paying the installment by at least one day, large costs will be added to us immediately. Starting from paid SMS (cost – $ 25), through prompts, urgent letters (cost – from $ 25 to $ 100) and ending with recovery. One debt collector’s visit may cost us up to several hundred USD. Initially, the free loan turns out to be one of the more expensive ones on the market. There are cases wherein two months the total cost was 500% of the loan value.
However, these are extreme cases that a reasonable borrower will avoid without the slightest difficulty. Let’s summarize in what payday loans have an advantage over bank loans.
- First of all, it is much easier to obtain them, because the procedures take much less time.
- Quick proof loans are granted without verification of earnings certificates. All you need is data from your ID card and a statement of earnings.
- These types of products are also available to people who already have debt in other institutions or banks.
- Online payday loans can be taken seven days a week, twenty-four hours a day.
- Thanks to them you can get money really quickly. Credit decisions are issued within an hour, it rarely takes more than a day.
- Very often, companies granting such loans introduce favorable promotions, thanks to which a loan or a loan is cheaper. Such situations may concern a promotion for the first loan or one which has been repaid on time.
Quick loans without certificates are very popular among various types of people. There is a high demand for them and therefore the number of companies that deal with them is systematically growing. Thanks to this, competition increases and the conditions on which such credits and loans are granted are constantly becoming more attractive. This works definitely for the benefit of those who are forced to take such loans.