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How much money can you get with a loan?

Prestamer: Analysis and Opinion

Prestamer: Analysis and Opinion

Loan is a financial company that offers fast mini credits with minimal documentation and that operates automatically. This means that we can make the request to a Loan any time of the day or night, on a working day or public holiday, and that a response will be obtained in a matter of minutes without having to wait for a person to review the information provided. An assessment at http://www.monraku.com/direct-loan-servicing-consolidation/

If you have an emergency or need the money immediately, you can learn about the particular characteristics of Loan, be sure to read and find out below.

Initial limit of 300 USD for the first credit

How much money can you get with a loan?

The amounts offered by the Loan range from 50 USD minimum amount to 1,000 USD maximum amount . Establishing an initial limit of 300 USD for the first credit, which in the case of satisfactory return will cause the immediate increase in the available limit, reaching 1,000 USD of maximum money.

Loan repayment terms

Loan repayment terms

Loan establishes the maximum repayment term at 21 days , a fact that we must take into account if we decide to operate with them, since if we cannot make the loan payment within the established term, we will have no choice but to resort to an extension and therefore we will end up paying higher interest.

Requirements

Requirements

As with all fast credit products, the requirements to be able to access one of these loans are very easy to fulfill, given that its objective is to be able to reach as wide a group of people as possible . The age of majority , by legal imperative, is a basic requirement, and in addition you must have Spanish nationality, have an operating mobile phone and register on the Loan website .

Although it does not make an explicit reference to Financial Credit Institution, it should be noted that Loan indicates as one of its advantages that the credit history is not definitive for the granting or not of the loan . This, translated into plainer language, comes to mean that each application will be treated individually by studying a set of factors, and that having a damaged credit history does not make it impossible to obtain the loan. It will be one of the points that your automated system will take into consideration, and depending on the set of circumstances of each person, it will be considered or not as a problem.

How the application process is carried out

How the application process is carried out

If we decide to request a loan from Loan, we have to follow a simple process that only takes a few minutes . First of all, we have to go to the Loan website and create an account, for which we will have to provide a series of data through a form and send a copy of the DNI.

Next, we need to specify the desired amount, the term in which we intend to pay the loan and indicate the way in which we are going to make the payment, from among the 4 options offered .

Once the response with the acceptance has been received (which occurs in 9 out of 10 requests), all that remains is to sign the contract, which is carried out effectively by confirming the loan conditions via SMS, so that it can be placed in The money delivery mechanism is running.

When the loan money is received.

When the loan money is received.

At this point it is necessary to make clear the difference between the delivery of the money by the Loan and the possibility of being able to access it. As we have pointed out, Loan works through an automated system – in fact, on its website it is mentioned that the decision is not influenced by any human factor -, so it is possible to obtain approval and delivery of money almost immediately, but the possibility of having it It will depend, as always, on the working hours of the banks.

Therefore, it does not differ too much from any other microloan. In the most favorable cases the money will be available within a maximum period of one hour , and in cases such as when the loan is made during the night or on weekends, it will be necessary to wait until the next day or the next business day. In all security, whatever the circumstances, it will be received in a maximum of 48 hours.

Loan repayment

Loan repayment

The amount received can be returned in a maximum of 21 days , although it is possible to do it before that period and reduce the payment of interest. There is also the possibility, already mentioned, of requesting an extension if the deadline does not have the money to complete the payment. This solution will make the loan somewhat more expensive, but it is always a better option than incurring late payments.

To proceed with the return there are several payment systems, which are managed from our personal area. These systems are card, bank transfer, Trustly and, finally, there is also the option of making a cash payment.

Conclusion

Conclusion

Resorting to the services of a Loan can be interesting in some cases and not so much in others. Taking into account that your interests are not exactly low, and that you have 21 days to return, you should be very sure that you will be able to proceed with the payment on the scheduled date before launching to request it .

However, these less favorable aspects are not the only ones to consider. There are factors such as the possibility of requesting up to 1,000 USD which are a plus – other financial companies have much lower limits – and being able to pay back the money at any time and pay interest only for the time that has been disposed of is another advantage. not to be overlooked.

If a payment has to be made on a certain date on a mandatory basis and the money is not available until a few days later, it is a smart way to solve the situation without the cost of the solution being too high.

Other advantages that must also be noted and that in many cases can be definitive, to choose Loan as financial, are the very little documentation to present (enough the DNI) and the high level of acceptance that it presents, and which exceeds 90%, which for people with credit history problems, and who are often rejected in other entities, can be a significant relief.

Loan without a job – how does it work?

The global economy is flourishing at the moment, there are hardly any unemployed and Germany is almost fully employed. Nevertheless, there are still unemployed people in this country who cannot participate in the success of the economy. There can be many reasons for this and it can also be assumed that times will deteriorate again and unemployment in Germany will rise again.

The unemployed also have wishes and ideas about life, they also want to go on vacation or own their own car. In addition, larger purchases can always be made in the household, for example if the washing machine no longer plays along. It is very difficult for people without a job here because the unemployment benefit is usually not sufficient to make such purchases. But how can these people be helped?

Loan without a job out of the dilemma

Loan without a job out of the dilemma

Many banks give unemployed people substantial support here by offering them a loan. In order to get a loan without a job, however, as with traditional lending transactions, certain collateral must be covered in order to be granted a loan. These types of collateral can be of various types. Banks usually require applicants to provide proof of income, but this is not possible in this case, since they are unemployed. Other values ​​and possessions such as shares, real estate or life insurance are often not available.

So another way must be found. This is where the guarantor concept comes into play. A guarantor is a bank credit protection that comes into play when you have a jobless loan. A guarantor is a specific person, possibly an acquaintance or friend, who can provide financial support for the borrower as required. In this respect, the banks are covered because they receive their installments on time. The possible conditions for a loan without a job are presented below.

The framework for a loan without a job

The framework for a loan without a job

Such banking is generally offered as an installment loan, ie the borrower has to repay installments to the bank on a monthly basis. The possible loan amounts depend on whether a guarantor can be specified. If this is the case, loan amounts of up to USD 100,000 are possible; if not, only small loans of up to USD 5,000 can be granted. The terms, however, can be fixed flexibly and can be between 1-10 years.

The effective interest rate is also crucial, it essentially determines the amount of the installments. The interest rate is currently between 5 and 8 percent. Furthermore, the installments can be suppressed by possible one-off and special payments, which is particularly useful if you want to keep the installments as low as possible.

Why am I not offered credit in all physical stores?

Many more suppliers should offer goods on invoice than those who have this offer today. With good credit solutions you are guaranteed to increase sales.

As a consumer, I get credit from many of my suppliers today. But not all. Home and car loans are obvious to most of us, but take a look at your e-invoice and your contract giros in the online bank. There, I think you will find: Web and power, telephony, broadband, insurance, alarm, fitness centers, Netflix, Apple, Google and HBO to name the most common. Common to everyone is that you get the item first and pay afterwards.

This is not a coincidence – all these suppliers know that their customers are leaving more money when they can shop on credit.

When I check my bank statement I also find large monthly payments for food, clothing and consumer electronics. Although we are writing 2018, I am still surprised that it is only the online stores among these suppliers that offer me to shop on invoice – ie credit. What is this store understood by the others?

 

Physical stores get the best from the online stores

online credit

Good online stores eat bad online stores and good physical stores eat bad physical stores. Those who win are the players who offer the best customer experience, whether online or physical. We believe that online and physical stores will simply merge into a common “concept of commerce”. Physical stores have the great advantage that they can borrow the tools from the online stores, but this is not as easy the other way around. In other words, it is about creating good trading experiences in the form of good products, solutions, service, availability and, not least, good payment solutions.

 

Easy payment

loan payment

For example, suppose you order a drone in the online store that you have long wanted. On the way home from work, you drive to the physical store to take it home with you. In the shop they have offers of extra batteries. Here, it should have been a seamless opportunity for me to avail myself of the battery offer, for example by having myself or the help of a store employee register the batteries on the same invoice as the drone. For me as a customer it would have been liberating easy, but for the supplier even better since I have now left 30% more money in the shop! A smart shop owner, sends me a nice message just before due and asks if I want to split the payment?

 

The invoice is dead – long live the invoice!

credit loans

Fortunately, this is happening less frequently. Good online shopping experiences are always on the invoice base: Get the item first, pay the page. This is highlighted as an explanation of why e-commerce is preferred by more and more of us. For many, an invoice means yellow letter girder delivered in a window envelope to your home in the mail. The invoice can be sent to you electronically as email, sms, in APP, e-invoice, or in the format you want to receive it yourself.

Payment solutions can be divided into four main categories to understand more about the mechanisms that affect customers:

  1. Pay now. Immediate payment by cash or card.
  2. Postpone the payment. Pay a little later for a fee
  3. Divide. Payment divided into installments over time.
  4. Trading account. For major or repetitive credits.

Think about all the good customer experiences that can be built, turn a quick bill over to something more “comfortable”, dentist, electricians, etc. etc. What if these providers also started thinking outside the box and could look at payment solutions designed for the “man in the street”?

We have previously written a blog about “pain of paying”. This is what all good cremans know. It is up to each customer how they choose to pay for the product or service. Credit is the lubricant in retail sales and the economy otherwise.

 

Incredibly powerful force that many stores today do not use

Incredibly powerful force that many stores today do not use

For example, suppose you go to the grocery store one Friday afternoon before serving the taco and forgot your wallet with the card, but you have a 200-patch in your pocket. Now you can trade for 200 dollar, but no more. Had you had the card, or better yet: That also the grocery trade offered you credit, as they did right up to the 1990s where they, for incomprehensible reasons, stopped “chalking up the goods” for their good customers … Why did grocery stores with credit on 1990’s? My biggest expense is food. I have four children and it goes with three breads, 3L milk and 500g butter every day. (in addition to everything else) these kids did, could be collected so I got the “discount”. But also the other benefits the store offers in the app?

More and more seniors are getting more debt. How do you clean it up?

More and more seniors are struggling with debt and unclear finances. Best Bank receives more inquiries from seniors who struggle to make everyday life go up. According to the latest Lindorff analysis in 2019, the number of collection cases associated with individuals over the age of 60 has increased by around 40 per cent since 2012. Experts expect this trend to continue.

This is a consequence of the changing lifestyle of the elderly. They travel more, have more leisure activities and generally a higher consumption than before. Several also choose to assist their children financially, says Luther Holmstald, Marketing Manager at Best Bank.

The transition to retirement life can be challenging for many. After a long working life, it is natural to have become accustomed to a lifestyle that may not be compatible with retirement. We see that more seniors are struggling with this transition, says Holmstald.

 

Get control – the first step is to get an overview

To get a good economy, financial overview is a prerequisite.

Many people do not have an overview of their debt. They often have the debt spread over several creditors and repayment plans. This makes it difficult to have a good overview and thus difficult to make good financial choices, says Holmstald.

At the heart of Best Bank’s work is to create a debt overview with the customer.

This is the first step to getting a better economy. Once you get an overview, it is easier to decide how to clean up the debt, explains the marketing manager.

 

The second step is to collect the debt

debt collect the debt

Many customers find it easier to report to debt when it is collected.

It is easier to deal with one creditor, with fixed installments, versus many smaller ones, each with their requirements at different times. We find that our customers get a better economy after collecting the debt in one place, Holmstald elaborates.

 

Collecting the loans provides predictability, but usually also better terms.

Collecting the loans provides predictability, but usually also better terms.

We have had several customers who feel they are getting better loan terms after refinancing. It’s often the small loans that are the most expensive and if you manage to get rid of the small loans then it’s a good step in the right direction, says Holmstald.

 

Housing loans are becoming more common among the elderly

home loan

One move that has become more common among the elderly over the past few years is to move the debt into the mortgage.

Many elderly people have paid down housing while also having consumer debt. Refinancing the home and moving the mortgage loans into the home loan will often lead to better terms. We can help you to assess whether this is a good solution for your finances, explains Holmstald.

 

Contact: – We can help

home loan

Best Bank are experts in private finance. If you need to clean up your own finances or want to know what options you have, the bank’s advisors are ready.

We have helped people in all different economic situations. If you come to us, we will help you get an overview and make good financial choices. Often it’s not the big colds that are needed, ”concludes Holmstald.

8 good reasons to use credit cards this summer

Money, passports and (p) illettes used to be a good rule of thumb when traveling. Axel Guran of MoneyEnergy Credit thinks the new rule must be that you also bring your credit card.

Here are his eight reasons why:

1. Extra backup

credit cards

Have you ever been in a foreign city and experienced that your card was swallowed by the ATM? Or not getting paid in a store because your card doesn’t work?

Then it is good to have several cards to resort to. One rule of thumb should be that you use the credit card as the motherboard on the trip. If it gets lost, you always have your usual card to resort to, says Guran.

 

2. The bank’s money – not yours

Let’s face it. Wallets may be lost on the holiday trip. Cards may be stolen or card data may be copied. If your card gets into the hands of the wrong people, the account can quickly run out.

If you have used a regular credit card that is linked to your payroll account, your money will be lost. What many people do not know is that if you use a credit card instead, the bank’s money is stolen. Then you don’t have to lose your own accounts, says Axel Guran.

The assumption is that you have not acted negligently and that you report the card stolen as soon as you discover it is gone.

 

3. Extra travel insurance

travel insurance

Did you know that if you pay half of your trip with a credit card, you get travel and cancellation insurance on the purchase? The insurance covers your loss if you fall ill or stolen valuables during the holidays. It also applies to delays in connection with flights.

It provides a good supplemental coverage which can be good to have if the accident should be out. Travel insurance covers trips up to 90 days, while regular travel insurance is usually limited to 45 days per trip, Guran says.

 

4. Full control

Your credit card has the same PIN as your other local bank cards. Therefore, there is no more to remember than otherwise. In addition, the credit card gives you a unique opportunity to control your costs along the way.

You can log into the mobile bank at any time and see what you have used the card for. It will also be easier to see what the trip cost you afterwards. It gives you good overview and control, says Axel Guran.

 

5. Access to own money

money loan

Did you know that hotels and car rental companies often reserve larger sums than the agreed price you pay? If you use a regular credit card, you may suddenly have less money to deal with than you had planned.

If you rent a car, the company often takes into account that you can expose the car to an injury. The same goes for a hotel. This will freeze the money in your account, which can be very inconvenient. However, if you use a credit card, you have all your money available at all times, Guran says.

 

6. Security for unforeseen costs

A lot can happen on a trip. You may need to stay in a hotel while you were really planning to lie in a tent. And should your luggage be lost, you may suddenly have to pay for more than you actually have budget for. A credit card therefore also acts as an extra security that it can be good to resort to if something unforeseen happens, Guran believes.

 

7. Secured against ID theft

identity theft

If you are a frequent user of the credit card, you have an additional insurance that many may not know. If you are exposed to ID theft, you can receive up to USD 50,000 in legal assistance.

The assumption is that you have used the card or have interest-bearing credit on it, explains Guran.

If you are rarely abroad, an extra security can also be that you place a regional lock on it as long as you are in Norway. This means that you can choose to block use in terminals other than where you have approved the use.

You choose which regions you want to block for use, but remember that you will unblock if you are going on a trip. Tedious to stand at an airport at a stopover and not be able to use their card, says Axel Guran.

 

8. Free to own and to use

And last but not least. Did you know that owning or using your credit card costs nothing? In addition, you will receive up to 45 days of payment deferral after using it.

You therefore have plenty of time to pay the bill when you are back home. And you can sit down in peace and go through your transactions before you pay, says Axel Guran.

Which credit card is right for you?

6 things to consider before giving a customer credit

Does your business have a clear strategy and approach for giving credit? It is not certain that those you give credit will be able to settle before the payment deadline. Mistakes with which customers make deals can create headaches and potentially lost revenue. Here we give you tips, tools and methods so you can reduce the risk of such happening in your business.

We make appointments every single day. In business, it is important that the agreements entered into are properly formulated in accordance with laws and regulations. Not least, you should be aware of the agreements you enter into with regard to the customer’s ability to pay. Agreements with good conditions give you little or no problems, including in the form of non-payments and follow-up work on the cases. And the more trouble-free deals, the healthier it is for your business.

 

Conduct a credit analysis of your customers

credit analysis of your customers

It is a very good idea to obtain detailed information about the customer before credit is granted. Here is a list of tips to make trading safer for both parties, whether private or business:

  1. Keep an overview of any payment remarks.
  2. What is the customer’s income and financial position?
  3. Do a risk assessment regarding the size of the trade.
  4. What is the customer’s payment history? Is this a previous customer, or do they have outstanding requirements from before?
  5. Demographic information. Where does the customer live? Other personal information.
  6. Credit your claim if you cannot afford a loss, for example in the form of a prepayment.

Maybe your business has sellers on commission? In such cases, you should establish a clear and safe framework with regard to which customers are granted credit. As a credit manager, it can be a source of trouble if credit is granted over a low shoe. I must hardly emphasize that you cannot take for granted that any ability to make up for it. Risk assessment is an important element here, and you have to have a conscious relationship with it. Create routines to weed out those who can’t make up their minds.

 

Methods and tools for conducting analyzes

credit method

An accounting is a source of a good overview of the financial situation of companies. In addition to checking the company’s accounts, you can also buy scorecards, a type of credit check. There are several businesses and debt collection agencies that can help you get to know your customers before entering into an agreement. A scorecard is the result of a statistical method that calculates the probability of default and risk associated with agreements.

Both private and business customers receive a score based on the above points. It will give you a clue as to whether it makes sense to enter into an agreement with each customer. Then you will be able to more confidently execute agreements with parties that are able to pay for themselves, not least pay for them on time. Remember that you can also claim credit insurance. The common denominator is that you should familiarize yourself with the one you grant credit to.

So keep in mind that failure to process and analyze customers is bad business, both for you and for the customer. In addition to the unnecessary follow-up and extra work involved, your business may experience financial losses and liquidity problems. Have in place a clear strategy for when to grant credit. Slurping it here will not be sustainable for your business in the long run.

Simple credit: a tool for your company

The good use of a simple credit in a company can be a lever to boost business growth.

For this reason, it is necessary to know the basic elements and give you some tips to use this tool in your favor.

What is it?

What is it?

A simple loan is a money loan made by companies such as Athos to businesses with financing needs for working capital, buying machinery, equipment or supplies to increase production or improve their services, in exchange for an interest rate and during a given period.

How is it composed?

How is it composed?

A simple credit consists of:

1. Capital: is the amount of money that the institution lends and from which the interest derives.

2. The interest rate: which is the percentage that will be paid extra based on capital. It should be noted that this can be fixed or variable.

3. The term: it is the time in which the credit will be valid and in which the person must pay the capital with the interests.

4. Amortization: are the payments that must be made to settle the credit, which includes both capital and interest payable.

5. Late payment interest: as the name implies, these are interests that have to be paid for non-payment of the simple credit payment.

What is its main characteristic?

What is its main characteristic?

A simple line of credit differs from another type of credit by its life period; that is, this loan may be used only once during the agreed term. At the end of the term and the loan settled, it is necessary to open a new line of credit.

What types of simple credit exist?

What types of simple credit exist?

There are two large groups: with guarantee and without guarantee.

With guarantee: These business loans require a good, property, machinery, guarantee or payment of advanced monthly payments as collateral, in case of non-payment of the loan.

Generally, this type of simple credit has better interest rate conditions, since the guarantee reduces the risk of default.

No guarantee: This credit does not require any kind of guarantee. The loan is granted to companies with acceptable financial health and interest rates are generally much higher than collateral financing.

Now that you know what a simple credit is and how it is composed, we will share some tips to use this financial tool.

Tips before hiring a simple loan.

1.- Find out before requesting a loan

Not having a clear financial strategy, little or no knowledge of the use of credit or indiscriminately using financing, are the perfect recipe for your company to get over debt. Get advice and know how financing works for your company.

2.- Determine your financial situation before hiring a simple loan.

Ask your accountant for a balance of your company’s financial situation to make better decisions. Pay attention to financial leverage and the generation of your business flows, as these are key to determining whether or not it is possible to pay a loan.

3.- Have a well defined objective for the destination of that loan.

Before seeking financing, it seeks to justify the hiring of a simple loan; that is to say, you must have projects whose feasibility of execution is very high, as well as knowing what is going to be bought, what is going to be invested, how much will be allocated to this or that area, etc.

4.- Look for the best conditions for your loan

One would believe that the ‘best conditions’ are loans with very high amounts and with low interest rates, but really, the best conditions are those that go according to the financial situation of your company.

Do not hire or accept credits whose amounts exceed your ability to pay and try not to acquire financing with high interest rates or to finance you with your personal credit card.

5.- Order your financial and fiscal information

Many entrepreneurs surrender to the perception of endless paperwork when asking for a loan. The truth is that the information requested by financial institutions are documents that your company already has: you just have to keep it tidy and up to date.

Contact your accountant to organize this information and have arguments backed by documents to apply for a loan and be a good candidate.

Loan without processing fee – that’s how you get it!

Anyone who wants to take out a loan generally attaches great importance to having to pay as little as possible. The classic costs of a loan can be divided into two groups: interest and processing fees. However, most people know that they are always dealing with a loan without a processing fee, because the bank uses a nifty trick in their language.

The loan without a processing fee: This requires processing fees to be paid

The loan without a processing fee: This requires processing fees to be paid

But before we will talk about it, it should be briefly explained what you actually want to do without a loan without a processing fee, because it is important to bear in mind what processing fees are. Incidentally, they are often referred to as fees. First of all, these are funds that are about administration. When you think about it, most people quickly understand it by themselves: a loan incurs costs for the bank, because the loan must be closely monitored and the repayment must be recorded. All of this requires a certain amount of technical and human effort, which the banks can pay for through processing fees.

The loan without processing fee: the linguistic trick

The loan without processing fee: the linguistic trick

The reason why many people do not notice this is due to the fact that there is rarely a question of fees when it comes to interest offers, but the banks offer two different interest rates: the fixed borrowing rate and the annual percentage rate. The bound borrowing rate is actually the interest in the actual sense, whereas the annual percentage rate also includes the fees. So if you think you are paying off a loan with an APR, you will quickly believe that you are paying off a loan without a processing fee.

The loan without processing fees: The “In the event that …” fees

The loan without processing fees: The "In the event that ..." fees

The fact that it is not done is really problematic. Because you also pay fees when you make a change to the original loan agreement. For example, if you want to repay your loan early using a special repayment, you will quickly be confronted with the fact that this is associated with additional costs. The situation is similar if you want to vary the installment amount or duration. In this regard, many banks even offer insurance that will help in such a case, but of course make the loan more expensive overall.