Quick payday loan – Apply for an amount that suits you

One of the clearest and most highlighted benefits lies in the name.

Advantage # 1: Quick payday loans

Quick loans

It is quite quick and the vast majority of providers emphasize that you can receive the money within 48 hours. However, it’s not just the time that goes by until you have the money in your account that is fast.

The loan is often approved within a single or a few hours. This takes advantage of many people who are missing out on money right now, enabling them to quickly regain their bank account.
However, this is not the case anymore. Namely, restrictions have been imposed on how fast one-time loans can be. The rules have introduced a compulsory period of thinking of 48 hours, which means that the loan can only be approved after these two days. This should lead to fewer people regretting what some unlucky people do – we will come back to this later.

Benefit # 2: Financial freedom through quick payday loans

Benefit # 2: Financial freedom through quick loans

If you ask people if they dream of becoming rich, many will say yes. However, many will add that they do not have to win 100 million in the lottery, but that they will simply be financially independent and experience financial freedom.
This actually contributes to online loans. One of the key benefits of this type of loan is that you do not have to explain the loan and that you can borrow from the computer, the mobile is the tablet. This avoids phone calls and meetings with the bank advisor, giving the vast majority a sense of financial freedom. In addition, discretion is also really nice, and many providers do not ask questions that some may find intrusive or regulatory. However, you always have to have a repayment plan, so the loan is of course not a permanent solution.

Benefit # 3: Patch the budget with a quick payday loan

Benefit # 3: Patch the budget with a quick loan

The third advantage is somewhat related to speed. It’s about quickly putting a patch on its finances.
The trend in the lending habits of the Danes when talking about fast loans online shows that approximately 2/3 of the loans that have been taken up in Denmark over the years are under DKK 3000. This is incredibly well linked to the fact that loans are often taken up to cover unforeseen bills or small budget gaps, which sometimes appear as unpleasant surprises.
This is again related to speed. Because if you want to borrow a small amount, such as 1,500 or 2,500, to cover an extra water bill, for example, then it seems difficult to call your bank and wait a long time to get the loan paid off.

Compare All Loans and Apply | 500 – 60,000 €

Consumer credit generally refers to a loan that is to be used for some form of consumption. Credit is often low in value and short in loan maturity, so it usually takes up to a few years to repay.

There are many different types of consumer loans, such as home improvement loans, vacation loans or car loans. There are many different types of credit available on the loan market, each of which you can choose to apply for.

What is Consumer Credit?

What is Consumer Credit?

To put it bluntly, a loan is defined as a consumer credit if the loan is worth between $ 1,000 and $ 50,000 and is intended to buy a service such as travel or repair, or a product such as a boat or electronics. In addition to credit provided by financing companies and banks, consumer credit also includes installment purchase agreements offered by shops. It is always advisable for the consumer to consider the purpose and need of the credit and his ability to repay before applying. Always compare loans before applying.

Consumer loans in Finland were on the rise in early 2019. Just two years ago, the consumer loan portfolio was € 14.4 billion and the average growth rate was 3.7%, but this figure has already been exceeded in 2019. The growth of the loan portfolio is focused on longer term loans over five years.

Longer loan periods usually mean a higher loan amount, somehow the growth of the consumer loan portfolio in 2016 will be focused on new consumer loans worth several thousand euros. Typically, this kind of credit in Finland is about EUR 15,000.

This page explains the following important things about consumer credit.

This page explains the following important things about consumer credit.

  1. What is Consumer Credit?
  2. Consumer Credit Online or Consumer Credit Bank?
  3. How do consumer loans differ?
  4. Unsecured consumer credit
  5. Applying for a consumer credit
  6. Interest rate on consumer credit
  7. How to Choose the Best Consumer Credit?
  8. Consumer loan repayment and charges
  9. Reasons for rejecting your consumer credit application

Consumer Credit Online or Consumer Credit Bank?

When applying for credit, you have more options for applying for a loan. You can think about whether online consumer credit is a good option for you, or whether traditional bank consumer credit would be better. However, competition between banks is fierce, so a comparison is always worthwhile.

Many traditional banks offer different types of credit products, but there are very few differences between them. It is important to keep in mind the following:

  • Interest rate on consumer credit
  • Other costs of the loan
  • Own financial situation and ability to repay
  • Apply for consumer credit only if you know you can repay the loan
  • Do you want to combine loans? In this case, select the consolidation loan

This site has a handy consumer credit comparison where you can compare and apply for unsecured consumer loans online. In addition, they often have a fast processing time. Compare to see how you can get your consumer credit right away and you will surely find the best option.

How do consumer loans differ?

Consumer loans can be collateralised or unsecured. In an unsecured consumer loan, the loan is obtained without collateral or collateral. Because banks have no pledge on unsecured consumer loans, interest rates on unsecured loans are often higher than interest rates on secured loans. Thus, in unsecured consumer loans, banks or finance companies have nothing to compensate for their own losses if the borrower is unable to repay their loan in full. Therefore, interest rates are slightly higher than in secured consumer loans.

A secured credit is a loan that the borrower has given to a bank or finance company to secure some of their own assets against the loan. For example, housing, a car, a motorcycle, a summer cottage or other eligible property owned by the borrower may be covered. In secured consumer loans, the interest rate on credit is often lower than in unsecured consumer loans.

This is because, in the case of secured loans, the risk of a bank or finance company losing the amount they borrow is reduced because, in the event of a possible insolvency, the borrower, bank or finance company has some sort of pledge of assets to offset any loss.

Interest rates on consumer loans

The fact that loans have different interest rates comes as no surprise to many. However, you may be surprised to find that the same loan provider may have different interest rates on the same loan.

This is because some service providers use so-called risk or customer profile pricing. In this case, the loan interest rate is somewhat dependent on what kind of customer is applying for the loan.

Our comparison shows that consumer interest rates may have a major counterpart between the minimum and maximum rates. So if you are considering taking out a loan, you might also want to consider your own credit rating.

How is the loan interest determined?

How is the loan interest determined?

Usually the loan is offered at a lower rate if the customer has a good customer profile. This may mean, for example, that the customer has a good income in relation to the amount of debt they are applying for, that they have conscientiously repaid their loan or that they have no entry in the credit register.

Each lender has different ways of scoring their customers. Generally, lenders do not disclose their exact scoring process, but you will not know your interest until you get an initial loan offer. This again requires applying for a loan. Elsewhere in the world, Facebook friends, for example, can influence whether you get a loan or not.

The most interesting examples of interest rate pricing in Finland are probably peer-to-peer loans. For example, in Fellow Finance, the interest rate on your loan is determined not only by your credit rating but also by the offers of the lenders.

Fluctuations in consumer credit interest rates

Fluctuations in consumer credit interest rates

We went through the interest rates on consumer loans offered in Finland. Some lenders used a fixed rate, ie the same rate for all customers, regardless of their customer profile. Such lenders were, for example, My Lender and Santander. It is noteworthy in Santander that they provide consumer credit up to EUR 50,000 and the lowest interest rate, the highest loan amount.

However, most lenders had variable interest rates. The table below allows you to compare the interest rates of different lenders.

* When the loan amount exceeds 40,000 euros.

The current annual interest rate and total cost are the most important

The current annual interest rate and total cost are the most important

Comparing interest rates and understanding that many lenders lend to different borrowers on different terms (at different rates) is important to the consumer. Still, it can be said that it is even more important to realize that the APR and the total cost are the most useful indicators.

They allow you to compare loans in a consistent and efficient way. Loans may have low interest rates, but many different payments, such as withdrawal fees or monthly and opening fees. These are all clear of the total cost and the annual percentage rate of charge.

How do I choose the best loan?

With us, we go to great lengths to help you make the best decisions. We do this, among other things, by giving you good advice on various topics, and here it is about loans.

Mortgages and other consumer loans have become insanely popular on the web, and this is far from anything bad as long as these loans are borrowed on an enlightened basis. Here you can read about how to choose the best online loan.

What needs do you have?

best loan

First of all, you should consider your needs and desires. Is there anything that is particularly important to you? Or are there some terms that you cannot compromise on?

One of the most important things to consider in this process is your option for repayment. If you need a long maturity with a low monthly benefit, then you should not compromise on that need.

However, it also applies the other way around. If you want to get rid of the debt as soon as possible, and if you have the funds to pay off a large amount each month, then you should undoubtedly choose a loan where it is possible to pay off a large percentage of the loan each time.

Another important need that the loan must meet is the size of the loan. If you would like to borrow 50,000 kroner, it goes without saying that the loan must offer this before it is attractive to you.

Compare loans online

loans online

Once you’ve figured out what needs you need to fill, you’re ready to look for loans online. But how do you do it most effectively?
You do this by comparing loans at a loan comparison site. Here at Tom Wilcher you can compare loans online and it is quite easy.

First, find the loans that match your needs in terms of loan size, maturity and installments. Once you find a few candidates that match those wishes, then it is just about finding the cheapest of these. This can be done in a very simple way – by looking at the annual cost of the loan as a percentage. This figure will be marked with the abbreviation ‘OPP’, and this indicator should appear on all loans.

The loan with the lowest APR will be the loan that will cost you the least money.

Alternatives to Online Loans

Alternatives to Online Loans

If you do not want to borrow money online or you cannot be approved to borrow money online, then it is necessary to look for alternatives.

Here are some alternatives that many people use:

  • Bank loans
  • Crowd Lending
  • Private loans from family or friends

All of the three above are good alternatives, but it’s hard to say what you should choose. All methods come with both advantages and disadvantages and therefore you should decide with yourself what appeals to you most.

At least you now have the opportunity to find the best and cheapest loans on the web, and you will quickly be able to receive your money.