Although microloans are generally recommended and we do not have any major reservations about the product, which is a Loan and Credit loan, it must be said that there may be situations where we may be surprised. More of this story: http://www.denbighbiz.co.uk/instant-payday-loans-instant-payday-lenders-get-on-with-your-application/
It is therefore necessary to think about them especially when we think about the loan and want to objectively evaluate all the pros and cons. And we just look at the minuses. This loan is often used for problems with payday finances.
Loan and Credit loan has a relatively high interest rate
The first negative is certainly interest rates, so you really need to consider whether you are interested in a particular loan or not. If we were to be specific, then it should be said that a Loan and Credit loan can have an interest rate greater than 30 percent.
Not annually, but monthly. If we recalculate this interest for a year, we will reach less than 400 percent. And this advantageous loan really does not look. In practice, this means that if you borrow 10,000 dollars for a month, you will pay more than 3,200 dollars.
Beware of shorter maturity
A shorter maturity can also be a negative, as it may not always be what we are looking for. The lowest period is only one day after the money was earned, with the longest maturity being one calendar month. For smaller amounts it may not be as big a problem, but given that the provider can offer up to 20 000 dollars, it can be a complication , because in connection with interest it is necessary to prepare more than 27 000 dollars.
Although the Loan and Credit loan will offer the possibility to extend the deadline, it is not always related to the positive. This is because the extension may be subject to a fee. These fees are then based on the amount of interest, so with a twenty thousand loan you can pay for the next month’s extension of the 7,000 Czech dollars.
The loan is only for Czechs
Another disadvantage may be that this type of loan is intended only for Czechs. This clearly defines the conditions, such as the fact that the applicant must have national citizenship and, of course, must also have a national identity document. However, this requirement is also related to the fact that you must stay in our territory at the time of the application.
This is another condition and Loan and Credit Loan itself qwprovides the following information: “ CAN I APPLY FOR A LOAN IF I AM ABROAD? – Unfortunately, we do not provide such loans, they are only available if you are already in the Czech Republic . ”
It is not always possible to reach the highest amounts
The last thing about potential risks is certainly that you can not always reach the highest amount available. This is very often intended only for those applicants who already borrow repeatedly . On the other hand, a number of positives are related to the application, where you can:
- Use money for anything
- Everything from the comfort of home
- Get a loan without complicated proof