Small loans – what you should be aware of?

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Borrowing small loans can be a quick solution to a short-term money problem. But with a generally high interest rate, and with a short maturity on the loan, it is important that you are certain that the loan can be repaid quickly to avoid ending up in an even more difficult financial situation than you were in when you took out up the loan.

Small loans are a good option for many – but unfortunately, this also creates for many people unfortunate changes in the economy when taking out a loan. Some borrowers have trouble finding a healthy balance between their monthly income and their monthly expenses, and in some cases they are likely to have trouble raising the extra money to repay the debt.

We help you find the best loan

We help you find the best loan

We have therefore made sure to choose only those loan companies that tell you exactly what you get for the money you pay for the loan you might want to take – in other words, we make sure you don’t get fooled if you choose any of these .

Many online lenders offering small loans will automatically deduct the repayments from the borrower’s bank account each pay period.

While this ensures that the payment plan is followed as the process is already preset, it can sometimes mean that the money left in the bank account will not be enough to deal with existing bills and expenses.

Or, if the borrower loses his job, the lender can continue to deduct from the account until there is nothing left. These scenarios can then lead to a new loan cycle – which is why it is important to know how much you need to borrow and how much you can repay.

Be careful not to overpay

Be careful not to overpay

To avoid this, borrowers, before taking out a loan, should clearly define where they will get the extra money from to finance the repayment of the loan.

This can mean, for example: overtime, extra or part-time jobs. Some pledge some of their valuable assets such as jewelry, sell antique furniture or art to an antique furniture store, or start selling their stuff for sale online on eBay, etc.

If the repayment is too large, someone may be forced to sell a larger value, such as a car or real estate.

A signature benefits for both parties

A signature benefits for both parties

Bank ID makes the lives of people  a little easier, also in connection with small loans. There are a number of online loan companies that not only offer, but also require the use of Bank ID in a small loan application. With this process there are not only benefits for the borrower, but also for the lender.

As it is possible to use Bank ID for a quick electronic signature of the loan agreement, this is a very quick and easy tool for completing the loan application process.

In addition to making Bank ID a little easier, it also gives your lender security for your identity and credibility. With a signature , you prove that you are the person you are claiming and provide the loan quality to the lender.

Comparison of quick loans

Comparison of quick loans

We help you compare many different offers of quick loans, and at the same time, via criteria, we help you find exactly the loan that is most financially attractive for you. Our intention is to be transparent to our customers.

To prevent high interest rates or other unpleasant and unnecessary surprises after taking out a quick loan, we will help you find the right loan for your needs. You can also use our loan calculator and at the same time compare the various small loans available on the market.

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