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Which type of credit to choose before the holidays?

If you are planning to entertain your relatives, friends and acquaintances during the holidays, but with finances not as easy as you would like, then it is time to look at more types of credit. By weighing the pros and cons of each type of loan, you can more easily decide which type of loan would be more profitable before the holidays. The most popular and simplest type of loan is fast credit.

Consumer credit

Consumer credit

Nevertheless, this type of loan is most convenient and easily accessible to almost any resident who has reached the age of majority. When it comes to the most advantageous type of credit before the holidays, it is definitely worth looking at the consumer credit offer. This type of loan is not as readily available as a quick loan, but the borrower has the option to choose the loan repayment term. These can be 3 months or even 5 years. The higher the loan amount, the longer will be the repayment term of your consumer loan.

On the positive side, the consumer credit loan rate is well below the annual percentage rate of charge . The downside to a consumer loan is that this loan is not as readily available and may take several days before the bank or any non-bank credit company grants you this loan amount.

Credit line

Credit line

The next type of loan you could choose before the holidays is a credit line. This is one of the most flexible types of loan, which allows borrowers to determine for themselves how much money and when to borrow or repay. The only condition of the credit line is that the borrower must not exceed the credit limit set by him.

Credit limit

Credit limit

The credit limit is the maximum amount of the loan that can be set by the lender. The higher the borrower’s monthly income, the higher your credit limit will be. It is very convenient to use a credit line before the holidays, because in case your bank account balance is empty you can continue shopping. There is really no downside to the type of credit line loan, as it worked much like a bank overdraft, which you only pay when you use it. Some credit companies need to be careful as they charge a monthly fee for using this service. If the borrower is not careful, you can accidentally raise a large amount of money. You have to be careful with your credit line, because if your credit line is USD 1,200, but you haven’t paid attention to your USD 400 credit line balance, it can quickly grow to the maximum credit line amount.

It is advisable to choose this type of loan for borrowers who are very punctual and regularly monitor their financial situation. Forgetting people may have difficulty with this type of loan.

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Types of Quick Credit 2018

Fast credit is a fast cash loan without a pledge and no guarantee.

Fast credit is a fast cash loan without a pledge and no guarantee.

Nowadays in Latvia you can get it within minutes via internet. The target group for quick loans is private individuals and they are issued without unnecessary requirements and other burdens. Fast credit is available on the Internet, at Latvian post offices and supermarkets.

In recent years, Internet banking is the most commonly used method of obtaining fast credit, as it is most convenient for the customer – quick credit can be applied at any time, even at home.

There are several types of quick loans available

There are several types of quick loans available

1.) Quick credit up to a specific amount of money – A quick short-term cash loan of up to 200 euros (or as much as the lender offers) free of charge. This is the maximum amount of money a lender can apply for. This is the very first free credit;

2.) Quick Job Loan – A cash loan issued to people who have no job but have real demonstrable income. It has to be admitted that in Latvia at present there is an increasing strictness towards this type of quick loan, because if you do not have a job, there is actually a conditional fast loan repayment;

3.) Quick Credit from 18 Years – A cash loan that is available from the age of 18. A young person can take advantage of the fast credit facility when they reach the age of majority, but it should be emphasized that in this case the granting of a loan to a young person will also be conditional, as the student loan repayment may present some problems just like the unemployed borrower. Of course, the situation will be different if the young person has graduated and is working or combining studies with work;

4.) Quick Loan – A cash loan that does not require you to mortgage any of your movable or immovable property. Of course, there is a limit on the amount of quick loans, because the service provider has an increased risk of pledging money;

5.) Long Term Credit – A cash loan that is issued within minutes is extended over a longer period (typically more than 30 days). There are different types of repayment arrangements for this type of loan, paying only the monthly interest rate until the entire principal is repaid, paying the interest rate + part of the principal each month, covering the entire principal amount in the first month.

6.) SMS Credit – a quick short term loan that can be obtained without pledge and guarantee. SMS credit is applied for via SMS registration (via SMS). SMS credit has become quite popular nowadays because the potential customer can be anywhere at the time of making a credit request. With any type of quick credit, the first quick credit is free. this means that you do not pay for reviewing or granting the credit, nor do you have to pay any interest on the use of the money. In this way, firms that provide instant loans attract customers with a business vision for the future, that is, if the client has used any type of fast credit once and has been satisfied with the service, they will definitely use the services of that particular firm in the future. Before you choose one of the types of quick credit, check and compare the range of products offered by the service providers, which one is the most convenient, appropriate and advantageous for you. Always remember to borrow responsibly, truly evaluate your financial situation and your ability to repay credit. All types of quick loans offered in the Latvian market have a limited amount of money that can be issued, so keep in mind that when you need to receive large sums of money, none of the types of quick loans will suit you.