They Loans Fast

Christmas and are approaching the epoch of gifts, meals, etc ... and thus begin to bomb us with a type of financial products which have to be careful. These are quick loans that offer a multitude of financial institutions. As its name suggests, its main advantage is the speed with which it dealt, with little paperwork (there in less than 48 hours) and relatively easy it is to access them because the conditions of employment are much less stringent than the big banks. The amount of such loans is usually not too high and rarely exceeds 6,000 euros, while the payback period can be adjusted up to 60 months in most cases. To facilitate the process does not usually include any fee, which makes them particularly attractive to people with financial problems or that at some point need a lot of money is not too high to meet a contingency or to pamper yourself. Its great attraction passes through affordable monthly fees, which the demand has skyrocketed in recent years for applications as diverse as holidays and communions.

However, in these cases should be applied for at the end popular refrain "no one gives four pesetas hard 'and these loans are no exception. The 'trick' interests which is around 20% APR and can be 25% in the most extreme cases. To this we must add any charges for cancellation or prepayment, as in any other personal loan. Entities often disguise shares interests with relatively low and emphasizing that the monthly interest is barely 2%.

For example, the Direct Credit Cash Cofidis, one of the pioneers in the Spanish market, has a maximum of 24.51% APR. So, who asked to pay 6,000 euros paid in 24 months will end paying 7560 euros. The Loan operates similar Mediatis and for the same amount and term offers an APR of 21.56% with monthly payments of 304 euros, so you end up paying 7296 euros. Interest growing at an alarming rate the higher the payment period and 48 months to pay the total now stands at 9168 Cofidis euros. To these amounts must be added in many cases the repayment protection insurance which aims to protect the bank in case of any eventuality. The first recommendation to avoid surprises is to read the fine print either of these types of easy loans have any doubt stop and meditate. In this context, it should leave out the monthly cost of credit and look at the total amount, which is what will help us get an idea of ​​what you really pay in interest. I mean, look at the nominal interest rate and the annual APR.

As at the time of signing any loan, you should go first to our usual shuffling entity different offers from other entities. In this sense it is very important not to get carried away by aggressive advertising campaigns that always surround the fast loans or by the 'heater' of the moment, something against which to different consumer groups warn. In general one must be careful with this type of payday loans. We must take as one of the last options because they can end up creating a problem of long-term default. As alternatives in case of need can consider extending the duration or the mortgage amount (if possible), or loans reunification, to give two examples.