Online loans

Express loans
This is a small loan for a thing you like in the store: a phone, a computer, furniture and even a fur coat. Such loans are called «express», because they can be issued and received very quickly — in a maximum of half an hour. Any store that cooperates with a bank under a credit program will offer you to arrange a loan without leaving the cash register, that is, right in the store. It is convenient that it is issued only with a passport, there is no need to go to the bank. The downside is a relatively high interest rate, due to which the bank covers the risks of non-repayment. Monthly payments for express loans are usually small, but the rate can exceed 30% per annum. Add all payments together, calculate the overpayment on the loan, and then weigh the pros and cons — maybe you can save up the required amount? Try the fast payday loans KY.

Cash consumer loans
The most popular type of loans. Suitable for those who are planning large and small expenses: repairs, treatment or even buying a car. The loan amount can be quite small. To issue a loan, the bank asks the potential borrower to confirm the income.

The loan rate shown by the bank may not be the entire cost of using it. Before you take a loan, you must definitely find out its full cost — a percentage that reflects the actual amount of overpayment. The full cost can be requested from the lending bank: according to the rules, he is obliged to disclose it in the loan agreement. You can also calculate the overpayment yourself: add up the loan payments for its entire period (you should be given a sheet with payments) and compare with the original loan amount. The resulting difference is the overpayment, the full cost of the loan. This may include a monthly service fee that some banks charge.

Collateral loans
If you need a large amount at a relatively small interest, you can provide your property to the bank as collateral for the loan. The rate can be 3-4 percentage points less than for conventional loans. For example, having mortgaged real estate, you have the right to count on a loan at a rate of about 10% — like a mortgage. Microfinance organizations used to actively issue loans on the security of a car, but now banks have many similar programs. This will help you save on interest, but be careful: you risk your assets if you stop paying.

Lending against the security of existing property is a relatively rare case for individuals. More often, the bank takes as collateral a new product purchased with its help — a car or an apartment.

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