Small Loans Comparison – Find out interest

The amount up to which loans are referred to as small loans is not binding and is therefore based on the practices of the individual banks. Most consumers perceive the border between a small loan and a larger loan amount to be between three thousand and five thousand USD. However, some credit institutions also refer to any non-earmarked loan, regardless of the loan amount, as a small loan and thus use the term as a synonym for a consumer loan.

Interest on a small loan

Interest on a small loan

The interest to be paid is usually higher for non-earmarked small loans compared to the loans to be paid for earmarked loans. The main reason is that in the case of earmarked loans such as the real estate loan or the new car loan, the financed item serves as additional credit security. Compared to these loans, small loans have higher default risks for the lender due to the lower level of collateral.

However, applying for a small loan is much easier for the borrower than for earmarked loans, since he does not have to provide any evidence of the intended use of money. A prerequisite for the granting of a small loan is a good credit rating, which the bank primarily understands to be sufficient income to repay the loan.

Weak negative characteristics in the Credit Bureau information do not necessarily prevent the approval of a small loan, depending on the bank and the loan amount requested. If the bank rejects a loan application, the borrower can in many cases make an amended application with a longer term and receives a commitment due to the lower monthly installments thanks to the extension of the term.

Compare the cost of a small loan

Compare the cost of a small loan

In view of the different costs for small loans depending on the bank, it is imperative to compare the terms of different providers. The most important criterion for choosing a specific loan offer is the effective annual interest rate, since only this contains all the costs associated with taking out small loans. In addition to the interest rate, the offers for small loans from different banks differ in the flexibility of repayment.

It is advantageous for the borrower if he can pay off the small loan prematurely in whole or in part free of charge or if he can suspend the installment if necessary. Banks also differ significantly with regard to the duration of loan processing. If the loan applied for is a small amount, the cheap borrowing via a platform for arranging personal loans is ideal. Small loans are often given cheaply on the corresponding pages compared to banks.

In contrast to the method of lending by banks, a small loan applied for via a corresponding platform requires the purpose to be stated, since private lenders see this as the basis for deciding on their lending. In some cases, those who cannot apply for a small loan from a bank for economic reasons will receive a cheap loan from the office. This applies especially to recipients of unemployment benefit II if they cannot pay for urgently needed purchases from normal support.

Loan up to $ 300 in 30 days without guarantees.

In an easy way and in a few minutes, you can send your credit request through its website. Their loans will give you the opportunity to reach amounts from $ 50 to $ 300 to be repaid within 7 to 30 days from when they receive your request.

Unlike other types of credits in the sector, the online loans that Good Lender offers you are not free. However there will be no surprises regarding the cost of your fees, since from the first moment you will be informed of all the costs associated with your request.

Amount and term of repayment of the loan

Amount and term of repayment of the loan

If you process your loan application with Good Lender you can get a first loan from $ 50 to $ 300 to be repaid within a maximum period of 30 calendar days from the date of your request. Without a doubt this is an interesting amount to be a first loan application when compared to other loan offers on the internet.

Steps to request a loan with Good Lender

Steps to request a loan with Good Lender

To apply for your loan, you can start by accessing the Good Lender website, selecting the amount of money you need, and the term of your return.

The Good Lender website has a loan simulator in which they allow you to carry out the checks you need before sending your request, which will help you keep in mind at all times the date the loan is due, or the cost of the loans. fees applied in each case.

If you are satisfied with the information that Good Lender provides you, you can apply for the loan and start completing its web form with your personal and financial data necessary to analyze your case.

After analyzing your request Good Lender will resolve to approve or deny your request based on your solvency capacity, the status of your credit history, and whether or not you are registered in the file of defaulters as Financial Credit Institutions. If you do not have a clean history and your data also appears in Financial Credit Institutions, Good Lender may decide to reject your request.

In the event that Good Lender approves your loan you will receive an immediate response, being able to have the money in your account in an interval close to 1 hour.

Application requirements

Application requirements

Before resolving a loan request, Good Lender will check your creditworthiness to ensure that you have regular and sufficient income, in addition to having a clean credit history that supports your ability to face the debt that you contract without problems.

The following is the list of application requirements demanded by Good Lender to all its clients before approving their application:

  • Be over 21 years old
  • Have a bank account in your name
  • Be the owner of an active mobile phone
  • Have an email address
  • Have a residence in Spain that you can prove with your DNI or NIE

Therefore, if you are going to send your loan application to this entity, you must bear in mind that it will be necessary for you to comply with the conditions stated in addition to being able to demonstrate your solvency capacity.

Loan repayment

Loan repayment

Good Lender offers you different payment methods to facilitate the return of your credit payment on time. In this way, you can choose to make the payment by bank transfer or if you prefer with your credit card.

Problems with your return?

If, as the return date is approaching, you realize that you cannot make the payment of the contracted debt on time, you should contact Good Lender as soon as possible to contract an extension to have more time to make the payment of your return..

Therefore, when the maturity date of the Good Lender loan comes, it gives you the option of facing its payment, or contracting an extension of the term, which depending on the amount of your debt may be 7, 15, 30 calendar days from the maturity date, with a cost of 0.8% per day with respect to the capital loaned.

When you will default on your Good Lender loan, you may require a 1.2% daily penalty for default on the amount of your credit.

In the event that due to your particular situation you prefer to cancel the loan before its maturity, Good Lender grants you the right to pay your loan before the agreed date without additional costs, although in this case you will not enjoy lower rates either.

If you do not fulfill your payment obligations contemplated in your contract, Good Lender reserves its right to report your data to the Financial Credit Institutions defaulters file or even take legal action to claim the outstanding debt.

Conclusion

Conclusion

Good Lender is a fast loan entity that grants amounts from $ 50 to $ 300 to be repaid within 7 to 30 days. Unlike other entities in the sector, with this company it is possible to obtain a first loan of up to $ 800 immediately and without many complications.

You just have to meet their application requirements and demonstrate your creditworthiness, and you could enjoy the requested money within hours.

In addition, in the event that you have problems complying with the payment of your debt within the term agreed in your contract, Good Lender gives you the option of contracting an extension of 7, 15 or 30 days to make the payment of your debt with all the facilities and without burdens.

How to extend the repayment of another loan or credit installment?

There are extremely difficult and demanding periods for our portfolio. Sudden situations in life may require large and unforeseen expenses. If we are in the process of paying off a financial liability, we are at risk of losing financial liquidity. What can we do to extend the repayment date of the next installment? There are several ways to get out of this situation unscathed.

A loan payment often consists of an interest payment and a payment to reduce the loan’s principal balance. The interest portion is recorded as an expense, while the principal portion is a reduction of a liability such as Loan Payable or Notes Payable.

Do not avoid cooperation with the bank

Do not avoid cooperation with the bank

Some debtors immediately create black scenarios in their head, including bailiff and eviction. Relax, if we take the right action, it won’t be too bad. First of all, inform your bank or loan company as soon as possible about the more difficult situation. Striving for bailiff enforcement is not in the interest of creditors, for whom it is a waste of time and money. For this reason, the bank or loan company prefers to find a joint agreement that will be satisfactory for both parties.

Possible solution to the situation

Possible solution to the situation

The lender has the option of temporarily suspending the repayment of our liability. In this way, we will receive time that will allow us to regain financial liquidity. Moreover, a bank or loan company can opt for this step at no additional cost to give the customer the option of paying off the rest of the liability. Another way out is to extend the loan repayment date. In this way, the monthly installment will become significantly lower. This, of course, involves a higher total cost, but at least it allows you to continue paying the installments systematically.

Consequences of late payment

Consequences of late payment

Certainly, the problem should not be underestimated and installments should not be delayed. In this way, loan companies and banks may charge a penalty interest rate. Their height may correspond to four times the pawnshop rate. As a result, we will only fuel a debt spiral that will be difficult to get out of. In a more difficult situation, talk to your lender as soon as possible to avoid this type of experience.