Are they approach Christmas and begins the season of gifts, meals, etc and thus begin to bombard us with a kind of financial products that must be careful. It’s quick loans that offer a multitude of financial institutions. As its own name indicates, its main advantage is that the speed with which they are processed, without just paperwork, (there are those that in less than 48 hours) and relatively simple you is access to them, given that the contractual conditions are much less strict in big banks. The amount of such loans is not usually overly high and rarely exceed 6,000 euros, while the return period is adjustable up to 60 months in the majority of cases. To facilitate procedures not typically include any kind of opening Committee, which makes them especially attractive to people with financial problems or at a given moment need a sum of money not too high to deal with an unforeseen event or be able to pamper yourself.
Its great attraction passes per month affordable, what triggered your demand in recent years for uses as diverse as vacation or communions. However, in these cases should apply the popular proverb because at the end hard nobody gives four pesetas and these credits are no exception. The trick is to interest rates to around 20% APR and may be more extreme 25% in cases. This should add potential commissions of cancellation or early repayment, as in any other personal loan. Entities are often relatively low interests with quotas you costume and emphasis in which the monthly interest barely reaches 2%.
Thus, for example, credit Direct Cash of Cofidis, one of the pioneers in the Spanish market, presents a maximum APR of 24,51%. Thus, who ask for 6,000 euros payable over 24 months be paid will end up paying 7,560 euros. Loan Mediatis operates in a similar way and for the same amount and term offers an APR of 21,56% with monthly installments of 304 euros, so you end up paying 7.296 euros. The interests at an alarming rate, the bigger the payment term and grow to 48 months total payable at Cofidis because to 9.168 euros. To these amounts must be added in many cases the protection insurance depreciation which aims at protecting the Bank in case of any eventuality. The first recommendation to avoid surprises is read well the small fonts of this type of easy loans and doubt stop to meditate. In this sense should put aside the monthly cost of the credit and look at the total amount, which is what will help us to get an idea of what you actually pay in interest. I.e., fixed in the nominal interest rate and the annual TAE. As when signing any loan, you should also first attend our usual entity and reshuffle various offers from other entities. In this sense it is very important to not be carried away by aggressive advertising campaigns always surrounding the loans faster or for the heater of the moment, something against which alert different consumer associations. In general lines should be careful with this type of quick loans. We must take them as one of the last options, since they may end up generating a problem of non-payment in the long term. As alternatives in case of need you can study the expansion of the term or the amount mortgage (whenever possible), or the reunification we provide two examples.