You may find yourself in a situation of urgent need of money, but your own finances are not that big or have already been spent. In this case, one solution is fast credit, which is specifically designed for emergencies where additional cash is urgently needed.
However, this is not always the case during daylight hours
Money may also be needed late at night. Fast creditors do advertise that you can get a cash loan 24 hours a day, but in reality, it is not.
To qualify for a quick loan, you must apply for a loan, which is then reviewed by the lender based on criteria set by the lending company. Of course, it is possible to apply for a loan at any time of the day, but this does not mean that money is credited at any hour of the day. Therefore, it should be understood that there is no real credit available at any time of the day.
Fast credit lenders, like any working people and business, also have their own working hours
As this type of loan can be applied for online, it is possible to apply for a cash loan as much as 3.00 at night, but the creditor will only consider and approve or reject the money request within the relevant business hours. As there are many creditors in Latvia that deal with fast credit, each company has its own working hours. There are lenders that deal with credit applications up to midnight, but most creditors have set hours from 8am to 5pm.
If a person needs a cash loan as soon as possible, then it is imperative to compare the working hours of all lending companies, as they are different for each one. Of course, it must be understood that no one creditor will provide the money after midnight until 7.00 am, however, if the money is due by. 24.00, it is also possible to find a lender who will consider the application and reject or approve it accordingly.
Since the first appearance of fast credit companies in Latvia in 2007, many of the conditions for obtaining credit have changed. Once upon a time, it was much easier to get instant loans – there were no age restrictions, and you could have other outstanding loans. However, creditors suffered much more losses at first, and borrowers were more likely to go into debt as they tried to extinguish one loan with another cash loan. Also, overnight credit is no longer possible, as a large number of borrowers apply for credit during the night hours simply because they needed a financial supplement to continue their nightlife.
Also, the borrower’s income stability and credit history were not thoroughly tested
Also, the payback time is short – just 30 days. Of course, it is possible to extend the repayment period, but you have to take into account the additional costs of this service.
However, in order to attract new customers and to compete with each other, creditors offer new customers an interest-free loan, which means that the lender has to repay exactly the amount of money the person originally borrowed. In addition to these factors, it is also necessary to compare the maximum amount of money that can be obtained from the creditor. Note that the maximum amount for new clients will be lower than for people who re-borrow at one lender.
But to get a cash loan, you don’t just have to compare the lenders themselves
Lenders also have their own criteria for assessing which people can be given money and who are not. One of the most important factors is the position of the potential customer. If the person does not have a job and it is not possible to present a stable income, then the credit will most likely be refused. Likewise, the person must also have a good and sound credit history.
A person’s credit history allows the lender to see what their past credit obligations have been and how well they have been discharged. If the person has been long overdue and has been in debt, the lender may refuse to grant the loan. Negative credit history and entry in the debtors’ or credit register limits a person’s ability to borrow in the future, so always pay the loan carefully and in a timely manner.
The age of the client is also important, as most lenders only lend from the age of 20. It is also much more difficult for pensioners over 75 to get a loan. The borrower must also be a citizen of Latvia and have an active account with one of the banks. If you wish to obtain a loan from a creditor with whom you have not previously entered into a credit, you also need to register, which involves transferring 0.01 Euro to the creditor’s bank account, so that the creditor can ascertain the identity of the borrower.
Credit is a serious and responsible decision that can definitely not be made in a hurry
Quick loans cannot be taken lightly, as a carefree attitude to credit can lead to people in debt, which can greatly affect their chances of getting a loan in the future when they really need to.