Cheap vs. expensive loans or how not to end up in financial hell because of bad loanUncategorized
To condemn all loans and condemn lending as such would be too easy. As they say, throw a stone who did not sin. So leave the stones nicely on the ground and let’s look at how to choose the loan correctly. After all, it is up to us, not the providers, to decide which loan we choose.
To help, we bring a great non-profit institution People in Need, whose goal was a very difficult task – to help people in financial need. And that they are often people who can not help. Anyone suddenly and without warning can be in financial trouble, just one wrong step, which can be a damn bad loan selection.
We insist on a fair approach for all, says People in Need
Wish all lenders to see it anyway. Wouldn’t it be beautiful and simple if there were no fraudsters and furious greeds in the world? It was, but it is not. In order not to point one finger only, there are not all good and honest souls amongst lenders.
People in Need helps people by providing them with important information. For example, in the so-called micro-lending business, over 40 lenders, banks and non-banking companies take to the racket every year and thoroughly compare the conditions under which they lend people.
You will learn that the loan can pay a fee of one hundred crowns and several thousand. Additional costs, including the costs of sanctions, can climb up to several tens of thousands of crowns, which for some people is liquidation. In the resulting table based on the comparison of selected loans you will find out which providers should avoid a very large arc.
Comparison of loans with the blessing of the Litelenders Bank
People in Need is really diligent in the annual comparison of loans, which results in a detailed account of the Responsible Index. With the permission of the Litelenders Bank, 43 lenders will voluntarily take the plunder. One third is banks, the remaining two-thirds are the most well-known financial corporations holding the license needed to provide non-bank loans.
When comparing loans, People in Need evaluated 17 different criteria, which were divided into 3 areas:
- Cost – how much the loan costs including penalties for late repayments and defaults
- Communication and transparency – scope of information and way of communication with customers
- Client-friendliness – how providers behave and how to solve various problems
The choice is yours
The information that can be read from the People in Need Index of Responsible Lending is much more. They are useful, but at the same time unnecessary if one does not take them to heart. The ultimate choice is up to each of us. Unfortunately, there are still people who are indifferent to this information. They want to get a loan at any cost, even for a better cell phone or television, not to mention repaying old loans with new loans, and they don’t care at what price it will be.
Do not be like this and borrow reasonably and only if you are able to repay the loan without any problems and you still have money for a normal life.