As many as there are people, there are also reasons and needs to apply for a loan. First, you need to figure out your financing needs. Do you need a big loan or do you need a few hundred small loans, so called instant loan. Knowing your own financing needs will influence your loan product selection.
Different types of loans
Below you will find some additional information about the loan products available to help you with your loan application.
A quick nip is often perceived as an expensive way to borrow money . There is no point in comparing the costs and interest rates of instant loans directly with the loans offered by the bank, as the loan product and the loan need are usually quite different. A quick nip is usually sought for a small amount of money, which means you need to get your money out quickly.
In addition, changes in the law of recent years have somewhat dampened the level of interest and costs for instant nipples. If you think you will be able to repay your loan quickly, a quick draw is also a relatively inexpensive way to borrow. Recently, it has also become common practice among many loan providers that the first loan taken out may be completely non-interest bearing.
For a quick draw, the conditions for obtaining a loan are generally lower, and you can get a bigger loan faster.
Flexibility or overdraft
Flexicurity is a continuous credit with a defined credit line that can be raised for your own use as you wish. The withdrawal amount is at your discretion, as long as it does not exceed the credit line. Thus, flexible credit works in the same way as a credit card. The refund will only be made on the amount withdrawn. The credit will be released again as it is repaid. There is no need for a separate loan decision for each drawdown, but overdraft is in constant use. An example is the Flexible Credit with a credit line of $ 10,000. The customer raises a total of USD 5,000 in installments. The raised USD 5,000 accrues interest and costs and only this amount will be repaid.
Consumer credit, or one-time credit
Consumer credit, or one-time credit, is a fixed amount of loan that can be drawn down at one time . The one-time loan will be repaid in equal installments. The one-time loan can be up to USD 50,000. An example of this is the $ 10,000 loan, which is drawn down in one installment and repaid in a fixed monthly installment. If you need a relatively larger credit again, your loan product will be selected as a consumer credit. Consumer credit is applied for to finance larger purchases. Such items can be, for example, a car or a home appliance.
Of course, making big purchases often requires loan money. In order to obtain consumer credit, loan providers generally require information about the customer’s financial situation. Larger loans are usually unsecured, and the loan decision is made based on the customer’s financial situation. Banks and financial institutions assess whether a customer is able to repay a loan they have drawn.
With larger loans, you can improve your chances of getting a loan by applying for a loan with a co- applicant. A co-applicant may be, for example, a spouse or a friend and this person is equally responsible for the loan applied for. with the main applicant. Both parties are therefore responsible for ensuring that the loan is repaid on time.
There are usually a variety of consumer loans available. We are talking about one-time loans, whereby the entire loan amount is drawn at one time and an overdraft, which means a continuous credit like a credit card. A one-time loan is best suited for a single purchase, while an overdraft can be used as an ongoing fund.
You can also apply for a consolidation loan through us up to USD 50,000.
A peer-to-peer loan is a loan that an individual gives to another individual. Peer-to-peer companies have also entered the Finnish market in recent years. However, at this time you cannot apply for a peer loan through our service.