About consumer loans – fast loans without collateral
Consumer loans and fast money in the form of unsecured loans are an increasingly sought after product. The lack of collateral is also the reason why fast loans and consumer loans have become so popular, but also dangerous for the future economy. If you do not think about what you are going into, annual fees can range from 20 to 40 percent of the original loan amount.
The main advantage of fast consumer loans
Is that you do not have to wait to be able to buy what you want. If a loan application is approved, it will take a very short time before the money is placed in an account. Of course, if you are the one who sets the rules for yourself, you can break these settings, but many are really motivated by this strategy. This turns such very serious and complex budget planning into an interesting game and makes it easier to achieve small goals.
If you want to borrow money with one of many options within these fast loans, you should first consider:
1. Investigate other possible loans and compare
2. Check out the annual rate of both interest and fees
3. Please note that taxes may not be tax deductible
4. Consider an external credit rating before the loan must be created
5. Check out what happens if payment fails
6. Calculate how expensive the product is at the end when the loan is finally repaid
A good alternative to unsecured consumer loans
Can be a more traditional bank loan. Here you can consult with your financial advisor to assess your finances and bank loans are often significantly cheaper than many of the fast-paced consumer loans. A bank loan is usually the best option if the loan is in the order of NOK 10,000 and up to NOK 100,000.
Initially, the interest rates on banks’ loans are variable, but many websites allow you to lock interest rates in a given period. When talking to your bank, you should always push a little to get the best interest rate.