Development within fast loans and for the past two years
The fast loans have a very low degree of flexibility in their basic design. The amount you receive into your account should simply be repaid with interest and fees within a very limited period (and no later than the due date for the invoice (s)). However, there is rapid product development within fast loans and for the past two years, for example, we have been able to familiarize ourselves with the product credit account and given the opportunity to borrow without interest. Now in the spring and summer of 2016, a further development of the traditional fast loan has seen the light of day. It is about fast loans with fixed monthly installments.
Pay part for low monthly cost
One reason why some may find it difficult to repay fast loans is that the repayment period is short. The deadline is absolute and only a few days of delay can give rise to significant additional costs. With a fast loan that can be paid off, you as a borrower do not have to pay off the entire debt at once, but you simply spread it out over a larger number of months. The monthly cost thus becomes more manageable and this should also mean that the risk of being late with a payment is reduced.
Outstanding debt is multiplied by the monthly interest rate
The amount you pay monthly includes both an amortization portion and an interest portion. For each month, the outstanding debt is multiplied by the monthly interest rate and an amortization amount is added in order to come up with the amount that the lender has determined to be the lowest possible installment amount.
Cridway is one of the pioneers in this type of fast loan. Here you borrow between USD 1,000 – 20,000 at a fixed monthly interest rate of 2.42%. Cridway does not collect the required credit information from UC and you who have a payment note will not be denied already at the door.
The obvious benefit of part payment is that your monthly repayment cost will be relatively low. The obvious disadvantage has to do with the fact that the number of repayment months is fixed. For example, if you borrow USD 10,000, you must pay off the loan for 42 months. Of course, however, you can make extra payments whenever you want. You can also settle the entire debt whenever you want, without paying anything extra.