Archive 2019

How loan insurance works

What is loan insurance and how does it work ? Regarding this issue, there are some very precise distinctions to make and we will take you to discover them during this small but useful guide to insurance on the loan.

Let’s start by saying that it is a form of protection for loan applicants. Its function is to protect yourself in the event that you are no longer able to continue to pay the remaining installments of the loan. But many people wonder if and what risks they carry.

In which cases is loan insurance useful?

In which cases is loan insurance useful?

Unfortunately, a service like the loan insurance is not free, but is added to the total cost of the financed amount. All in all, however, it can really be a useful service and in some cases we must not really deprive ourselves of it.

The cost of insurance can vary greatly depending on the bank that offers it. So the service becomes more convenient simply by making comparisons between the various institutions and requesting it from the highest bidder.

More than the cost, the problem for an applicant is to get their own accounts to understand when it is convenient or not to add insurance on the loan. In fact, there is also another detail to take into account, sometimes insurance is optional, but at other times it is even mandatory.

The operation of insurance

The operation of insurance

When a policy is requested for its loan, very often the product that is offered is a Credit Protection Insurance, also called CPI.

The CPI must be paid together with the loan then it will weigh on the final cost of the same, then on the Taeg. The monthly installments will increase slightly based on the cost of the policy stipulated. The cost is not always installable, sometimes the bank can request the payment of the policy in advance and in full.

What is the function of the policy? Cover the cost of the remaining installments, if the borrower can no longer pay for some reason. Let’s see the possible causes in which this could happen:

  • Total permanent disability
  • Serious economic difficulties
  • Loss of work
  • Death

Should one of these eventualities occur, payment of the policy is triggered only upon presentation of the documents attesting to one of the unpleasant events just listed. If a doctor or other entity has to intervene to ascertain the situation, the costs are borne by the loan applicant.

Choose an advantageous insurance: how to do it?

Choose an advantageous insurance: how to do it?

There is a very simple way to understand which is the most advantageous loan: compare the Taeg or the Annual Percentage Rate. This rate is the expression of all the loan costs put together, so the lower the loan, the cheaper it is.

The Taeg is therefore always to be taken into consideration because it includes interests, ancillary charges and of course the cost of insurance. So for the same services required in the financing, just choose the one with the lowest Taeg to save.

It must then be said that recently according to the new terms of the law, the banks are forced to present two quotes for loan insurance, offered by companies that must in no way be related to the bank itself.

Finally, pay attention to policies with a revenge clause which would mean that the insurance company may later come to request the money upfront for the loan.

Loan insurance: mandatory or optional?

Loan insurance: mandatory or optional?

Generally, loan insurance is not mandatory. Only loans with one-fifth of the pension or salary are compulsory, so it is required in all cases where the installment is paid directly on the payroll.

This need arises for the bank in order to protect itself even from the bankruptcy of the company that is in charge of the employee requesting the loan. In other cases the loan insurance is optional, sometimes it happens that banks require it as an additional guarantee before proceeding with the loan.

If you would like to give an advice, we would say that those who wish to take out an insurance should do so for large loans, which therefore require a restitution that is destined to last over time. In general, if you have doubts about your real ability to support the loan in the long term, it is better to have a policy.

How to get a loan online without certification

If you are officially employed full-time, it is usually easy to get a car loan or a loan for a flat or a rest. But what if you work in black or have a different type of employment? Or what should you do if you are unemployed? This question concerns many of our clients. In this article, we will try to answer bothering questions, having experience in lending to hundreds of thousands of Fast Cash customers.

What do you have to do to get a loan to your account?

What do you have to do to get a loan to your account?

To become a Quick Cash borrower, you must have:

  • Identity card (age from 18);
  • Social Security;
  • Private bank account;
  • Active phone number and e-mail address.

If you are able to meet all these conditions – congratulations, you almost have a loan!

That’s all? Only thanks to this information will I be able to get a loan to my account without any certificates?

That

In addition to the data we receive, we also calculate the creditworthiness of each client. This is your credit history, data from the completed application, bank accounts, as well as information about your earnings.

How can I get a loan without a proof of income if I work in black or am unemployed?

How can I get a loan without a proof of income if I work in black or am unemployed?

In this case, we may consider other funds that affect your account. You must provide a bank statement or other official confirmation that you are actually receiving funds on your account. This may be a court order to pay maintenance or a rental agreement for the flat where you are listed as the owner. All these documents are manually checked by our verifiers.

If I do not get maintenance and rent a flat, what other income can help me get a quick loan online?

If I do not get maintenance and rent a flat, what other income can help me get a quick loan online?

Any earnings may be included. In addition to earnings, it can be:

  • Pension
  • Scholarship
  • Social benefits
  • Receivables due to copyrights
  • Dividends if you are a shareholder in a legal entity
  • Stable insurance payments
  • Percentage on bank deposits

Having other income also has a positive effect on the decision to grant a loan. Each application is processed separately and we check it manually, and any earnings can play a big role in obtaining an online loan. In any case, if you have a monthly income, you must document it!

 

Does it affect the ownership of a property or car to receive an online loan?

Does it affect the ownership of a property or car to receive an online loan?

Having a flat or a car has no effect on getting a loan if you do not get any income from it, for example, income from renting a property or working with a courier or driver with your own car, etc.

Does this mean that I will not be able to get a loan without a statement of income?

Does this mean that I will not be able to get a loan without a statement of income?

Without officially confirmed documents you still have a chance to get a loan. There are two important factors.

1. Credit history: if you often take out loans (not necessarily in Quick Cash) and repay them on time, we can automatically issue you a loan without checking the documents.

2. Scoring – automatic customer solvency checking. Thousands of factors count in the process of analysis: age, marital status, report, and financial stability. Getting a loan depends even on whether you have an account on social networks! What is the scoring in Quick Cash and how they check clients – read this article.

Get a quick loan without a refusal: the borrower’s advice

Get a quick loan without a refusal: the borrower

Are you with us for the first time? We’ll give you some tips on how to increase your chances of getting a quick online loan.

1. Increase your credit rating. There are several ways that we described in our last article.

2. Provide real information. It is not worth deliberately giving incorrect data in the form, it is easy to check whether you deliberately increased the amount of earnings or hid something else.

3. Complete the form carefully. Pay special attention to this moment. Literally an error in the apartment number may be the reason for refusing to obtain a loan via the Internet.

4. Always be on the phone. When registering and submitting the application, it is necessary to provide a valid phone number and e-mail address so that our employees can contact you if necessary. If you do not answer the call 2 or ignore the letter – it can be picked up as a resignation from the loan application.

5. Take a small amount for a short period. Thanks to this, you will increase your chances of faster acceptance of the online loan.

If you have any questions – ask them in a comment and we will answer them in the next article! Remember that for new customers, the first loan is free!

Payday loan help debt consolidation -Read what our customers say about us

Can you create an objective ranking of consolidation loans? No. This is not possible because too many factors, apart from the general loan proposal, affect the credit offer we receive in the bank.

Payday advance consolidation: Read what our customers say about us and much more

Using a payday advance consolidation at our homepage, you can combine your payday loans one loan.

Consolidation of liabilities is an effective way to reduce the budget burden resulting from the repayment of several loans or credits. A consolidation loan is also a smaller loan installment, which is achieved by extending the loan period (however, it increases the total cost of the loan) or through a lower interest rate. A consolidation loan is therefore only one loan, and thus only one (usually lower) installment. In addition, under the loan, you can get extra cash.

A subjective ranking of consolidation loans

Why is this ranking of consolidation loans not possible to be created? Everyone who creates such a credit ranking accepts certain general parameters.

It can be, for example, a consolidation loan for € 25,000, which is taken out for five years. An example of a borrower is single, he lives in a medium-sized city, employed on the basis of a contract of employment. His salary is approx. € 4,000 net (on hand). He does not receive additional income. He does not pay any additional obligations.

Then we send inquiries to a dozen banks, and these prepare a general proposal, trying to present the loan proposal as best as possible. And based on the information obtained, we create a ranking of consolidation loans.

But to how many people are looking for a loan, do the above parameters apply? It may turn out for anyone. But that’s nothing because you can write on the website that this is THE LATEST RANKING OF 2019 CONSOLIDATION CREDITS.

But it is not everything. Such a ranking can be determined in such a way that the bank, even with the least attractive loan offer, can be found on the No. 1 place. All you have to do is select the appropriate parameters… In this way, the so-called Sponsored rankings, and the reader has no idea about it…

The last thing to pay attention to, and which is not taken into account when creating such rankings, is the assessment of the client’s creditworthiness and creditworthiness. And such a scoring assessment has a decisive bearing on what credit offer the bank will present to us.

Comparison of consolidation loans

Comparison of consolidation loans

How to choose a cheap consolidation loan and create your own ranking of consolidation loans yourself?

When choosing a credit offer, we should pay attention to:

  • What loans and loans are subject to consolidation in a given bank. Is mortgage consolidation possible?
  • On the interest rate, commission and additional fees related to the loan.
  • Possible additional benefits, eg: the possibility of taking advantage of credit holidays or additional funds as part of consolidation for any purpose, eg repayment of non-bank liabilities in loan companies.
  • Loan repayment period – longer repayment period, less installment, but a more expensive loan (more interest on the loan to pay).
  • How are the issues related to the repayment of the existing financial obligations implemented?
  • Who covers (the customer or the bank) the costs of fees for early repayment of loans and advances submitted for consolidation (if such fees occur).
  • Does the bank require the provision of collateral for the repayment of the consolidation loan?

The cheapest consolidation loans are not the lowest nominal interest rate but low APRC – annual real interest rate. The APRC represents the total cost of the loan in percentage terms per annum.

It is enough to compare just 2-3 credit offers, create your own credit ranking and choose a favorable consolidation loan.

Loan despite debt relief – 30 banks help

More than 8 million people in Germany are overindebted. They can no longer pay their debts in full and therefore have already made acquaintance with a negative Private credit. Often, the debt builds up over many years. They manifest themselves more and more firmly in the lives of those affected and become a major burden. Not infrequently, the load can only be stripped off if insolvency is sought. The last step after a long period of despair and struggle. Because most debtors first try to get their debt under control on their own. They are re-planning their expenditures, agreeing with creditors on various repayment models, and doing everything they can to reduce the debt burden.

If only small debts have accumulated, then this may also work. With somewhat larger debts, however, this usually does not work and insolvency is the last resort. This brings not only a debt relief, but also very narrow-minded procedures and regulations that the debtor must comply with, so that the bankruptcy can be connected after six years. Among other things, no new debts may be accumulated during the period of good conduct.

Often, however, a financial injection is needed despite all this. Because life has to go on and the debtor is obliged to do everything so that as many debts as possible can be settled during the conduct phase. If a loan has to be taken up in such a phase of life, then this must be a loan despite the absence of residual debt.

Who grants a loan despite the release of residual debt?

Who grants a loan despite the release of residual debt?

There will be a lot of rejection in the search for a loan despite the absence of residual debt. Because no bank likes to forgive such a loan. Therefore, it is advisable to take out the loan without asking the Private credit. If the Private credit is not queried, no one notices that there is a residual debt exemption, so that it can not be included in the assessment of the loan application.

Loans without the inquiry of Private credit are given by credit intermediaries or banks from abroad. Large credit brokers such as Crediter have portals on the Internet, over these the loan inquiry and also the admission of the credit can take place despite remaining debt relief. They work with private lenders who can freely decide whether or not to support the loan.

Foreign banks are not allowed to query the Private credit and therefore recommend themselves especially for a loan despite the absence of residual debt. It would be important here that a high income from a permanent position is available, so that the loan request can be met.

Whoever awards the loan in the end does not really matter. With the help of a comparison it can be seen which provider offers the best conditions. When comparing should be paid not only to the interest. Also, the repayment terms and the service around the borrowing should not be lost sight of.

What must be considered for a loan despite the absence of residual debt?

What must be considered for a loan despite the absence of residual debt?

A loan is only possible during this phase of life if the insolvency administrator agrees to it. An additional hurdle, but this must be taken necessarily so that the borrowing does not lead to a rejection of bankruptcy. Anyone who takes out a loan despite the insolvency administrator’s approval despite the absence of residual debt may lose the right to the insolvency proceedings. Then all debts would be present again and a new procedure can only be sought after many years.

The insolvency administrator will agree to the loan, despite the absence of residual debt, only if it is really necessary. Luxury items can not be financed with it. However a vehicle, which is absolutely necessary for the daily way to work.

In addition, no large loan amounts are approved. The insolvency administrator will wave a maximum of a small loan. It is also important to speak to the insolvency administrator in person and authorize the loan in writing. Verbal agreements could not be binding in an emergency.

Loans for disabled pensioners

Are you a pensioner with a disability pension? Are you wondering if you can get a loan through this pension? Now let’s go into the whole discussion, giving you a lot of useful information. Meanwhile, good news: a loan on the disability pension is granted without problems, just offer the necessary reimbursement guarantees.

There is no reason why a bank should not grant a loan to someone who is in a state of disability. However, you must always ask the institution for advice to clarify the pathology you are suffering from and check the economic reimbursement possibilities.

The disability pension can be used as a guarantee to request the loan, we say that the granting of the loan therefore will depend substantially on the will of the bank and on the assessments of the institution.

How loans for disabled pensioners work

How loans for disabled pensioners work

In general, if you are disabled or not retired, it does not count. Banks always make the usual assessments when they have to decide whether to grant a loan or not.

The requirements necessary to obtain one generally concern:

  • An immaculate credit history
  • Do not exceed certain age limits for the applicant

Generally the age limit is around 75 maximum years for debt relief, while for the other aspect you need to be sure that you are not protested and that you have never been reported as a bad payer.

Finally, assess the amount of your disability pension. If you are affixed with the first two requirements we have mentioned, all you have to do is make sure that the sum you receive monthly is substantial enough to convince a bank to provide credit.

Unfortunately there are cases in which the invalidity condition could affect the request for the outgoing loan. Many lenders may be less inclined to grant credit if the chances of the applicant’s death being too high.

Types of loans granted to disabled pensioners

Types of loans granted to disabled pensioners

Disabled pensioners offer their pension as collateral for the loan. The bank will get the payment of the installments right on your pension that you receive monthly, so that the repayment is guaranteed.

What’s the problem? The condition for this to happen is that the withdrawal made by the bank does not affect the quality of life of the applicant. So the amount of the monthly installment must be calibrated to achieve this goal.

Cession of the fifth for disabled pensioners

Among the most common types of loans for disabled pensioners there is the assignment of the fifth. This is the kind of loan that is perhaps the easiest to obtain because the installment will hardly be such as to prevent the person who will have to support it, to live in a peaceful manner.

The reimbursement of the fifth assignment takes place by direct withdrawal from one’s disability pension. The installment with the assignment of the fifth can never exceed 20% of the total amount that is perceived as a pension.

As anticipated, however, even the assignment of the fifth is a formula that requires the assessment of the type of disability and the risk of death of the applicant.

As required by law, the loan is protected by an insurance policy, which is added as a cost in the installment. The insurance covers precisely the risk of death, but the bank is not willing to grant the credit if the risk is too high.

Apply for a loan

Apply for a loan

Let’s say you have all the requisites necessary for the loan request, how you need to proceed, which documents are necessary?

In the moment in which the official request is made, it is essential to present the documents attesting the monthly entry and personal data. The bank then, in order to understand what kind of disability we are talking about, requires the medical documents that attest to the type of problem and disability, so it will be able to calculate the risks related to the loan.

The physiological condition of the applicant is often evaluated also by a commission relating to insurance on loans for salary loans, which as mentioned are mandatory by law in this type of loan.

Cases in which the bank refuses the loan

Cases in which the bank refuses the loan

The granting of the loan on disability pensions is not always easy to access. The risk of death and of not being able to repay the sum for some medical reason are too high.

The bank runs the risk that it cannot be redeemed on disability pensions in the event of insolvency. Here is a list of cases where there is little or no chance of receiving funding in a handy list:

  • In case of too serious diseases
  • In the event of a high probability of death
  • Disability pension too low
  • High risk of loss of the invalidity pension by the applicant

Credit despite debt collection

It is understandable that financial institutions are reluctant to lend despite collection. Finally, the loan seeker is recognizable at least once his payment obligations did not comply properly.Nevertheless, borrowing is possible after a completed debt collection procedure. How difficult this is depends not least on whether the debt collection by a collection agency of the private credit bureau is known.In all cases, it is possible to apply for a installment loan after collection together with another borrower. Its private credit bureau information may not contain a negative entry. A credit bureau is conceivable as an alternative to the co-applicant, but is much less liked by many banks than common borrowing due to high legal claims on the effectiveness of a guarantee by economically inexperienced individuals.

The loan application for a debt collection not reported to the private credit bureau

In order for the private credit bureau to enter a claim that has not been duly paid as a negative feature, it must be unequivocally in place and must be admonished. For the submission of the bill collection to a collection agency, however, the previous exhaustion of the dunning procedure is not mandatory. Above all energy suppliers often sell their existing receivables directly to a collection service provider, if final accounts are undeliverable and they have no direct debit authorization. Sometimes they even refrain from researching the customer’s file and thus do not even realize that their own clerk had forgotten to save the future address communicated by the energy user. You can only have a negative entry made,For the credit despite collection, which is not included in the private credit bureau information due to a not completed before the commissioning of the service provider reminder, all financial institutions are eligible to submit their request exclusively to private credit bureau and possibly Credit reform. Infoscore owns by far the largest debt collection market share, with the result that many financial institutions, in addition to private credit bureau, also submit a solvency request there. Whether the bank selected for the specific application for credit requests only from private credit bureau or from other credit bureaus is seldom apparent from their own statements. It is customary to grant a permit to obtain information from private credit bureau and comparable service providers. Few banks explicitly state which credit bureaus they use

Borrowing according to a private credit bureau registered debt collection

Borrowing according to a private credit bureau registered debt collection

According to the private credit bureau, a loan should be accessible despite debt collection following the settlement of the claim, as it evaluates negated entries marked as settled as neutral credit features. However, this classification is followed by only a few financial institutions, after which those affected look for their credit comparison. Furthermore, some banks, even with a soft private credit bureau negative feature, do not generally deny the loan application. In spite of debt collection and a private credit bureau entry marked as completed for this reason, the application for a loan encounters no particular difficulties for these banks.Alternatively, a Swiss loan can be applied for despite debt collection, since this is awarded without the participation of private credit bureau or another German credit agency. The loan amount in this case amounts to 3500 euros or 5000 euros, with settlement in the European single currency.A reputable credit intermediary asks for the loan requested by the customer despite debt collection at both German and foreign credit institutions. It bundles a high demand for loans and often receives the desired loan in cases where the requested banks have rejected a credit application submitted directly by the customer. The seriousness of the service provider easily recognize credit seekers by the non-calculation of prepayment interest.Consumers who need a bank loan despite a debt collection often accept the first offer available to them without further scrutiny, as they hardly believe that they are also welcome as loan clients to other financial institutions. The waiver of a careful credit comparison is not advisable, as even after a debt collection process several financial institutions as lenders come into question and can be found by checking different offers a cheap loan.

The organized personal loan after a debt collection

As an alternative to a bank loan despite debt collection, there is an organized personal loan that credit seekers can apply for on various online marketplaces. Private lenders are based much more on social criteria than on ordinary credit ratings and are aware of the requests of the applicants, who hardly get a loan from a traditional bank.A further criterion for deciding on a private lending exchange is the stated purpose, as the lenders registered there to a large extent deliberately promote projects that they consider to be worth supporting. A detailed description of the project to be financed therefore leads to a quick drawing of the loan request, which, depending on the amount, is made by one or more installments by several lenders.Part of the online platforms allows creditors to hide the credit data from the potential lenders. However, it is better to dispense with this possibility and to state openly that the request concerns a private loan despite collection, as the potential private lenders reimburse complete details and the non-publication of the credit-worthiness points anyway to a low creditworthiness. Of course, borrowers and lenders in the online credit marketplaces can not see their mutual names and address details, so privacy is guaranteed.

The Reason for Debt Reunification.

Many of the people who are overwhelmed by the pressure of their debts, could well put an end to their hardships through something called “debt reunification” and much publicized lately by non-banking companies. What is offered consists of unifying all the debts that can now involve different contracts, with different entities and at different costs or interest rates, under a single loan or credit. Something, which is very normal and common in many Spanish homes.

That is, the mortgage, the letter of the car, the personal loan for the reform of the house, the purchases made with the credit card, etc… However, be very careful with this of the “reunification of the debt”. Where is the benefit? Well, something as simple as paying less per month, but for more months. That is to say, behind the Reunification of the Debt there is the extension of a mortgage or the opening of a new one, with what happens to have a single installment, which is usually lower than what was previously paid for all the debts.

However, that lower fee will be paid for a longer period of time and, consequently, who always wins is the same: The Bank. Well, it is clear that the client or consumer also wins if what matters at a certain moment is paying less per month, even for more months. But that lightening of monthly money is not free, far from it. By lengthening the life of the loans one ends up paying much more in interest. The total cost can be increased by 80%, which in practice can mean paying the bank 472,000 euros for an initial debt of 197,000, that is, 275,000 euros of interest and other expenses.

Reunification of Debt

Reunification of Debt

So that no one is wrong with this of the Reunification of Debt, the Bank of Spain has provided advice to users in their Banking Client Portal, that when analyzing this operation, pay special attention to the total expenses of the operation, since these operations have processing and formalization costs; the credits that are canceled usually apply commissions or penalties for early payment; the modifications in the mortgages entail notary expenses, registration and taxes, and the opening of a new one entails other commissions and new disbursements. Within the financial sector this business is beginning to be pointed out as the closest thing that there is in Spain to subprime mortgages in the United States.

Its proliferation has caused alarm and has led the Ministries of Economy and Finance and Health and Consumer Affairs to try to regulate them. Currently, a bill is being processed which will oblige financial intermediaries, (a sector that has grown as the foam in recent years in Spain, according to data from Tormo y Asociados, currently operating 53 companies that they have 5,710 establishments) to sign up in a register and, above all, to detail the cost of their services well to customers. One of the objectives of this regulation is to try to make them more transparent. In many cases, the costs of the fees are included in the unified debt and the user does not even know that he is paying up to 10% for the services received. The fees depend on each entity and operation, but they are higher than in financial institutions.