To apply for a loan, it is very important to know the terms and conditions that apply to this particular loan. If you do not have a good look, the risk of being surprised will definitely increase.
Therefore, if you want to keep a good check on your loan, it is highly recommended that you check the loan terms carefully before submitting an application.
Different loan terms to keep track of
Below we have compiled a few different loan terms that usually show up when you are looking for a quick loan. It is everything from requirements to you and what applies to the loan itself. Read through for a brief overview.
Remember that we cannot write all the terms that apply here, but only the usual plus that the exact rules may vary between the lenders. Therefore, you should always read the terms of your intended lender carefully before submitting an application.
Repayment – Quick loans usually have a repayment period of 30 days. In recent years, it has become more common with longer repayment periods, there are lenders who also offer 60 and 90 days. The same lenders can also offer even longer maturities but then it becomes more a short private loan.
Delay rate and reminder fee
That it costs you 50 USD when the lender sends out a reminder is pretty standard. However, you should check how the rules are for late interest. In short you can say that if you do not pay the loan as intended, the cost will increase significantly.
Early redemption – You can basically always redeem a quick loan early if you wish. If you have this in mind, the tip is to check out what the lender says about this. It is simply best to investigate the issue before it becomes relevant.
Withdrawal rights – You have the right of withdrawal in accordance with the Distance and Home Sales Act (2005: 59) regarding the signed loan agreement. Just take a look at what the lender has written about this to see if they have any fees or not.
Who can borrow?
You are required to borrow money. There is a requirement that one must be of authority, have a certain income, be registered in Sweden, etc. In general, the requirements for quick loans are milder than the requirements for larger loans. The requirements can vary between lenders, as an example of this, some lending institutions lend to people with payment remarks while others say no to them automatically.
Price – The lender is required to report what your quick loan will cost. Quick loans usually cost between USD 250 and 500 to obtain for one in a few thousand USD. If you find a fast loan with a longer repayment period, you will have to pay extra for this loan. If you choose to borrow USD 10,000, for example, the cost will be much higher.
There are more conditions than these for you to read, we have just compiled the ones that we thought were most important. Therefore, see this as just a small guide no more.