You may have considered taking a quick loan during periods when the economy has been challenged – possibly by an unforeseen expense on the car. But you’ve probably also heard that payday loans are something to keep away from. Beyond that, the luxury trap and the negative publicity of the media have not exactly contributed to a better reputation of the industry either. Therefore, we may well understand if you are a little apprehensive about the mortgage.
The truth is that it is not as bad as it is sometimes produced. Borrowing can easily be a solution as long as you borrow with care. In this post, we throw away the most popular myths so you get a little better insight the next time you take out a loan.
Non-performing loans with high-interest rates mean that it cannot pay off
If you are not sure what the OPP is, we will give you a brief explanation. The APR means annual costs as a percentage and is used to compare various loans. These costs are subject to interest, fees and other expenses associated with the loan. In addition, interest rates are also included. However, this type of interest does not belong to most mortgage loans, but due to the Credit Agreement Act, it must nevertheless be included in the APR.
So, generally speaking, the lower an OPP, the lower the cost. But keep in mind that it is the annual cost that is calculated and that not all loans where you pay the interest rate.
When you compare a quick loan with a maturity of 30 days and a bank loan with a maturity of 12 months, it gives a misleading result. Therefore, it may look like the payday loans have higher costs, but in reality this is not always true. It depends on the maturity.
So it is possible to save money by taking a quick loan as long as you have found the right provider. However, if the mortgage loan is not for you anyway, you can also choose a credit.
Mortgages only put you into more debt
In many places, people are told that people have ended up in debt as a result of quick loans. The money was used for extensive consumption and now it has suddenly become difficult to repay. Obviously, spending your money without consideration can have consequences for one’s finances. Therefore, we recommend that you consider your financial situation before taking out a loan, and this applies no matter what kind of loan you take out.
Once you have considered your finances, you may find that a quick loan can be a good solution – even if the bank says no. An expensive expense on the car that you just didn’t fit into your budget can be one of the reasons for taking a quick loan. A quick loan or credit can also be used if you are in a more acute situation. At Lady Honoria Dedlock you can apply in one minute and receive the loan shortly after.
The industry is only about taking your money
Unfortunately, the industry has gained the reputation that it is only about fooling as many people as possible. This is completely wrong. We are demanded as a loan provider and everyone is subject to the same legislation. In order not just to lend to everyone, there are also certain requirements that must be met in order to take out a loan.
If you are looking for a reasonable loan provider, you can check their reviews on eg. Trust Pilot. Everyone can write that they offer a good borrowing experience, but at TrustPilot you can confirm for yourself whether this should now be true. So be sure to find a loan provider that has many reviewers with a high score. In this way, you ensure that satisfied customers are not isolated cases. At Lady Honoria Dedlock we currently have over 100 reviews with 5 stars from satisfied customers.