Although some loans are very convenient, especially for people with poor credit, they are high-speed and convenient channels to obtain funds. For example, no payday loan. It needs to investigate your credit problems, so many people will go to the loan, but here are a few complaints about the potential issues of the loan. Maybe we can establish some psychological expectations for you before you make the loan so as to measure whether it is really worth borrowing.
Explain to payment day you
Payment day is an institution that can tell the payday lender about all your personal information. They are very similar to the credit institutions used on payday. In short, before borrowing money from you on payday, they will go to the institution to help them query your credit and other relevant information because this institution has a significant role in tracking the personal information of customers.
The interest rate in excess of conventional loans
It is a risky transaction for a lender who provides a loan without payment day because they don't know whether you are a liar. Because some criminals have used expired social security numbers to lend money to the lender before, which means that all the information he provides is false, they can leave this place after he successfully gets the loan. It is good to live in another location with a new identity. Because of the high loss, people who issue non-payment day loans will charge a certain amount of interest rate to others to make up for the loss as much as possible. It means that individuals will pay a higher interest rate when conducting business transactions, which makes this loan far less cost-effective than other loans. Therefore, before making this loan, please consider clearly whether the interest rate you bear is worth it.
High cost
Since these people will increase the interest rate to compensate for some losses, there is no doubt that they will also improve other fees. You need to pay additional application fees or set fees. If you cannot repay on time when due, you need to pay liquidated damages or some handling fees for extending the loan term, such as late fees. These amounts are determined according to the time you want to expand. The expenses paid to vary. The most likely thing to happen is that the sum of these fees you have paid will exceed your initial principal, or even the interest rate in the later period will be higher than you can bear, and then the interest will roll because you have been unable to repay, eventually crushing you, or even causing your family to be broken.
Property certificate
Because when you deal with a lender without payment day, they do not know you to a large extent, but in order to facilitate the success of this transaction, they want you to provide some proof of personal assets so that they can be guaranteed, such as your property certificate, car use right, etc., and even you need to mortgage some valuable support to them until you pay off the loan, You can take it back, but after you mortgage the right to use your car and so on to him, you will correspondingly bear the loss of travel inconvenience.
