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Payday Loans

Payday loan by the end of the year? It might be a good decision

The end of 2018 is coming, and by that time most of us will be burning with Christmas. In this case, since we are people, we tend to over-spend. Of course, this can be done. Many are able to borrow various commodity loans or payday loans to use as gifts. It’s not lucky, but it’s not always a bad decision. We always say that credit is not bad, you just have to pay attention.

Not worth doing

Not worth doing

We have been watching people for years, as we used to shop for Christmas ourselves. We have become aware of the fact that more and more people are making conscious purchases and are not starting to waste money. We consider this to be absolutely positive and support it. But there’s the other extreme….

Well, it is very dangerous when we hear of a bargain on a plasma TV start-up. Not to mention that after that, the buyer strives to keep the monthly installment as low as possible (on the order of 15,000 a month, place 3,000 forints a month).

Another one that we do not recommend to anyone is to buy the 8th gift on loan. Is it worth considering that other gifts are not enough?

If you take out a loan

If you take out a loan

As we recommend for home loans, we do it now. Do not take credit on an adhoc basis. Don’t borrow money from the financial institution that is next to the store where you would like to buy it. We can lose a lot of money. Use the astroloan payday loan calculator! We’ll show you why:

In case of a payday loan of 800 HUF, the difference between the repayable amounts is not less than 200 thousand HUF. That is, a quarter of what we recorded. Don’t throw this money out the window at Christmas!

To sum up, there are situations where it is completely unnecessary to borrow a payday loan. However, there are justified cases and fortunately, there are also expensive loans. Your job is not to rush into a loan, but use the calculator and choose the one that is most financially beneficial to you. Contact us, we will help!

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Crowdfunding and BKR

Borrowing money in the form of Crowdfunding is becoming increasingly popular. Although borrowing in the entire money market is still a very small part, the growth is impressive. And the expectation is that this will increase even faster in the coming years.
The question is of course what makes crowdfunding so popular in such a short time. Is that because there is no BKR review and registration when borrowing money through crowdfunding? Is this due to the flexible acceptance standards that these providers maintain? Or are there other reasons?

Crowdfunding and BKR

Crowdfunding and BKR

In the past it was not possible for providers of the crowdfunding loans to do a review and registration with the BKR. However, this has changed considerably in recent years. The various crowdfunding platforms have become increasingly professional. Crowdfunding and BKR now treat each other well. The crowdfunding providers with an AFM license are often affiliated with the BKR. They can therefore do a test at the BKR. And the loan that you are about to take out is also registered with the BKR. Borrowing money without BKR testing is therefore becoming increasingly difficult. Taking out a loan without BKR testing is usually not an option via Crowdfunding.

Acceptance standards for Crowdfunding

Acceptance standards for Crowdfunding

A large part of the loans are used through crowdfunding for the business loan. Yet there are also a number of projects for private individuals. We cannot find the exact acceptance guidelines immediately. We notice, however, that the crowdfunders are flexible. The chance of financing (if you have a good BKR) is therefore much greater with a crowdfunder than with a “normal bank”.

Crowdfunding and BKR and borrowing loans

Crowdfunding and BKR and borrowing loans

Crowdfunding is mainly used for financing new projects. This seems like a missed opportunity. Many loans, mainly revolving loans, have been concluded in the past, with the banks also slowly but surely raising interest rates. If you belong to this group of consumers, it may be very wise to contact a crowdfunder to find out whether your financing can be converted more economically in this way. As with the regular revolving credit, or the personal loan, no costs will be charged when you apply for your loan. At least not with providers with an AFM license and affiliation with the BKR.

Borrow money directly and Crowdfunding

Borrow money directly and Crowdfunding

We have already informed you that borrowing money with Crowdfunding and BKR is not going well together. But what about borrowing money directly and crowdfunding? With Crowdfunding you have to take into account a long lead time between approval of your application and receiving the money. The reason for this is that your project must be “written”. This full writing can take a few days, and sometimes even a few weeks.
Borrowing direct money and crowdfunding do not go well together.

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Revolving credit with rising interest rates

A revolving credit is a flexible form of borrowing money. With a revolving credit, you have a loan that you can take out up to your credit limit. You may also repay your revolving credit earlier without penalty. All benefits from a revolving credit. Yet there are also disadvantages. A revolving credit has a variable interest rate. This means that interest rates can fall. But it can also rise. A revolving credit with rising interest is certainly no exception. However, a revolving credit with a falling interest rate is less common. Banks are adept at passing on interest rate rises (too) quickly to consumers. However, interest rate falls are less windy. A less pleasant example of this can be seen in the statements of the Mbund. A consumer has complained to Mbund about the rising interest rates. While the interest should be falling. However, the consumer’s claim has unfortunately been rejected. You can read Mbund Revolving credit with rising interest rate throughout the ruling.

What to do with a revolving credit with rising interest rates?

What to do with a revolving credit with rising interest rates?

There are a number of measures you can take if you notice that interest rates are going to rise. The first measure is the simplest. If you lie awake with a variable interest rate. Then close a credit with a fixed interest rate. The personal loan. You then have no uncertainty. But there is the risk that interest rates will fall in the future and that you will actually pay too much in interest. In addition, it may be an option to transfer your overpriced revolving credit to a revolving credit with a much lower interest rate. You then immediately start saving on your loan.

If you cannot transfer revolving credit with rising interest rates

If you cannot transfer revolving credit with rising interest rates

You once took out a revolving credit at a low interest rate and with good conditions. However, due to rising interest rates, your credit has become a lot less interesting. You request a revolving credit with a lower interest rate, oddly enough, the bank rejects this. Because you are already fully charged with your current loan ?! But you want to transfer it more cheaply! Do you recognize yourself in this? Then you are by no means the only one. A very annoying problem. Certainly if after further searching for a cheap loan it appears that it is really not possible to take out your loan more cheaply. There are thousands of people in this annoying package. Fortunately, the banks are working on a solution. People who are “stuck” with their loans now get more options. The exact interpretation of this is different for each individual. But the possibilities seem to be really coming.