Lending companies lends out slightly different loan amounts and longer maturities. They have a kind of combination of classic private loans and sms loans where you can borrow smaller amounts from USD 1,000 and with shorter maturities from 1 month but also larger amounts up to USD 20,000 and maturities up to 12 months.
The amounts and maturities offered by lending companies are both micro-loans and private loans, as there are both small and large loans and varying maturities. You can borrow up to 1 year, which is the shortest term a regular private loan usually has.
However, you cannot borrow all amounts with all maturities, but how long you can borrow simply depends on how much money you need. The low amounts up to USD 4,000 you can only take for 1 or 2 months. If you get up to USD 5,000, you can start choosing quite freely. However, if you borrow larger amounts such as USD 10,000 and upwards it bends to be limited again as you can only then longer maturities. For example, you can only borrow USD 15,000 for 6 months and more.
Lending companies are investing in flexible loans that you can take quickly and you can apply either via the internet, sms or by calling. You get a quick answer on whether you are approved and then you can get the money the same day or at the latest the day after. If you apply on the weekend you will receive your money on Monday when they open again.
You can use both Bank ID and E-leg to identify you, which makes it a little easier to borrow since you do not have to be called and physically submit ID documents. You can then fix the money a little extra quickly and smoothly.
Terms to borrow from lending companies
The conditions at lending companies are quite modest and there is not much information. What we can say is that you have to be of authority to be able to take out a loan and also be registered. You cannot have any debt balance.
When it comes to income there should be a taxable income but it is not said where the limit goes. When lending companies does its credit check, they check your financial position and decide on this if you can borrow. The better the economy the greater the chance of being approved.
You can apply for a loan even with a payment note, but there is of course a risk that you will not be approved. Your overall financial situation determines and then a payment note weighs the grade down a bit.