There are many myths about quick payday loans, but they are rarely based on facts. You may know some of them, but here you get the truth about the greatest myths.
1. What about the OPP? Isn’t it very high?
OPP means annual percentage costs. The APR is a good way to compare different credits as long as they have an identical maturity. If you take out a credit with a maturity of one year or more, the OPOP will give a good picture of the credit’s expenses.
But for the short-term credit, it’s the other way around.
At the same time, many of the costs that are part of the OPP are not included in a credit. Therefore, because a credit is for short-term use, you will not pay an entire annual cost, as otherwise stated by the APR on a credit. So even if you maintain a credit agreement over 12 months, you will far from paying an interest rate equivalent to the APR, since we do not use interest rate.
2. Are mercury loans only for consumption?
One criticism is that the credit does not cover any urgent need. That’s not right. For example, credit can be an obvious option if, for example, you experience an unforeseen expense. It could be a dentist bill that was more expensive than expected, or a repair of the bike, so you don’t have to spend money on buses and trains. Of course, credit can also be used for consumption, but this consumption does not in any way need to be headless. Imagine discovering a short-term but good deal with great savings. If you do not have the opportunity to obtain the money from another side, you can use a credit to apply for the offer.
It is a criticism that still exists but has little to do with reality. On January 1, 2015, the Board of Appeal for Financing Companies, a new appeal, was initiated. The purpose is to give the consumer a new appeal if you feel unfairly treated.
We do not have any hidden interest or fees associated with our credit. Those who are registered in the RKI Experian or the Debtor Register can not take credit with us, and we have compiled a complete manual on responsible lending as well as a number of additional measures to ensure consumers a clear and easy credit.
3. Do the mortgage companies lend money to everyone?
The fourth myth is that credit providers are not credit rating customers.
True, the requirements for taking a short-term credit are generally less stringent than in the bank. For example, you must do not provide security to take out credit, but it is still important for credit providers to determine if you are able to repay.
For example, to take credit from Hazart Ley, you have to adhere to the following rules:
- 1. Be 20 years of age
- 2. Not be registered in RKI Experian
- 3. Not be registered in the Debtor Register
- 4. Don’t be under guard
- 5. Don’t have an active credit with us
In addition to these conditions:
- Applicants from 23 years and up can receive a maximum credit of USD 6,000 for the first time
- The amount limit increases slowly as you repay your credit and show responsible loan behavior.
- The maximum credit amount increases for each credit repaid, but will never exceed USD 12,000 for 23-80 year olds.