What to do if banks refuse to credit?

Same day payday loans New Mexico: When money is needed, the first thing that comes to mind is to choose and take a bank loan in cash. Financial institutions offer several profitable options, including:

  • credit cards;
  • customer credit;
  • loans for the purchase of cars and housing (mortgage).

While payday loans used to be legal in the state of New Mexico, as of January 1, 2018, they no longer are. The recent overhaul to the New Mexico House Bill 347 places strict regulations on small-dollar loans. These new laws have placed the following limits on loans under $5,000:

  • Max APR: 175%
  • Loan term: at least 120 days
  • Repayment: minimum of four equal payments

However, if you’re still looking for a short-term loan, check out which lenders are offering installment loans in your state.

If the bank for some reason refuses, and cash is needed today, you will certainly be able to help microcredit companies. In 2018, a few hours are enough for an individual to get a microloan. You can leave a request and receive credit funds without income certificates and even without leaving your home – the money will be credited to your plastic card. Online loans via the Internet are issued on a passport with almost no failures, and even with a bad credit history or without it, but interest rates on loans will be higher than at banks. Above is a list of current proposals for 2018 from licensed payday loans and American banks that issue credit cards with relatively low rates and favorable terms.

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And even if microcredit organizations do not want to lend you, or offer only high interest rates – most likely, your current credit rating and history values are very low. In any case, they need to find out. This will help more detailed article on how to learn and improve your credit history.

How to take a consumer loan profitable in 2018?

Cash loan A consumer loan from a bank is a special type of loan provided to citizens for consumer needs. Such a loan is taken not only for the purchase of durable goods, but also simply for domestic needs (food, household appliances). Banks usually issue a consumer loan in cash or transfer funds to a card.

By and large, any loan provided by banks can be called consumer. However, “classic” consumer loans have their own extensive classification:

By maturity of debt – usually distinguish 3 types of loan: short-term, medium-term and long-term.

With or without collateral, banks, issuing cash loans without collateral, do not require a pledge of property or a guarantee.

By lender – loans can be bank and non-bank (microloans, financial institutions)

Target and non-target – a loan can be directed directly to the purchase of certain goods, or be spent at the discretion of the borrower.

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The advantages of buying goods on credit

  • + When buying goods on credit, you can consider yourself insured against overpayment in the future if it suddenly increases in price;
  • + Buying the necessary thing now, you can no longer fear its “disappearance” from the shelves;
  • + Buying on credit allows you to buy goods of the desired modification on the spot, provided that it is in stock;
  • + You can purchase a product at the moment of its highest relevance and not save the required amount for a long time;
  • + When buying something on credit, you can repay the loan amount in insignificant payments over several months.

However, there are some drawbacks to buying on credit:

  • – The cost of goods increases in connection with interest on the loan;
  • – One of the major drawbacks can be considered the expiration of the period of pleasure from the purchase: you need to make payments on the loan for several more months, and you would already like to purchase a replacement for what you bought.
  • – Due to the fact that banks often mask the real interest rate, there is a risk to pay a credit institution a much larger amount than was supposed at first glance.

Attention! What you need to first pay attention when applying online and concluding a loan agreement in 2018:

  • The name of the credit institution, its registration number, address and contact numbers must be clearly written.
  • Loan amount in cash, currency, and repayment terms.
  • Annual interest rates on consumer loans are the most important parameter of borrower spending. The best loans have really low rates – below 13% per annum.

The order and frequency of interest

Consumer loan payment schedule, which will indicate the amount of the monthly payment

Terms of early repayment of the loan.

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Be careful! Contact only trusted organizations and do not let scammers fool yourself. We also advise you to cooperate with financial institutions that request the maximum list of documents. In this case, the bank has the opportunity to verify your data in full, which can significantly affect the terms of lending (in your favor, of course).

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Tip! Before placing an online application, you can make a selection and in advance roughly calculate future payments under the terms of your consumer loan in our loan calculator.