GreendayOnline, the renowned short-term lender, has expanded its portfolio of consumer credit products by introducing an all-new personal loan. Much like payday loans Personal loans are secured, meaning that the collateral is not a vehicle or properties aren’t required to be collateral.
The major distinctions between personal loans and payday loans are the amount that the borrowers have access to as well as the period of repayment. Personal loans is also known in the form of an installment loan permits new customers to take out up to $100, which they pay back in equal installments (or installments) for a period of two to six months.
What are personal loans? How do they function?
Customers who are new to the company and decide to avail the maximum value of $100 over the course of six months will be required to repay the total amount of $140 (including fees and interest). The loan will be repaid in six R900 in installments with a single installment each month. This makes it easier for those who have to borrow funds for a longer time.
If someone were to get $1000 over the course of 30 days the total amount to be repaid (including fees and interest) is $1700. The loan would need to be paid in one payment and would be difficult for many people to afford it.
closing the gap in affordability
The risky loans @greendayonline are designed to satisfy consumers who require quick access to credit without the requirement to repay the loan in full within 30 days or agree to longer repayment periods that increase the cost of borrowing.
Being able to select the repayment timeframe for loans between 2 and 6 months, allows loan borrowers to come up with a reasonable repayment plan , and also gives the borrower more control over their budget for the month.
What is the best time to consider personal loans be the right choice the right time for you?
It’s obvious that this kind of consumer credit isn’t something you should have access to unless you truly require it. Also, you should be certain that you will be able to pay the full amount.
Personal loans shouldn’t be used to provide an answer to long-term financial difficulties;
Personal loans aren’t designed to help you pay off your debts;
A late payments on personal loans could be a source of additional charges and could negatively impact your credit rating.
What have you experienced in the field of personal loans? Are you aware of a product that you’d like to consider using?