The Best Credit Options You Can Go for Now

The Best Credit Options You Can Go for Now

Beneficiaries and those who do not, but intend to take a quick loan, are equally aware of the changes in the Consumer Credit Act, effective July 24, 2014. 63% of those who intend to borrow are unaware of the changes. According to those who know that the CPC has changed since that date, the introduction of an APR ceiling has led to the provision of new additional paid services by creditors (26%). Almost as much, the total cost of loans (APRs) has not changed (24%) and conditions have become more comprehensible (21%).

When applying for a loan from a non-bank institution, respondents are generally reluctant to pay an additional fee if they cannot provide the loan security required by the lender (58%). For more on this you can take a visit to now.

Not useful and unwilling to use fast credit

This group has the highest share among all respondents (60%). They argue that they are reluctant to take a loan from a non-bank institution, saying that their conditions are unfavourable (31%) and that they do not want to use the services of a non-bank institution (25%).

The unwillingness to borrow, as well as the preference for bank financing, is also among the main factors why this part of the respondents do not intend to draw fast credit. Respondents’ reluctance to use the services of non-banking institutions is related to the reputation that these types of companies have (74%).

Other factors why respondents are reluctant to take a quick loan are:

  • Using a credit card
  • High interest rates
  • Unfavourable conditions
  • The lender does not provide me with the conditions without giving my personal details
  • Opaque conditions
  • These types of institutions are more difficult to control than banking, etc.

The opportunity for complete online service is highly rated among respondents who do not and do not wish to take fast credit (36%).

Another reason why respondents do not want to borrow from a non-bank institution is due to their expectation that the cost of these loans (Annual percentage rate of charge) is very high (61%).

And this part of the respondents, for the most part, is not aware of the changes in the CPC since July 2014 (57%). According to the rest, who are specifically aware of these changes with the introduction of the maximum amount of APR on loans, lenders have started offering new additional paid services (35%). The attitudes regarding this group of respondents are similar in the other two groups – those who have a quick loan and those who do not, but intend to withdraw.

  • Despite the relatively low amount for which the first loan is drawn (up to $ 1000), the term for which it is repaid is more than 6 months (43% of the beneficiaries of the fast loan surveyed). This turns out to be the preferred repayment term for those who have more than one loan.

These are the aspects that you will have to think of for the proper sanctioning of the loans now. Surely you will be having the best deals and options for the same now.

Edward Powell