One of the nicknames for fast credit in Latvia is SMS credit . There are several companies offering this option, but when applying for a loan for the first time, you must complete the application online. In situations where you need to borrow immediately, regular customers can borrow faster, but usually more expensive. The biggest credit discounts, such as the first 30-day commission for a 30-day loan, are available for the first time. Once the application is approved, the money will be transferred to your personal bank account within minutes (within one bank). Find the right option for you while remembering to evaluate your early repayment options. Borrow responsibly.Sms Credits Are Now Available At A Cheap Rate
Look at the loan comparison chart and choose which one best suits your current needs. By borrowing up to 30 days, new clients can receive discounts on interest payments or commissions at several companies. Before borrowing, carefully consider your repayment options. Borrow responsibly.
Sign up for a loan
Anyone residing in the Republic of Latvia between the ages of 18 and 75 can apply for an SMS credit (see Credit Comparator). You must meet the following conditions to borrow
- your bank account and access to Internet banking,
- age from 18 to 75 years (see table),
- regular income and no credit history,
- at least 0.01 dollars in your account (required to validate user profile).
Registration and applying for a loan is possible 24 hours a day, as the whole procedure is done remotely on the Internet. This allows you to fill in the questionnaire from anywhere and anytime. However, the evaluation of applications and remittances only takes place during the business hours of the companies, as the lending of money in night hours is not allowed by Latvian law.
No guarantee, pledge or statement from the employer is required to obtain the loan. All the necessary documents and references can be viewed by the lender on the Internet and this saves you a lot of time by providing you with a more convenient and quality service. If the credit amount exceeds a certain threshold, the company may ask you to send a bank statement for the last six months or another period.
How much loan to apply for?
Never borrow more than you need to. The first loan is up to $ 425, less frequently $ 500 is available with no interest, but money must be paid back within 30 days. In situations where you need a larger loan or a longer repayment period, consider whether other loans are more profitable for you. Each financial service is designed for a different purpose and it is quite possible that long-term loans, not SMS credits, are the best option for you. Find out your needs and options by calculating how much money you can spend each month to pay off your debts. It is important that after paying off your credit, you still have money left to cover your daily needs.
Are no other loans more profitable?
In Latvia people use sms loans for small and various, unforeseen expenses. Repair costs, larger purchases, bill payments, medical services, utility bills, and other bills are just some of the possible ways you can use your credit. Since lenders of this profile lend small sums of money, their repayment should be enough for the next salary. If this is not possible, expect that you will pay quite a percentage in choosing this service.
There are different reasons for borrowing, but the most important thing is not to use the loan to pay off other loans. Old debt is always at a lower interest rate than short-term loan companies require. At the same time, it should be remembered that the interest-free period tends to last only 30 days. When borrowing repeatedly, clients have to pay a standard commission – an average of 8 to 10 percent per month.
Credit also encourages a careful assessment of seeding provided by other loans. You can find out more about the different types of loans in the Loans section of the portal.
SMS Credit Benefits
- Receive for the first time anywhere you have a computer or mobile phone with internet access.
- Receive as early as 5 – 15 minutes after application approval (during business hours).
- Available without pledge, guarantor and printed certificates.
- Repay on time and raise your available credit line.
- Borrow again by sending only a text message (if the lender offers this option).
- First time borrow with no interest and commissions for up to 30 days.
- Can borrow at 18 (more often than 20) or even at retirement age.
Why was I not granted a loan?
It doesn’t matter if the application is completed online or apply for credit by sending an SMS. Borrowers who have defaulted on their obligations in the past are more likely to face credit denials. The risk of cancellation is lower if the overdue credit is settled because it shows that the customer is trying to meet his obligations despite mistakes. No one can give you an exact answer about the availability of a loan in advance. The only way to get an answer about your options is to apply for a loan. Because each application is assessed individually, refusal in one company does not mean that you will not be able to obtain it from another creditor, as each of the merchants has its own slightly different conditions.
Is Credit Extension Possible?
In circumstances where you cannot repay the entire loan at maturity, most creditors, except Well Credit, offer to extend the contract. This option is a paid service and can vary from 7 to 28 or 30 days, depending on the creditor. The fee for this option is on average 8 to 10 percent of the outstanding loan amount per month. This option can be useful and also financially rewarding, as the default penalty can reach up to 0.75% of the outstanding amount per day. It should be noted, however, that when paying for a loan extension, the principal amount of the loan will remain at the previous level. Another option might be to try to negotiate a step-by-step repayment with the lender. At least initially, the chances of success are not high, as the fee for extending a loan is one of the most significant items of lender income.
Summary of SMS Credits
We can conclude that SMS credit offers a number of benefits, but even for the first time, delaying the refund can make this service quite expensive. Its use is intended only for emergency, short-term needs, not as a patch for everyday needs.