Consumer credit - this is one of the most common types of short-term lending. Its difference is that the credit institution does not control, for which the borrower spends the money, such as with mortgage, car or education loans. Consumer credit is a cash loan is a relatively small amount for a period of several months to 5 years. The amounts of consumer credit vary in size from $ 500 up to $ 5000.
The average interest rate on consumer credit now stands at 13.5%, but in the market of the proposals can be found and instantly credit with a rate of 10.8% and ultra credit with a rate of 23.4% per annum. And for loans in foreign currency - the percentage is always somewhat lower, ranging from 6% (up to € 8 thousand a year) to 18% (€10,000 for two years). Thus, interest on consumer credit could be very different, depending on the term of loan, the maximum possible amount of credit and certain other conditions, in particular to the type of consumer credit.
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It is not easy to get a loan today. Besides compatriots not very much want to jump into debts. In an era of financial crisis, people prefer to live within its means. Most citizens believe that credit is a direct route into debt hole. Implemented studies have shown that a survey respondent, for the past six months, only 32% asked the banks to obtain credit. In the main credits were taken for domestic needs, repairs and training. However, some of the respondents admitted that they took new loans simply to repay old loans. Studies have shown that the average age of the borrower - it is the citizens of 30 - 40 years and those whose monthly income is an average of $2,000.
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“Payday loan” translated into understandable language for us is nothing more than the usual consumer credit, which is one of the most popular credit products in the United States. Simple and convenient conditions for its receipt predetermined overall success of the product.
Payday loan - a short-term loan issued for the immediate consumption needs. It amount usually ranges from 200 to 2500 dollars. The interest rate on payday loan is quite high and is about 400-800% per annum. Internet representation of the credit companies, for the most charges the borrower $ 25 for every $ 100 the amount of credit granted.
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