Had a medical emergency? Or maybe a huge bill that you need to pay right away? If you are in any such situation, where you need money that you don’t have immediately and also cannot wait for your next paycheck, then you can apply for a pikalainat.
What you’ll need to know
Before you can apply for such a form of financing, you should remember the following points:
Interest rate – As no background credit check is done, the rate of interest imposed is very high, so as to discourage frivolous candidates.
Purpose for borrowing- The bank or lender does not need to know or dictate the sector at which you’ll be investing the borrowed cash. And if you meet all the terms and conditions you’ll be approved in as soon as possible, without much paperwork or time waste.
The needs and benefits of this kind of financing are manifold. And the repayment period does not normally last for more than 2 weeks. But there are a few drawbacks associated with the same. You must be cautious about those. These include the points listed below:
If you miss the repayment – In case you fail to meet the two weeks repayment time and seek extension, the interest you’ll have to pay on the fast cash principal might make your cumulative spending too high to be worth the borrowing.
Credit rate- If you miss your repayment, your borrower can immediately report your case to the respective credit agencies. This will affect your credit more and bring it further down, as your performance would have been bad within a very short span of time.
So assess your condition objectively, find out exactly how much you need and can afford, and then apply. If you can borrow from your family and friends try doing that. If not compare and consult all who you trust and then choose the lender who will suit your need best.