If you read this article, you are probably already in this trap, but if you are not yet, then it is advisable not to get this situation in response to the question posed in the title.
In order not to get a quick credit trap, you must first of all be responsible for yourself and not rely solely on the lenders, ie the ability to borrow and repay the loan must be evaluated by you.
Interested in maximizing profits at the expense
Creditors, especially non-bank creditors, representing the private crediting sector, as any company is interested in maximizing profits at the expense of their customers, are therefore not interested in protecting their credit as a consumer and being able to repay the loan, but have been able to borrow and pay for it.
this service. In simple words, it is in their interest to lure you into a quick credit trap, but what happens afterwards is not very interested in them. You will ask – who has the advantage that a person takes a loan, but then is not able to repay it by coming to a endless debt yoke? It is advantageous for fast credit lenders who do not risk large loan amounts and long repayment terms, ie they do not suffer significant financial losses in the event of customer insolvency, which could negatively affect the creditor’s business.
The interest of the fast creditors
In addition, those who are unable to repay the loan are less than able to do so successfully, so it is in the interest of the fast creditors to increase their number of customers to earn the interest in loans that are high in quick loans. It should be noted that the demand for quick loans is indeed huge, so the financial losses at the expense of insolvent borrowers are not significant.
In terms of high interest rates on high speed loans, they are so high as they have to be able to compensate for the potential financial losses that can result from customer insolvency and also create the added value of quick credit which in turn is due to their many advantages such as the ability to apply for them. via the Internet or text message, without leaving the house, receiving them within 10 to 15 minutes, receiving them without any security, as well as any documents proving solvency and credit history.
If you have borrowed a quick loan
that is, you are trapped, keep a cool mind and follow the tips below. It should be remembered that a long-term fast credit trap is only a trap if you are unable to repay the loan or if you have taken over the desire to borrow them again and again. As long as you are successful, that is, complete and timely credit monthly payments, everything is fine, and you can do it in the future.
When you begin to have a problem with your credit repayment, that is, you feel that you are no longer able to make credit payments in time and in full, you need to take action to remedy this situation. If there are problems with payment delays, the repayment term may be extended for a specific fee.
Never delay payments because you will have to pay a penalty interest and your credit history will be damaged! If you are having trouble paying your payments in full, think about ways to increase your income in every possible way. Never miss out and stop making credit payments, as this will also damage your credit history and get into the debtors list, which will delay or even prevent you from borrowing in the future.