When faced with higher and lower costs, you may have to ask yourself where to borrow money. To find out which is the best option for your situation and where you can borrow money, check out the borrowing options compiled by Rostov Family Specialists!
Make a responsible decision!
Even the most disruptive budget planner can at some point be surprised by expenses that are unforeseen and ask the eternal question of where to get money. Savings are not always big enough and it is not always time to save money, and it may take several years to put aside enough money to buy a home or car.
The most popular ways to find where you can borrow money are:
- Borrowing money from an individual – if the expenses are not too high, this might be the safest choice. Not having a formal credit obligation is less likely to affect your credit history in the future. Borrowing money from friends is relatively more convenient as they are more likely to refuse a loan and are ready to help in a variety of situations, provided their own finances allow. However, it should be remembered that even in this case it is desirable to enter into a contract that will help to resolve the situation if there is a dispute with the lender, your friend, during the repayment;
- Use credit card services – credit card users can borrow money from the bank if they need to spend more than they have in your account, but be aware that this service often has high interest rates and short repayment terms;
- Applying for a Loan Online – Depending on the situation, you can choose from long-term and short-term loans in varying amounts for specific purposes, such as tuition fees, and important daily expenses.
Whatever the size of the loan, this is a serious decision to make, so make sure the loan you choose is appropriate for your situation and repayment options!
What kind of credit to choose?
When considering where to borrow money, look at the differences in credit terms – each type of loan is better suited to your situation. You can choose between short-term and long-term credit, depending on the amount involved and the reasons for borrowing.
Long term loans for serious life goals
Loans over several decades are usually also in the thousands of euros. The best-known long-term loans already stipulate in the terms and conditions that they are for home purchase, tuition fees or student living expenses. On the other hand, when applying for a consumer credit, you do not have to state the reason for the loan or the payments made, but the large amount often requires a pledge or guarantor.
Short-term loans – for unforeseen and urgent payments
Most of these can be done online and without a pledge or guarantor, but lenders thoroughly check the stability of your monthly income and credit history.
There are three types of short term loans:
- Internet Fast Credit – a loan for unexpected expenses such as a doctor’s visit and medical expenses;
- SMS credit – fast credit, which can be applied for by SMS;
- Credit line – If you are wondering where to borrow money in a situation where you do not know exactly how much additional funds will be needed, a credit line might be the best choice. You are given a line of credit to make the necessary payments, such as home improvement. The interest rate is calculated only on the part of the loan that you will spend.
What are its benefits?
The smart way to borrow money is by settling short term loans online. They have a number of benefits, the most important of which are:
- speed. If you want to find the fastest way to borrow money, it is time to turn to banks and non-bank lenders offering short-term loans, as if you settle them you will be able to get the amount you want within 10 minutes (if transferring money within lender’s time and within one bank);
- value for money. Borrowing money that is part of one of the types of short-term borrowing is relatively more advantageous as the client does not have to pay for the application processing, account servicing or issuing;
- convenience. You can borrow money anywhere in the world with an internet connection, as short term loans can be settled online, without wasting your precious time waiting in line.
The types of loans available today and their benefits are so diverse that anyone who is considering a loan and who has the right financial situation will be able to find the right loan for his or her case.
How to apply for a loan?
The answer to the question of where to get money in an emergency is quite simple! To get it in the short term, look for a lender you trust. There are a few steps to take when applying for a loan online:
- finding a lender. Among the available options, the most appropriate and the available information should be explored;
- registration. You need to sign up for a non-bank sector lender’s website and transfer a symbolic amount of 0.01 Euro to let the lender know that the bank account you have specified is the correct one;
- Choose the amount you want to borrow and the amount of time you want to repay the loan (within the minimum and maximum limits set by the lender). You will also be able to borrow money if you include personal information such as name, surname, personal identification number, monthly income and contact information in the application;
- confirmation . You will be notified whether the loan is granted or not, you will receive this information via SMS;
- receiving. Within 10 minutes (if you are borrowing during the lender’s business hours and within one pocket) you will receive the loan amount in your bank account.
Make sure you meet the lender’s terms
When choosing where to borrow money, pay attention not only to whether the lender’s terms are right for your situation, but also to your compliance with the lender’s terms and conditions! As with the conditions, these requirements vary for each lender.
To apply for a Rostov family loan, you must:
- Latvian citizen aged 20 to 75;
- Positive credit history;
- A bank account with one of the banks operating in the territory of Latvia;
- Stable and regular income (loan payments should not exceed 30% of your monthly income).
Make sure you have read and understood all the terms and conditions of the lender before taking any credit. If you have any questions, contact the lender’s customer advisors.
Be honest about the seriousness of the situation
Before entering into a contract, the Rostov family recommends that you think about some of the issues that will help you make sure you’re really ready for a loan:
- Is the situation really serious and the payments to be made urgent? Unexpected and urgent expenses, such as paying for medical services, can be an objective reason for a loan. Similarly, home improvement or making larger, necessary purchases can be a situation in which to consider a loan when there are no other options to pay off;
- Is the need for additional resources an exceptional or familiar situation? Expenses may have surprised you really unprepared, but if you have to look at where you can borrow money for the next month in a row, it’s time to rethink your finances and how to organize them;
- Will your income remain the same throughout the repayment of the loan? This is a particularly important issue if you are applying for a loan with a term of more than a few months.
Whatever loan you choose, the Rostov family reminds you that the most important step in your decision is the confidence in the soundness of your financial situation. Before applying for a loan, read the terms of the contract and borrow responsibly, carefully assessing your chances to repay the loan!