There have been a couple of changes in the leading lenders in recent weeks. Below you can read more about the biggest news.
The market for fast loans is facing an upheaval, both in terms of more “soft” issues and mandatory legislation. One issue that is on the wallpaper is about the shortest possible credit period. The “soft” factor here is that Google has introduced new advertising rules.
The more compelling factor is about increased consumer protection
Everything indicates that the shortest possible repayment period will soon have to be at least two months.
The majority of the lenders have already taken this into account and the shortest repayment period is now generally 61 days. The list of all popular fast loans that you find on the front page is completely updated with regard to this.
With Good Finance you can borrow between USD 5000 – 10,000 for between 1-3 years. The loan is thus regarded as a so-called annual loan and it is not a quick loan of the more traditional variant. One news that makes the offer even more special is that you can receive a 60-day respite with your first installment. Of course, you have to pay interest on this benefit. The interest is added to the first invoice.
E-Money has made three major changes in its offering
Firstly, it is now possible to choose a repayment period of 30 days and secondly it is possible to borrow up to USD 15,000. Thirdly, there is again the opportunity to borrow without interest.
E-Money was one of the fastest lenders to harmonize their terms with Google’s rules (see above). A shortest possible loan period of 61 days was therefore introduced promptly. Nowadays, however, again, the borrower can choose a 30-day repayment period, both for the regular quick loan and for the credit loan. We have no good explanation as to why this complete reversal has been made, but from the lender’s perspective it is of course good if there are more options to choose from.
The maximum credit amount for E-Money’s credit loan
USD 15,000 is now the maximum credit amount for E-Money’s credit loan (acts as a credit account). The repayment period is as short as one month and at most 49 months. However, for the more traditional fast loan, the maximum loan amount is still USD 12,000.
Finally, the opportunity to borrow without interest applies only to the credit loan, not the quick loan. The offer is for new customers only and is limited to the first 30 days. In short, the credit runs without interest if the entire first withdrawal from the credit account is repaid within 30 days. The maximum credit amount is USD 10,000 and the first withdrawal can be between USD 1000 – 10,000.