When considering the possibility of a loan, the types of loans and the variety of terms and conditions can create confusion. Specialists from the non-bank lender Snopes family have compiled the most important information so you can choose the most appropriate loan type for your situation!
How do I start looking for the best loan?
Your first task is to check the credibility of the lender by looking at previous customer reviews and verifying that the lender is a member of the Latvian Alternative Financial Services Association. When done, pay attention to the details of the offer – the main differences in credit line, consumer credit and SMS credit are in their terms:
- A credit line is a short-term loan of up to 1,500 euros that works much like a cash account – you spend as much as you need and the interest rate is calculated on the amount you spend;
- SMS credit is a small short-term loan that is subject to a loan commission for the entire loan amount;
- A consumer credit can be up to € 10,000 with a term of up to several years, with a fixed interest rate for the entire repayment period and possible additional fees for applying for and issuing the credit.
What kind of loan is best for your situation?
The reasons for borrowing may vary, but any credit should be carefully thought through – do not borrow if you do not need it or have doubts about repayment. For both consumer and SMS credit and line of credit, you will not need to provide a reason for applying, but each type of credit may be more appropriate in certain situations:
- The amount of consumer credit allows you to cover larger household expenses, such as home improvement or equipment purchase;
- SMS credit is most often used to cover everyday expenses – medical services or unexpectedly high bills;
- A credit line is the best option if the amount of the expense is not immediately determinable – you will have additional funds available at any time within the approved credit line limit, which you may not use.
Credit line – an opportunity to borrow without any extra interest payments
The lender Snopes family credit line can be applied for on the Snopes family website, where each client has access to the terms of the contract, the submission of an application, and the ability to contact client advisors. If you qualify for the Snopes family and apply during office hours, the money will be credited to your account within one bank within about ten minutes, and there will be no charge for paperwork or credit. All you have to do is enter the required information, send the application and wait for the answer!
You can find all the information about the Snopes family credit line on the Snopes family website. Before you apply for a loan, read its terms and conditions and borrow responsibly by carefully assessing your chances of repaying the loan.