The opportunity to apply for a loan online and quickly has represented a great opportunity for many Peruvians who needed extra money but did not resort to traditional alternatives such as banks.
The Fintech dedicated to lending money brought the opportunity to get that loan without waiting for several days or presenting so many requirements and papers, and that is the reason that made them are popular. However, although they represent a great alternative, there are also certain aspects that you should consider thoroughly before deciding to apply for a loan.
Which are? We show you five key points that will help you make a decision:
The money will be disbursed in less time
They are fast, there is no doubt about that. Many allow you to access cash after only 30 minutes of submitting your request, making it an ideal option if it is an emergency response.
Interest rates are higher
One of the most worrisome aspects for experts is that the interest charged by Fintech is quite high, indicating that getting the money faster costs you more expensive.
The return terms are shorter
You can choose very small terms that range from 30 days to 3 months. The terms will depend on the Fintech you choose, but they are shorter than traditional loans.
You need a savings account to access them
The amount will be transferred directly to your savings account, so it will not be necessary for you to go to any office to get it.
In conclusion, if you need to solve an emergency with a not so high amount of money and want to get the money as quickly as possible, Fintech is a recommended option. Just make sure you can pay interest.
Remember that each company has its own rates, so it is ideal that you compare them before making a decision.