Return terms on fast credits increase.
Quick loans have become one of the most widely used financing tools when capital is required in a very short time. So much so that little by little financial institutions have been extending the repayment terms to get more clients to request this type of loan.
Longer repayment terms on quick credits
Until a few years ago, to attract new clients, financing companies opted to offer loans as quickly as possible. However, this technique seems to have become obsolete. Especially since deadlines impossible to improve have been reached.
Faced with this situation, other alternatives have been sought for clients to show their interest in a quick loan compared to another among the multitude of opportunities they have in the market. And the main method to attract the attention of former and potential clients is to increase the repayment terms in this type of loan.
This strategy is a necessary step so that these types of platforms can continue to compete against mini-loans and the opportunities that traditional financial institutions have begun to bring to the market.
Why extending repayment terms has become the new strategy for quick credits
Basically, because the economic outlook has been changing considerably since the crisis began. We must not forget that at the beginning of the crisis people were looking for low-volume, immediate financing alternatives to be able to meet basic expenses. Banks had stopped offering loans and citizens were unable to meet their debts.
In this breeding ground the different alternative financing options that we know today appeared. These alternatives put money back into motion and allowed users to request small amounts to be returned in a short period of time. The main attraction of these loans, apart from the speed, is that the concession was carried out without almost any previous study. Unlike what happened with banks.
However little by little the economic situation has been changing. Largely due to the Cream bank’s economic policy that forced banks to lend money again.
In this situation, credit institutions have become more competitive with each other. Up to the point where a good way to get more interested in your products is to play with the return terms. For this reason, these credit institutions have been forced to offer better products than their competitors. What happens by extending the return period by several months and even years depending on the amount requested.
Some examples of entities that have extended their repayment terms in quick credits
- Spin Lender. Without a doubt one of the best known alternative credit institutions at the moment is Spin Lender. Currently you can request up to a maximum of $ 15,000 to be returned within 6 years.
- Crediting is another of the best known to the population. In this case the return period amounts to 6 months for a maximum amount of $ 3,000. A very interesting alternative to face the cost of January or the purchase of books at the beginning of the school stage.
- Now currency. Across Lender now offers a maximum of $ 5,000 to be returned in 2 years.