Credit24 Offers An Alternative To Payday Loans
At MoneyBuddy we're interested in many different types of financial products - because everybody is in a different financial situation. As a general financial principle we believe that high interest consumer finance is something to be avoided.
But the fact remains that many people are not in an ideal financial situation and sometimes need to find a way to get some money quickly to cover unexpected expenses. You may be in that situation currently.
We recently came across the Credit24 Small Personal Loan product. At first glance it appears to be like a payday loan, but a closer look shows some benefits compared with traditional payday lending.
Credit24 currently lends up to $2,000 dollars to approved applicants. This is a bit higher than some payday lenders, while others will lend up to that amount. Credit24 may lend to you if you have a less than perfect credit history - as long as all defaults are paid.
The biggest different between the small personal loan by Credit24 and a payday loan is the time period in which the loan can be paid. As its name implies a payday loan is usually repayable on the next pay day - even if that is in 7 days. Some payday lenders have a maximum repayment period of 15 days, although it is more common to be up to 30 days, with some up to 45 days. The Credit24 loans currently have repayment terms up to 6 months, although if you want to choose a repayment term as short as a month, you can.
If you're currently reliant on high interest short term loans, the fees and interest can be a significant hindrance in getting back on track financially. Making a basic budget and financial plan to pay off debt a well as spending less money than you earn are important steps in getting back on track. Changing your financial habits for the better won't be easy, but will be worth it in the long run. If you're currently in the cycle of borrowing for several weeks and repaying on payday, then a 6 month loan may work better for you. But compare the annual percentage rate (APR) before committing to anything.
If you have bad credit and struggle to get approved for a personal loan with banks and other lenders, then successfully repaying loans with a company like Credit24 can help improve your credit score.