Category Archives: Finances

What is a Debtor’s Loan, and How is it Different?

Posted on by

You may have heard of different loans, such as interest-free, fast, and debtor loans. Debtors are also called debtors because they are not allowed to lend. So why are there particular loans even for them?

If you are interested, read this article, where we will tell you what a debtors’ loan is and where you can find one. In addition, if you are a debtor or simply consider yourself one, you will find it helpful to know whether this is the case or whether you may just be mistaken in thinking you are.

A loan for every person and situation 

Nowadays, loans are offered to almost everyone on the planet. In the past, banks could only grant personal loans or mortgages to those who met strict criteria, but today, lending has become more accessible. Now, non-bank lenders, if they are licensed, can provide people with a wide range of loans.

For example, on some loan comparison sites such as NetCredit or Comparo, you can find this type of loan:

  • loans immediately after the age of 18;
  • loans for debtors with bad credit history;
  • loans without a job;
  • loans for people working abroad;
  • loans for pensioners.

This means lenders now try to offer credit to anyone, even people at risk. It is now easier for lenders to recover debts if they are not repaid, so they have become more loyal even to those who were already in debt in the past. In turn, this option helps responsible people in difficult situations to get their finances in order and improve their credit rating for the future.

loan for debtors

Credit for debtors with bad credit history

Having established that nowadays, creditors seem to do everything they can to get you to take out a loan from them, let’s take a closer look at what is on offer to the debtors mentioned above. Let’s find out what the interest rates, repayment amounts, and terms of such loans usually are, as well as other details.

Ferratum loans for almost everyone 

This is a non-bank lender that lends to people itself. It offers a personal loan of up to €12 000 or a credit line of €400 for up to 7 years at an interest rate of 15% and 50% per annum.

The terms of their loan or credit line do not state that you cannot get a loan with existing debts, so it is worth sending them an application. However, be aware that you must be over 19 years old and have an account and phone number in Latvia when borrowing from Ferratum. 

Sefinance – a trusted partner with the best reviews

Another place where debtors can turn for financial help is the financial intermediary Sefinance. They charge nothing for their services but look for suitable offers for you. People even turn to them for re-crediting or loan mergers to find something ideal for debtors.

They send you text messages on your phone with the loan amount, term, and interest available, and you decide whether to accept a particular offer or wait for a better one. This independent intermediary keeps sending your application to all new lenders for as long as you want without disclosing your details to third parties, so you don’t have to worry about your data.

Bino – a potential fast loan for debtors

This financial institution offers customers a credit line from €50 to €5,000 with a minimum monthly payment of €25. This can be advantageous because you are not tied to any repayment terms and can repay the loan whenever you want.

The terms of the credit line on the Bino website do not specify that the borrower must have a positive credit history so that you can leave your credit application even with a not-so-clean credit history. Most importantly, you must now be able to repay the new loan.

what is credit line

What if I am refused a loan as a debtor?

If many lenders refuse you a loan and you think it might be because of your previous debts, you can check. In Latvia, there is a so-called credit register, which contains all the details of your loans, no matter when they were taken out. When you see that you have outstanding debts there, you can be sure that you are a debtor, and you can think about how to repay those debts.

However, you have been looking for debtor credit. What should you do if you have already been refused in several places? Firstly, we recommend checking most non-bank lenders on comparison sites such as NetCredit or Comparo. By applying through these comparison sites, you will at least be sure you have gone through most lenders. In addition, there are ranked loans for debtors.

Secondly, if you are not granted a loan, alternative methods exist. For example, you can ask your relatives for a loan. It is also worth looking around to see if there is anything of value in your house you can mortgage and get a small amount of money. There are always opportunities. It’s just about looking for them!

Credit is a lifeline for debtors

If you have tended to take out loans and default on them in the past, this is not the end of your credit journey. Even well-meaning people can take out new loans to show that they know how to be responsible with credit and, more importantly, how to repay it and buy gift cards.

If you are not approved for debtor loans and have existing loans, try arranging a loan merger. It will help you move towards paying off old loans quickly and sorting out your credit history rather than just waiting for a debt recovery case to expire. Treat lending responsibly!

Where can I get a loan with a bad credit history?

Posted on by

Getting a fast loan can be challenging, especially if the usual lenders reject your applications. Whether you need to cover an unexpected expense or pay for an urgent purchase, it is essential to know where to turn if your options are limited. 

This article will look at new and affordable loan solutions for those needing a quick loan of around €500. We will explain several borrowing options using a simple approach that is suitable for those who are not very familiar with all lenders.

Why is it difficult to get a loan with a bad credit history?

Many people find it difficult to get a loan due to factors such as poor credit history, insufficient income, or lack of collateral. Banks and conventional financial institutions have strict criteria that many applicants need help to meet. 

This often leaves people with difficulty and no choice. This gap has led people to blacklist fast loans. This has given rise to formal alternative lending solutions that offer people more flexibility and quick payouts. This is particularly important in financial emergencies, and we will look at some of these options.

Quick credit for debtors from SOS Credit

If you need money urgently, sos credit can be a useful solution. Positioning itself as a financial intermediary, SOS Credit specialises in fast loans – you can get funds in as little as 15 minutes. 

The process is simple: fill in an application form, pay a small registration fee of 0.01 cents, and the money will be in your account almost immediately. This lender is ideal for urgent debtor loans.

Why choose sos kredit? Although the maximum annual percentage rate (APR) can be as high as 136.85%, SOS Credit offers its credit line of up to €5,000 to almost anyone without a guarantor or collateral. So you can try your luck by leaving your application with them.

SAVA card option credit card

If your account in Latvia has been sanctioned suddenly, look for your card. Unlike conventional credit facilities, the savacard issued by VIA SMS Ltd provides a credit line that is decided within 15 minutes. 

The card itself is delivered within two days. Thanks to this promptness, you won’t have to wait long. The SAVA card has a credit limit of between EUR 300 and EUR 3,000 and a fixed annual interest rate of 43.8%. There are no fees for purchases made with the card, and users can track their spending electronically. 

The minimum monthly payment of €20 is low, and cash withdrawals are available worldwide. This makes it an excellent choice for those who appreciate convenience and want extra cash. 

Financial assistance for any client from Altero 

Altero offers a unique approach, allowing customers to compare loan offers from multiple lenders in one place. This comparison can be handy if you have already been refused credit in some areas. Read the Altero reviews and see for yourself.

So you can search for some of the lenders yourself, altero.lv will send applications, tell you about your situation and send you the options available. Altero doesn’t charge for its comparison services; it does all the dusty work for you.

Working with various loan types, Altero targets a broad audience, even those with damaged credit histories and debts. The process is simple: fill in one application, receive personalized offers within an hour, and choose the one that’s right for you.

Other options for a loan without a job with a bad credit history

There are different ways to get funds for those who refuse credit, even by the lenders or other financial intermediaries we have mentioned. You can borrow less from friends or relatives regardless of your credit history. In addition, pawnbrokers can lend you cash immediately in exchange for valuable items without checking your solvency. 

However, this option is more suitable for loans up to €500 with a bad credit history. However, if your item is quite valuable, it may be more beneficial. Although you may lose it in case of default, this option can be helpful in case of urgent financial help.

Keep your hands off!

When you are refused a loan by the usual credit institutions, knowing where to go for help can make things easier financially and give you peace of mind. Platforms like SOS Credit, SAVA Card, and Altero offer small loans to almost everyone. 

Read also our articles:

Finding new ways to get a loan when you couldn’t before will help you choose the most suitable one to get the funds you need, even with tight restrictions. For more comparisons and financial advice, explore netcredit, where economic options are available.