We know that many people out there do not know exactly what micro loans or small payday loans are for something, and this article will explain. Has there been an unforeseen bill in the mailbox?
Maybe it has maturity long before you get paid into your account? You are not the only one who has experienced this. Many people have been in this situation and the banks and finance companies therefore give you the opportunity to take out a so-called micro-loan. What is a small payday Loan (also known as Micro Loan)?
Most people have probably heard of consumer loans, home loans and car loans
These are often very large loans that must be repaid over a longer period. It is not always a need to borrow larger amounts that are often required for a consumer loan, moreover, one must use a home mortgage and a car loan on the car.
A micro loan is a small payday loan that you can use as you please. Usually, a micro loan is between NOK 500 and NOK 5,000. What also characterizes microloans is that it is repaid in just one installment. It is important to keep this in mind when taking out the loan.
A small payday loan – more flexibility
A micro loan is specifically designed for young people, students or people who usually have a tight economy. The banks allow you to borrow a small amount of money quickly. It is very useful if you receive an unforeseen expense, such as a bill with maturity before you receive a salary. Let’s say you borrow NOK 2000.
Then the bank gives you exactly 30 days to repay this + interest / credit costs. This means that the loan is fast out of the world and you do not have to think about repayments and more interest and credit costs.
It is very easy to get a micro loan. All you have to do is seek out a lender, preferably online. Most banks and finance companies have loan applications that you can fill out online and submit right away. In many cases, it only takes a few hours for a response, and within a few days the money is on account.