Discover the best unsecured loans

When we talk about installment loans, we are referring to loans that can be repaid in several monthly installments. However, on this page, we show both long-term and short-term loans, so the at we can choose the one that is the cheapest or the one that best suits our financing needs.

Loans that are repaid in long terms

When we decide to apply for a loan, the main aspects in which we look are the amount that we can ask for, the period in which we will be able to reimburse it and the cost that they will have. In fact, depending on the amount and the term we choose, the price we will pay for the loan will vary.

However, in this section, we will focus on the term of the credits and, specifically, on the loans that are reimbursed in the long term.

When we talk about long-term loans we refer to those that allow us to repay the capital in several monthly or annual installments, at least three or four months. Thus, these products allow us to return the capital that they have granted us in a fractional manner. This happens because, generally, long-term loans will allow us to obtain considerably high amounts of money that it is very difficult to reimburse in one or two months.

Thus, when we talk about long-term loans we refer to the following categories of credit products:

  • Consumer loans: these are products marketed by both private equity lenders and conventional banks. The amounts that allow us to achieve will be around 50,000 euros, with terms of up to 10 years and an average cost that is usually around 8% APR. However, all these characteristics will always depend on the entity to which we go and on our economic profile.
  • Loans between individuals: they are similar to personal loans, but their application and concession process changes. To get these products we will have to go to a virtual platform in which we will launch our application and the purpose for which we want the money, the platform will assign us a level of risk and the investors will decide if they grant us the capital or not.
  • Loans with mortgage guarantee: these products are those that allow us to obtain the highest amounts of money and the most extensive repayment terms since to contact them it is necessary that we put our property as collateral. However, if we decide to apply for this type of long-term credit, it is important that we first inform ourselves about all the conditions that we will have to comply with and make sure to do so, otherwise, we risk losing our home.

These three long-term loans will allow us to return the money in comfortable monthly installments, although it will depend on the purpose for which we want the money and our financial situation to opt for, one or the other.

What if I want a short-term loan?

Previously we have reviewed what are the long-term credits, as we can rarely repay personal loans, with a mortgage or between private individuals and reimburse them in a few months by the entities that grant them a minimum term to do so, which are usually six months from your request.

However, we may not be interested in requesting that type of product. For this reason, it is interesting to clarify how short-term credits are and what advantages we can obtain when applying for them.

Short-term loans are generally called mini-credits since they have a repayment period that rarely exceeds 30 days. In this way, when we request a mini-credit we have to know that after a month we will be obliged to reimburse all the capital owed together with the generated interest.

However, if we believe that we can not reimburse the mini-loan on the date agreed with the lender, in most cases, they will allow us to request an extension. With this service, we can postpone the payment of the mini-credit for several days and at most one more month, although we must know that it includes an additional cost that we will be obliged to pay.

Long-term or short-term credits?

It depends. The choice of a long-term or short-term credit will always depend on the purpose we want to give to the money, our economic profile and the options we can use in the financial market.

Thus, if we need large amounts of money to acquire a particular good or service and, therefore, repayment terms of several months or even years, it will be more advisable to hire consumer loans or loans between individuals. If, on the other hand, we need smaller amounts of money to solve a specific inconvenience or to obtain extra liquidity in times of economic shortages and our bank does not grant it, we can resort to unsecured loans

Other aspects of the credits, in addition to the term

If we decide to apply for long-term loans, it is important that in addition to this factor we look at two others that are fundamental:

  1. The amount: it is essential that before deciding on one loan or another, we look at whether they offer the amount we need. We clarify this because it is not advisable to hire a loan that offers us lower amounts than we need. On the other hand, we must be aware that requesting a higher amount than we need will be counterproductive to our economy since more interest will be generated since the money owed is more.
  2. The cost: it is the second most important factor together with the term and the amount since it will determine the monthly and final price that we will end up paying for the long-term credits. To understand this, it is necessary that we look at interest, commissions and credit links.

If we take into account these two aspects and the deadline and we know how to select them in the best possible way, we can make a contract totally beneficial for us.

Payday loans online with the best deals

Discover the keys to get the microcredits with the cheapest and most competitive offers of today, the tricks to recognize the best products and know what their real cost is. Here, you can compare and choose among the best cheap microloans in the market.

Do you know the microcredits?

Microloans are credit products with which we can obtain small amounts of money, around € 1,000, in a matter of minutes and with a 100% online application process. In addition, in the market, it is possible to find micréditos without interests. These loans arose as a result of the need of the Spanish company to be able to have liquidity quickly, without going through the bank and with much more lax conditions such as being registered in a file of defaults or not having a payroll as such to accept our request.

Other advantages of these products are that they will not require us to justify the purpose for which we want the money, although it will be up to us to be responsible with their use and not fall into a loop of debts that we will find very difficult to leave and that may bring many negative consequences.

On the other hand, more and more companies are looking to differentiate themselves from the rest and capture as many customers as possible. To achieve this, there are several companies that have integrated offers and promotions in their microcredits. In fact, currently, we can get fast money for free, with discounts on fees, etc.

The average cost of cheap microloans

When we look for financing one of our main objectives is to get the capital we need at the lowest possible price. Given the large number of offers that we can find now, we must know what are the factors that most influence the cost and that will help us to know what are the best offers of microloans without paperwork.

The easiest and easiest way to compare the prices of microloans to see if they are cheap or not is with the formula “100 € loaned to 30 days” in this way we will know how much we will pay in interest according to the entity we go to. The average cost of cheap microloans is around 1.1% per day, so the average interest generated for each 100 € at 30 days will be around € 33. The cheapest microloans will be those that are below average, currently, we can find several companies whose interests are around 1% daily, 0.8% or even 0.6%, according to the microloan entity at the let’s go

Similarly, the APR is not a good way to compare the price of mini loans. This is because the APR is an annual measure and the microloans are reimbursed within a period of no more than 30 days, never after one year. To understand it better, it is as if we were comparing the cost of a mortgage based on your daily interest.

5 tricks to save with microcredits

In addition to comparing the price of different microloans without payroll to know which are the cheapest in the market, there are other actions we can take to reduce the cost of these products. The tips that we will see below will help us to get cheap mini-credits and save money in terms of interest:

  1. Search and compare offers: it is the most important thing. We should not stay with the first promotion we find. We must compare and search to find the one that best suits our profile or that the best offer offers.
  2. Shorten the term: as the interest is on a daily basis, the less time we have the mini-loan, the less we will pay. Thus, if we request € 100 for 30 days we will pay an average of € 33 in interest, but if we shorten the term to 20 days we will pay around € 22 in fees.
  3. Ask only the amount we need: before requesting any type of financing we must make a budget with the exact amount we need and the shortest time in which we can return it. The less capital we request, the less interest will be generated.
  4. Request them in a timely manner: cheap microloans are designed to deal with small incidentals that unbalance our economy and must be used very punctually and only when we really need it. Otherwise, we will be paying a fee for a capital that we do not really need urgently.
  5. Divide expenses: if, for example, we have an expense of € 600 this month, but we do not have enough capital. We can request a microloan of € 300, provide us with the remaining € 300 and divide a large expense into two smaller expenses.

Taking into account these factors we will make sure that when we request cheap microloans we are paying the minimum in interest and getting the best offer. In addition, it is important that we only access these financing products in specific cases and to resolve setbacks, because if we resort to them regularly we can run the risk of over-indebtedness.

Get mini economic loans in 15 minutes

The payday loans online are known because they are requested and granted in a few minutes and because we can get the financing we need on the same day- apply for online loan at PurplePayday. However, there are times when, even if the entities make the transfer of money to our account at the same time they receive our contract, the money may take several days to arrive. This is because the lenders can not work with all the banks in the country and how transfers between accounts of different banks can take up to 2 business days to arrive, if we request a microloan to a lender who does not work with our bank, the Money may take longer to arrive.

If we can not return the cheap microloans …

Before requesting personal microloans, or any type of financing, we must be 100% sure of being able to repay them within the term and without problems. Otherwise, we can end up entangled in a debt spiral from which it is very difficult to leave. In any case, if for any reason we are in a situation where we are unable to afford the repayment of the loans, it is best to request an extension.

An extension is an extension of the return period for 7,15 or even 30 days more. In this way, we will have a few extra days to be able to face the return of the credit without incurring a non-payment. This option is cheaper than not paying since during the extension the interest generated will be similar to the normal term while the interest generated during a time of default will be higher.

In order to request an extension, we must notify the lender by any of the means of communication that they provide us and ask them for our decision. The entity will evaluate our situation before granting us the extension of the term and for this, it is fundamental to make this request before the term expires, otherwise, the delay will be counted as a non-payment and the higher interest will apply. we can consider is to extend the term of reimbursement of our credit so that the quotas are lower. However, we must bear in mind that by lengthening the return period, the total cost of the microloan will become more expensive.

Tips for buying a used car

Image result for used car

Everyone arrives at the time and either by need or by a kind of taste, we decided to buy a car with the savings we have had. Now, also for adjusting to our needs, we decided to buy a used car and an idea turns us in the head, how do I know that I am buying the ideal car?

It is normal that when you buy a car that had an owner before, chances are you can imagine yourself from a curse of someone who died in that car, even faults that could cause a road accident.

The first is more a fiction than reality, but the second is something that you should definitely take care of before buying a used car.

Therefore, in the following article we give you the best tips before buying a used car, remember that not only is it an acquisition like the one you go and do in the grocery store but rather something much more complex. When you buy a car, although used, you are forming part of your estate.

Do you want to know more?

Start by choosing a vehicle

Before taking the big decision to buy the used vehicle, identify what you want for it, whether it is for you or your children, if you want to use it to carry such or such things, or if you simply want to do short trips or end-of-life trips of week

Becoming a used car may be the equivalent of not having the car you want, but you need what you need and that is why it is so important that you find it useful.

Now, you should be aware that the car you buy can be very expensive if it is of high rating, or low cost if it is of low rating.

You can always save a lot of money and not affect your gold mine (your savings) if you are willing to accept one or two defects that are not visible and that do not affect the proper functioning of the car.

Before choosing, choose the manufacturer, the brand and the model of the vehicle very well. Get rid of ideas that precede you as such brand is better than the other. Although the quality of certain vehicles over others may be true, the reality is that if the manufacturers did not commit to doing them well, they would not sell them.

When you buy a used car rather you have to worry about the history of it, which we will discuss later.

When choosing the brand and model, make sure of what the original equipment was. Investigate how seats were seen in the original version and what features the stereo had if it was originally.

This ensures that, if the car maintains its original components, it is most likely that it is well-taken care of and that it has not been tight beforehand. Identified and selected components you can start the search to buy:


  • Follow your needs and not your whims
  • Know the different versions of the brand and model chosen
  • Know the restrictions on the circulation by the model of the car
  • Choose a color that you like

Know the legal part

<strong>Know the legal part</strong>

You have already chosen the ideal vehicle and found it through an advertisement in the network: are you going to buy it just like that? No! You have to check many things before buying and the recommendation is that you start by the legal part.

Plate with the owner of the car for the first delivery of the car documents to verify that it is in order. You must verify that the car does not have fines, due to holdings, how many owners have had and if you have a report of theft.

In Mexico, it is easy to know this information when entering the portals of the financial organs of the states of the Republic. It is enough that you enter the number of badges to know fines or owed in the payment of holdings.

In addition, you can check the Public Vehicle Registry to find out about the car’s situation. Just enter the number of plates, the Vehicle Identification Number or the Registration Number of the Record, information that you can obtain from the seller.

Avoid coyotes

<strong>Avoid coyotes</strong>

If you decide to buy your car in an automobile market, you must be very careful with the coyotes, sellers who offer you a car that is apparently in perfect condition, but that actually saves damage that is not visible in different parts of the engine.

The coyotes are not only in the car markets, they are the same people that in government offices offer you to speed up a process for remuneration in return, but their work is illegitimate and can hurt both your paperwork and the sale of a car.

Generally, these people are looking for you just to get to the car tianguis, they will ask if you buy or sell and if you show disinterest, they will insist until you pay attention to them. The recommendation in this case is that you do not be fooled.

The coyotes will try to “make up” the car to make it appear impeccable, and if it has a flaw, they will tell you that it will be fixed with a simple adjustment. The recommendation is that if you go to a tianguis you require every detail of the car in question.

Or you can buy your car with a private individual or in a semi-car rental agency that gives you a written guarantee of the good condition of the vehicle.

In fact, in our country there is the National Association of Dealers in Automobiles and New and Used Trucks, AC (ANCA) which are affiliated with different sellers of semi-new cars .

A detailed review

From things like the state of the paint and the clothes, to details in brakes, tires and in the engine, you must make a detailed inspection of the general condition of the vehicle. The recommendation is to do it in the light of day.

Also, start to verify that the car is not disassembled, which occurs when a strong coupling discourages and differentiates the spaces between the fascia and the splinters. When you notice something like that, it is an unequivocal proof that the car has a repair that straightened the impact of the blow.

Look inside the engine and check that it is free of rust, without dirt and with all the cables in order. Check the oil status that the car currently has and if the distribution bands look good.

If the engine has a yellowish color, it is said that it is possible that at some time it has been overheated and as a result, it has been deflected. Check that the hoses are firm, that the battery has changed not long ago, or if it crashes, check that there is no leakage in the water and antifreeze tanks.

Finally, Czech that the spark plugs do not overheat and that there are no cables peeled or sealed with insulating tape. Some people say that if the area of ​​the radiator is sulphated, it is a sign that the vehicle was damaged so you can negotiate the price.

Check electrical functions

When you are looking at the car you are going to buy, check that electric glasses work, which both lights and skulls and directionals light up according to their function. That the speeds are not damaged and that both the air conditioner and the windshield wiper work properly.

Also, look at everything in the board that works correctly from the gasoline indicator, up to the speedometer, the temperature indicator and the mileage.

Check mileage

<strong>Check mileage</strong>

Although the recommendation to buy a used vehicle is that its mileage does not exceed 50 thousand kilometers, few people put a car for sale with that mileage. Ideally you find a car that has only traveled between 60 thousand and 90 thousand kilometers.

Remember that when the car has completed its first hundred thousand kilometers, the corresponding services must be carried out to maintain the engine in optimal conditions. Some dishonest sellers can alter the mileage so it better check the model of the car, the invoice is the original, and check the engine well.

It has a budget

<strong>It has a budget</strong>

In addition to having chosen the right car you have to have a budget in which you contemplate, in the short term, the purchase of the vehicle and the payment of procedures to renew the circulation card.

In addition, you should keep in mind that in the long run, having a car is the equivalent to paying tenure, performing vehicle checks as the case may be, making you responsible for fines and contemplating the payment of insurance.

If the initial investment to buy the car was very strong, ask for a loan to support you to continue resolving your other financial commitments. You can do it on a Sofome that delivers special credits with direct debit and thought especially according to your work sector.

Accelerate, brake and please avoid using the horn!

Posted in Uncategorized

How long does it take for a consumer proposal to be accepted or rejected?

Consumer proposals are the number one alternative to bankruptcy in Canada; they allow someone with serious debt problems to repay a portion of the money they owe and go ahead with no debt.

A consumer proposal provides respite for those who are unable to repay accumulated debts. In general, in this type of situation, time plays an important role. So, let’s see how long you could wait before seeing your proposal accepted or rejected.

Where to start:

Where to start:

Before a consumer proposal is accepted or rejected, there is a procedure that must be followed.

1 Find a Licensed Insolvency Trustee in your area

2 Organize a free initial evaluation

3 Meet your IAD to discuss your debts and your overall financial situation

4 With the help of your SAI, make a thoughtful decision about the best option for debt relief depending on your situation

5 If a consumer proposal is your best option, your SAI will create the proposal and send it to your creditors

Waiting time

Waiting time

Once the consumer proposal is completed by your IAD, your creditors have 45 calendar days to respond to the request. There are different ways for your creditors to accept the proposal:

  • They can accept your consumer proposal
  • They may reject your consumer proposal
  • They can accept your consumer proposal with certain conditions that you must respect
  • They can submit a request for evidence and decide not to vote
  • They can simply ignore your consumer proposal and decide not to vote

Your Solvency Trustee is an officer of the court and must remain impartial and can not try to persuade your creditors in any way.

Once the votes are counted

After a 45-day voting period, your SAI will count the votes and determine if your consumer proposal has been accepted or rejected. This may seem counterintuitive, but your SAI looks at the percentage of your creditors who voted for your proposal and the percentage who voted against. In order for your proposal to be accepted, you can not have received a majority of votes against.

As if the process were not complicated enough, if you receive a 25% vote that rejects or changes the terms of the proposal and your creditors request a meeting, your IAD must organize what is called a First Meeting of Creditors.

Keep in mind that if your proposal is rejected, you are likely to have to apply for bankruptcy in order to end your debts.

Choose a consumer proposal

Choose a consumer proposal

Choosing to complete a consumer proposal is a serious decision that will affect your financial situation for years to come, but for those in need, it is an important financial tool that can help manage and eliminate a year of debt. Finding an Authorized Trustee in Experienced and Professional Insolvency is the first and most important step to take. If you are currently searching for a payday loan consolidation, we can help you. Call us today.