An online bank offers instant credit at the nominal rate of 0% which starts at a small amount of $200 and up to $2,000 to be repaid in 3 monthly installments. Back to how it works.
A small loan without interest that combines speed, simplicity and almost zero cost
Online banking is once again shaking up the landscape of banking offers. Recognized for their very competitive pricing policy, they are once again in the news with the release of a financing offer that is intended to be simple and readable. Indeed, a dematerialized establishment recently launched an instant loan, which makes it possible to borrow capital and amortize it in the form of a first payment then two monthly installments and without paying interest. With this small loan at a nominal rate of 0%, the bank hopes to win over customers who find themselves wanting to finance a favorite purchase or unforeseen expenses.
The strength of the product is undoubtedly the speed at which a user can apply for instant credit, with just a few clicks. According to the online bank, an adviser then intervenes shortly after the borrower has made his request to analyze the feasibility of releasing this small loan without additional proof. Indeed, the advisor refers to the documents already provided when opening the account as well as the incomes of the holder and the management of his accounts.
In the absence of regular incidents and presence in the files over the last 12 months, the request for this small almost immediate credit is then processed and the money is paid within 24 hours. at most, according to the promises of mobile banking. Also, the account holder must be of legal age, have held the bank account for at least 3 months and justify $15,000 of annual income, which is accessible for low salaries close to the minimum wage. All these conditions set out by the lending organization aim to control the solvency of the person who applies for instant credit from his customer area.
A small amount instant credit request analyzed in minutes
To take out a small instant loan, the method is relatively simple if you are looking for instant payday loans online guaranteed approval: the customer must first connect to his mobile application or to his customer area from a computer or tablet. He must then go to the loan offers tab and identify the corresponding product.
Once on the instant credit page, the customer can enter the amount he wishes to borrow, capped at a maximum of $2,000 and without having to justify the use of the funds. The simulator will then display the amount of the application fees, which forms the sole charge of this easy and fast loan. The pricing proposed by the bank is as follows: $5 for a loan between $200 and $500, $10 for a loan between $501 and $1,000 and finally $20 for a loan between $1,001 and $2,000.
Precautions to take with instant credit
As always, it is appropriate for households to take a very cautious approach with this kind of financing. As it stands, the proposal is interesting in terms of cost, especially compared to a revolving credit, but this small credit remains a financial commitment that the borrower must repay. Simplicity should not therefore veil the face of the borrower who engages his responsibility to return in three payments the amount issued by the bank.
If, at first, the household considers that it is doing a good deal with the absence of fees, which is not false, this type of small loan is on the other hand dangerous as it is easy to subscribe to them hastily without keeping check out the borrowing capacity beforehand. In this case, the risk is to accumulate loan maturities likely to endanger the monthly budget of a household, which can put itself in a situation of bad debt.
So that the household can face its difficulties in amortizing its debts, the consolidation of credits can be a solution to gather all the loans in a rescheduled monthly payment according to the budgetary capacities of the applicants. In most cases, the cost of interest is increased since the reduction of maturities implies having to extend the repayment term. However, thanks to the consolidation of credits, which can include small loans, the household manages to pay a new monthly payment appropriate according to its financial resources and to get out of the path of bad debt.
Revolving credit is a form of loan that can be used by the borrower according to his needs. The user gradually repays the amounts withdrawn in order to reconstitute his credit, which remains permanently available. Revolving credit is undoubtedly one of the most flexible loans available, especially when the borrower does not have a defined project. Unlike allocated credits, it is not subject to any proof. To take out a revolving loan without a pay slip, the borrower must still ensure that they have sufficient repayment capacity. The best way to check your creditworthiness yourself is to calculate your budget including the amortization of the loan. By using our FLOA Bank simulation tool, you will immediately know the amount of your monthly payments.
If you are in temporary financial difficulty, revolving credit will save you from a sticky situation, such as an overdraft. You may also want to increase your purchasing power or carry out a concrete project. If your resources are temporarily reduced, following a job loss for example, the revolving credit without pay slip will still allow you to have a sum of money, which can allow you to improve your level of life.
With FLOA Bank fast credit, you will not have to schedule any appointment with a banker and no personal questions will be asked. You will get an immediate first answer in principle. However, if you have several credits in progress or if your financial situation has recently deteriorated, you can call on one of our advisers who will tell you that credit offer is best suited to your case. The repurchase of credit, for example, will allow you to renegotiate your interest rates and simplify your repayments. To obtain a loan without proof of salary, you can fill out our online form and simply simulate your credit.