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Tonight there will be the last evening meeting of the National Congress of the Democratic Party, which raises the question - you are not tired of the elections yet? And the fears are not only in this ... oh, boy, it's still three months to them! What makes the election season so indiscreet? Perhaps this has to do with endless disputes, inflated promises and stunning discoveries. In many respects, this is not much different from how experienced borrowers negotiate the terms for obtaining quick lending in cash.

Most creditors promise a lot about their fast loans

Many creditors make big promises about their fast cash loans, claiming that they are issued only for a short time, at a reasonable price and that they are easy to pay off. The only problem with these promises is that they are basically false. All this seems to be a rant of politics - it's nice to hear, but how much can she truly believe?

In order to get a better idea of ​​which credit offices are best avoided and which ones can be trusted, why do not we arrange our own small elections ourselves? No super delegates or public opinion polls conducted by the Gallup Institute, only a direct vote. Let the best win.

Meet loans candidates: good, bad and loans on bail

Individual loan with installments by installments from OppLoans: This loan is repaid in installments for a larger amount ($ 1,000-4,000), for a long period (6 to 36 months), and at a lower interest rate (70 - 125% much less than that of other creditors). The loan is amortized, which means that it is paid by regular, fixed payments.

Loans to pay: Loans to pay are small, unsecured loans in cash, with a typical loan amount of $ 350, with an average period of 14 days and a standard interest rate of $ 15 for each borrowed $ 100 ... that fit into the annual interest rate (APR ) in 390 percent.

Loans against collateral: These loans are secured by a pledge of a car, truck or motorcycle borrower.

The average loan amount is 1,000 $. Loans against bail are usually issued for one month, with a monthly interest rate of 25%, which is 300% per annum.

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Primary elections: the least worst choice

Borrowed loans and bail-out loans belong to the so-called batch of predators, while OppLoans works in a different way, as a candidate for a reliable and safe party. Let's see who will oppose OppLoans in the general election.

The race is very difficult. Microfinance institutions promise that their fast cash loans are designed only to "bridge the gap" between current spending and future income. But the available statistics indicate that more than 80% of loans issued before payday are the result of re-registration of previous loans: they extend previous loans or take them again, on the day after the salary. According to the information received from the Bureau of Financial Protection of Consumers (CFPB), it can be seen that the average customer pays a loan ten times a year! Of course, when it comes to extending the loan, loans on bail have no serious protection. According to the CFPB, 80% of the total number of collateral loans is an extension of previous loans. Against the backdrop of widespread and dangerous extension of the loan terms, it seems that all of our candidates are matched evenly.

After all, it all boils down to the fact that one out of every five clients of microfinance organizations loses their car when they are unable to meet their loan obligations. As we approach the final vote, loans before pay start to win. And OppLoans winning mainly in the east and west, prepares the ground for general elections.

General elections: the best kind of quick cash personal loan

Microfinance institutions argue that their short payment conditions are superior to the long-term structuring of OppLoans. Why does the annual indicator make any difference when you are only borrowing for two weeks? This argument could work if you do not take into account that the average client of credit companies is in debt for almost 200 days a year!

Microcredit organizations are trying to argue that their clients would not have spent so much time in debt if they just paid their loans on time; in other words, it is a mistake of borrowers. But studies conducted by the responsible lending center, charitable church trusts and the Kansas City Federal Reserve show exactly the opposite: the profit of creditors depends heavily on this predatory debt cycle. Without frequent repeat borrowers, the pre-pay lending industry would simply be destroyed.

Finally, OppLoans indicates that the average client of a pre-pay loan can afford less than $ 100 of payments-much less than the average sum of $ 430 that they have to pay at a time. In short: the system was originally designed to make loans difficult to repay.

Election night: the results are known!

OppLoans has a complete victory! Their safe and affordable personal loans with installment payments are the best for people in need of fast cash. People with bad credit throughout the country are happy; they no longer need to extinguish their loans immediately to the full amount or risk an expensive extension of the loan agreement. Now all borrowers can pay their loan with several regular fixed payments (home budgets across the country are also experiencing a sigh of relief.) And customers giving, OppLoans five of the five possible stars on Lending Tree and Google, seem to be going to be with the company for a long time, a long time.