In the course of the past decade, fast credits have become a popular tool for coping with unexpected financial situations. Whether it is for routine medical bills, car repairs or unplanned family accommodation, many more people are turning to financial institutions for 'quick money'. Again, borrowing free credit is not easy. There are many important factors that a borrower should consider before signing a contract.
1. Understand exactly what a "brs credit" is
Quick credits are small, short-term credits, usually from a few billions to a few hundreds of billions of dinars, which are approved quickly - sometimes in just a few hours. These are popular because of the minimal documentation, the quick application and the easy conditions for application. Again, this ease often hides risks.
2. Check the company's legality and license
In Macedonia, only finance companies licensed by the National Bank have the right to approve loans. Before applying, check that the company is registered and licensed. The People's Bank publishes a list of approved finance companies on its website. Be cautious of informal or "shady" lenders who charge money through social media advertisements without clear terms.
3. Pay attention to the effective kamut staple (GKA)
We often hear in the media that somebody got a loan with a "low stamp", but the reality can be much different. The GCA includes all the crumbs associated with the loan - the camata, provisions, administrative fees. The companies are obliged to pay the effective stamp duty, which is why you sometimes do the dust and argue.
Some of the loans have a GCA higher than 100% per year! This means that for a loan of 10.000 denars, you can borrow over 15.000 in just a few months. Be careful!
4. Clearly understand them the conditions of the recompense
Check:
What is the payback period?
Will the option of a timely recompense without treasury stand?
How much are the monthly rations?
What happens if you come to the point of crying?
Some companies have hidden penalties, high fines or automatically continue the contract with a new camera if you don't open it on time.
5. Avoid "prefragmentation" - the continuation of credit
Many companies need the ability to continue the rocot (the so-called "prefragmentation"), but this is often associated with additional costs. So, instead of solving the problem, you are drowning in debt. If you put it on credit one month, the next month you will have even more debt - and that is a pathological horse of financial instability.
6. Do not take credit to open another credit
This is one of the most dangerous practices. If you can no longer afford the first loan, borrowing more to cover it only makes the problem worse. This leads to the so-called "debt spiral", which is very difficult to overcome.
7. Be careful with communication methods
Secure companies communicate professionally: via e-mail, telephone or physical address. If someone insists on communicating only via Viber or Facebook Messenger, without official documents or an account, be extremely careful - it could be a scam.
8. Carefully read the contract - and the fine print!
Before you sign it, you should prepare a contract on paper or in electronic form. Do not sign anything you do not understand. Do not read the whole document, even if it is written in fine print - often important information about taxes, changes in the articles of the company or additional information is hidden there.
9. Check them your rights as a crusher
In Macedonia, the Law on the Protection of Potroshuvacs and the Law on the Duty of Potroshuvacs guarantee you certain rights:
Right to information before treaty enforcement
The right to dissolve a contract in rock for 14 days without giving a reason
Right of complaint and protection against unfair practices
If you feel you have been targeted, you can contact the Financial Services Supervisory Agency, the People's Bank or the Potroshva's organisations.
10. Plan ahead and think twice
Put some dust before you to land a free credit:
Do I really need that money?
Can I get them in the door on time?
Is there any other alternative - help from relatives, depositing the crumbs, cooking with an additive?
Fast credits can be useful in certain situations, but only if they are used responsibly. It is important not to be careless - and despite the name "free credit", your approach should be careful, informed and sober. Financial security is built on reason, not impulsiveness.