A car that breaks down and is taken to the workshop, at which point an unpleasant surprise is received: the bill to pay is high and the money is not available. It is not the only economic unforeseen event that can arise in the life of almost everyone. Many more must be added to the list, especially at a time like the present in which the economic crisis is affecting millions of families.
When it is completely impossible to pay a bill, a shopping basket with groceries to get them through the next two weeks or any essential expense, some users consider using a consumer credit.
Before doing so, it is worth considering the advantages that these financial solutions bring with them, to which more and more people are turning. There are also some disadvantages that should not be ignored.
What are the advantages of going to a consumer loan?
Among the positive aspects, which are numerous, is very important injection of liquidity that allows citizens to face the payments that they have pending or those that they will have to make in the future.
It should be noted that some of these payments arise suddenly. It is then when another great advantage of consumer credits is appreciated: the great speed with which some entities that are dedicated to granting them operate, being a clear example the savings and credit cooperatives.
Sometimes a few hours and even just a few minutes are enough for the application to be approved. This gives users an invaluable sense of tranquility, knowing that soon the delicate economic situation they were experiencing will become history. Of course, later you will have to pay the interest.
Some entities raise interest rates that are quite attractive. Again, Savings and credit cooperatives once again exemplify it perfectly. Another advantage is summarized in receive a treatment that is completely personalized.
For example, suppose that one of the members that are part of the cooperative needs a consumer loan that is of a very small amount. This is because each month he is able to save little money, which he will use to pay off the loan little by little. In this case, that person is offered a consumer loan with a term that can reach a total of 84 months.
At the same time, the personalized treatment becomes evident with other aspects as positive as the period to pay the first of all installments that will have to be paid.
Savings and credit cooperatives are aware that, when a user resorts to a loan, on many occasions they do not have any type of liquidity. So, paying the first installment can be really complicated. That is why, offering a unique treatment to each partner, if they encounter a situation like this, they ask the aforementioned pay the first installment in a maximum of ninety days.
Regardless of whether you are a member of a cooperative or choose to request a loan from a lender or a bank, in general terms it is an extremely simple operation. Besides, can be done through the Internet with the convenience and speed that this entails. Of course, there are also some disadvantages to assess.
What are the disadvantages of going to a consumer loan?
The first disadvantage is evidenced by the last two types of entities mentioned: both banks and companies that are specifically dedicated to the lending field. And it is that in both cases, especially in the first, there is an important disadvantage that is summarized in having to meet certain requirements. The worst of all for many people is not having previously incurred in any delinquencies.
On the other hand, if there is a delay when processing a payment, whatever the reason that leads to said situation, it is likely that it will result in having to pay a greater amount of money as a penalty.
Finally, another disadvantage must be described: the recurring use of consumer loans can end up translating into excessive borrowing, making it unviable a posteriori to pay a debt that will be disproportionate due to the high interest rates. However, resorting to these aids wisely and very sporadically, the advantages win by a landslide over the disadvantages.
