Key terms related to quick loans
Managing your credit means using strategies that empower you as a consumer. For starters:
A loan engine from financial institutions is powered by the Annual Cost Percentage (APR). You may have seen this acronym for credit card terms or credit card terms and conditions. An APR is essentially what the bank will charge you for borrowing money at an interest rate set that is calculated as a percentage. All types of credit products, such as personal loans, credit cards and loans, accrue consumer credit.
Credit that allows you to pay for goods and services
A credit card is a popular form of credit that allows you to pay for goods and services with a card at the time you borrow money. Financial institutions, like banks, give you credit cards after looking at your loan history. Credit cards are most used in emergency situations or if you have the full amount of money, for example, if you buy a credit card watch and pay the full amount.
The interest rate is the price you pay on the loan amount
Depending on the type of loan, the interest rate is determined by the Annual Cost Percentage (APR). The monthly interest rate is usually more representative of the current cost of the loan than the annual rate of charge. Interest rates are determined by the amount of the loan, the term of the loan and the credit risk. For example, the mortgage interest rate consists of the reference interest rate and the bank’s net interest margin, which is subject to change. For Good Finance, the interest rates are fixed according to the term and period of the loan and there is no different pricing for different clients.
You can take advantage of a first payday loan which offers 0% interest. It is granted for amounts from BGN 50 to BGN 700 and a repayment period of 30 days. The offer is very advantageous, because in this way you can benefit from fast interest-free credit online only against an ID card and without proof of income and employment contract.
Reference interest rate
The reference rate is a market rate that represents the overall level of interest rates. The reference rate is used in the countries of the European Union in conjunction with the EURIBOR index or the base rate of the bank itself. Typically, when applying for a bank loan, the customer can choose the most appropriate criterion for determining the interest rate to which their own bank margin is added. Fast loans usually use a fixed interest rate.
The marginal rate is the lending price set by the bank
The Bank negotiates a benchmark interest rate margin with each loan applicant. The amount of margin depends on the bank, the type of customer and the economic conditions. For fast loans from Good Finance, all clients receive an interest rate, which is determined solely by the amount and term of the loan.
Inflation is a rise in prices and a decrease in the value of money. The amount of money remains the same in terms of currency, but the value or quantity of goods that can be bought with that money decreases.
Inflation should be taken into account in day to day financial planning and budgeting. Inflation applies to any savings you may have, which means that the value of money will be less. At the same time, inflation means that all tangible fixed assets that you will have a higher value because they will already cost more money.
Use loans and credit cards as a way to change your life in a positive way, but remember the importance of paying down your loan obligations on time. You can get a loan within a few minutes from Good Finance, but we recommend that you apply for as much as you can afford. Adjust your loan repayment options according to your financial status. Calculate the potential interest payment you will owe and look at the income you receive to see if you can afford the payment. This will help you keep track of how much you owe your creditors.