Go To Illegal Lenders When Applying For Mortgage CreditUncategorized
If you are going to go to illegal lenders to apply for mortgage credit, I recommend you think twice. And why, if it is easier and faster to get it ?, Yes, but with high interests.
All this is done, due to an urgent need, since the unpleasant process of the documentation requested by the banks is avoided. Or it can be the report in risk centers. To this opportunity offered by the illegal lenders resort people paying interest between 15% and 20% . This causes the person to end up drowning in debt to the illegal lender.
The most usual way for lenders to collect interest on debt is “daily pay , ” this in small debts. An example is, if you ask for a loan in the morning of $ 200,000 at 15%, you pay in the afternoon $ 230,000. Now if we take it to the mortgage loan application, the housing is given as backup.
Consequences of going to illegal lenders
- When the debt is small, perhaps, it can be covered quickly. If we think of a large debt, it becomes more difficult to cancel in adequate times and this debt grows by leaps and bounds.
- Illegal lenders know people in need and manage to keep them every day with them. When the debt gets bigger, the expiration term is extended and additional money is lent.
- They make it so easy, but people what they don’t know, are the amazing methods they have to collect debts. Until the fact of losing their physical integrity.
How to avoid going to illegal lenders?
- For more urgency and need you have, it is better to go to legal financial entities to apply for a mortgage loan. The rates are lower!
- So small the loan, in these entities offer alternatives and credit modalities that are accessible to all people.
- You can avail yourself of the idea of making a loan with a family member, interest is more comfortable and even the form of debt payment.
Remember that the request for loans in the illegal way is a high risk, and Colombian law approves this activity as a crime in the criminal code.