MonthMarch 2019

Consumer loans are your economy’s snooze button!

Has your mother never taught you to tear off a patch quickly?? Then it only hurts a moment instead of pulling the pain out. She could have taught you the same about installment and consumer loans.

It has become more and more common to borrow money, and where loans used to belong to home and car purchases, it is now used for everything! Mobile phones, computers, clothing, shoes, vacations, training equipment; everything! It is seen as a service that you can split the payment over 12, 24, 36 months. Few people notice the 500-2.000kr. as the “service” costs.

The longer you pay off, the more expensive it becomes! That way, installment and consumer loans are your economy’s snooze button; You just postpone having to get out of the hot bed and start the day!

Preserved if it is the only option you have, and you lack a computer without 4000, – on your pocket, then it is a solution to get the computer right away. But whatever you turn around and turn around, it will always be cheapest for you to save money together.

If you can find 470, – a month to pay off a loan, can you not find 400, – for the savings either? However, the 70, – will not go to what you buy, but interest and fees.

Hard to save

Hard to save

Especially young people find it hard to put money aside, and that is as the mentality of borrowing money has changed.

It is no fun to have less money every month because a fixed amount goes to a savings account where they are just waiting to be used. So it’s more fun to have a computer now and then, and then pay it in the future. But here you have to think about the future: how hard it is, in a year and a half that every month there is 486, – to a computer you got so long ago!

But as I said; If you want to get cheaper, you have to steer clear of the installment! And fortunately there are tools that can make savings a little more fun. A user on Meer.dk will give you a visual overview of your finances every month, without having to touch a finger. Here you can first see what you spend money on now. You get an overview of your consumption and will be able to quickly see how many caffé latte you have to do without, to afford to afford a MacBook. Most people who try Meer get many of these kind of aha experiences, and quickly find out how important small changes can be.

Root in the economy damages you

Root in the economy damages you

Saving is not fun and you may not want to know your consumption. But rooted in the economy degrades your quality of life and there is a great mental reward in saving up for what you want and going down and buying it!

What is a Simple Loan Agreement?

Simple loan agreement 

Simple loan agreement 

A simple loan agreement is a general form of legal document that establishes formal parameters for a loan arrangement between a lender and a borrower. In general, the simple loan agreement can apply to many different types of informal or straightforward lending as opposed to the elaborate, complex documents often prepared by large corporate lenders. Simple loan agreements can reduce legal and administrative costs, make borrowers more aware of what they have signed, and help avoid some specific issues and conflicts over the term of the loan.

Some of what defines a simple loan agreement is related to what it usually does not include. Unlike some complex loan agreements, a simple loan agreement will usually not include variable or variable interest rates. Variable or variable rate loans can leave borrowers confused by fluctuations in monthly payments. Variable interest rates may mean that a loan moves along with a low monthly service only “exploding” debt into what is called a “balloon payment.” A simple loan agreement can avoid all this with a simple fixed rate.

Another thing that simple loan agreements generally will not include is comprehensive sanctions for non-compliant payments. Some complex loans include prepayment penalties, interest fines for early payments, or other small details usually designed for the benefit of the lender financially. In a simple loan agreement, there is generally more versatility for monthly payments that apply to interest as well as the most important of a loan.

A simple loan agreement can also be written off differently than a conventional loan or mortgage loan. While loan amortization makes it easy to establish monthly payments, this type of loan tracking can actually make it harder to see how payments apply to interest and principal. Simple loan agreements will often take the path of least resistance to payment records that make the whole situation as clear as possible for both the borrower and the lender.

In many countries where unscrupulous lending companies are creating misleading offers make loan agreements complex and legally opaque, a simple loan agreement is highly sought after, not only for borrowers but for consumer lawyers and public regulatory agencies. Different nations deal with lending regulations in a variety of ways. Some regulating agencies will look at promoting a simple loan agreement as a way to effectively regulate lenders.

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