Standing loans is one of the blooming services in big cities and provinces. So should you borrow money standing? Borrow money to stand in Vung Tau, which reputable unit?
In order to meet the needs of all customers, there are many different types of loans on the market. In which, standing loan in Vung Tau is a service that attracts the attention of many people. This is the optimal solution to help customers quickly have money to solve financial difficulties.
If you are in need of a loan to stand in Vung Tau but do not know a reputable unit, let's find out with CashBerry through the article below.
About Vung Tau standing loan service
What is a standing loan?
Borrowing money from Vung Tau is simply understood as a form of loan in which customers only need to pay monthly interest as agreed without having to pay principal. At the end of the period, the customer will have to pay interest at the end of the period plus the loan principal. Borrowing money standing customers can choose to borrow under collateral or unsecured loans in Vung Tau.
The form of standing loan is quite similar to Vung Tau installment loan , so there are quite a few customers who misunderstand this form of loan. However, these two types of loans are not exactly the same, namely:
- Installment loan: Paying both interest and principal at the same time on a monthly or quarterly basis. You can end the contract at any time if you have the conditions to pay off the debt.
- Standing loan: Interest is paid in advance, the principal remains the same until it is due. At this time, you will pay both principal and interest for the last time. The lender only terminates the contract when it is due to repay the loan as originally agreed.
Stand-alone lenders are usually private entities. The loan procedure is simple, the documents are handwritten but not managed by the state, the interests of the borrower are not protected, so there are many potential risks. Currently, standing loans have the following forms:
- Borrow money during the week
- Borrow money to stand in the month
- Borrowing money can mortgage property
Pros and cons of standing loans
Any form of loan has its advantages and disadvantages, as is the case with standing loans. Let's keep an eye on the advantages and disadvantages so that you can make the right decision for yourself.
- Conditions and procedures are simple.
- Some units accept loans even when customers have bad debts.
- Interest rates are higher than other forms of loans. This form is only suitable when customers need to borrow money urgently in Vung Tau with simple procedures and conditions.
- High risk when encountering black credit lurking in the shadow of standing money lenders. When it's close to the debt payment time or delay, it will put pressure on customers.
- There is a risk of having mortgaged property: When customers with high interest rates are no longer able to pay their debts, their mortgaged property will be confiscated.
- Standing loans usually do not allow you to repay the principal before the due date, if you do, the settlement fee is also very high.
Should I borrow money to stand in Vung Tau or not?
With the information about the loan conditions and procedures are quite simple above, it can be assessed that this is a very simple and easy form of loan. However, standing loans also have many potential risks and it can be seen that this form of lending is not safe. Why is that so?
- Most of the lending units are individuals and private organizations.
- Loan interest rates are "excessively high", if you don't pay your debt in time, you will have to suffer serious consequences. If you are not able to repay the loan , you will be dispossessed of the collateral.
- Only accept interest payment without principal payment. If you want to pay off the loan early, the prepayment fee will be very high.
- In case you are late to pay your debt, some black credit institutions also use many debt collection methods to put psychological pressure on you, affecting your spirit and work.
Therefore, it is very difficult to find a reputable money lender in Vung Tau. You can't know how the unit is, only when you borrow it, you will understand it. To avoid risks, you should not trust advertisements, solicitations from flyers or referrals from strangers.
If you have no other choice, need a quick loan in Vung Tau , you should borrow from places where acquaintances or friends and relatives have borrowed before. Finding a loan in reputable places will help you avoid unnecessary risks.
The solution to get a safe loan is to look to typical financial companies like CashBerry. CashBerry is one of the top reputable and quality financial companies on the market today. CashBerry has deployed many consumer loan packages for many customers. You can borrow money through the CashBerry app quickly and conveniently with an amount of up to 10 million VND.
CashBerry - the fastest loan app, bad debt support
Why is CashBerry the easiest and fastest loan app? Here are the reasons you can consider.
Benefits of borrowing at CashBerry app
1/ Support to borrow money through the app nationwide
There is no limit to the object or location of the loan, CashBerry provides online financial support for everyone currently living and working in Vietnam, aged over 18.
2/ With just one click, the money is immediately returned
CashBerry supports online loans right at home. You do not need to go to the place, but you can still get a loan successfully and easily with just your phone.
3/ Simple procedure
CashBerry allows you to borrow money as long as you have an ID card and a stable career.
4/ Disbursement – fast payment
CashBerry disbursed within the day just need an ATM card or bank account. Payment of loan at transaction points of all banks by cash or internet banking transfer is possible.
5/ Lowest interest rate in online loan apps today
The applicable CashBerry interest rate is 10.95 - 14.6%/year. This is considered a preferential interest rate, which is why many customers choose CashBerry.
Instructions to register for CashBerry loan app in just 15 minutes
CashBerry is always proud to be the unit that provides customers with online loan services, fast app loans with simple application procedures and quick disbursement time. To complete the loan process with CashBerry, customers only need to go through the following basic steps:
- Step 1: Go to Google Play and search for the keyword "CashBerry", choose to download the application to your phone.
- Step 2: Open the app to enter the main registration screen.
- Step 3: Enter your phone number to continue.
- Step 4: Fill in the personal information.
- Step 5: Allow the application to access your phone's Camera to take a photo of your ID card and portrait.
- Step 6: Complete the registration process and wait for approval.
Some suggestions to reduce risks when borrowing money through the app
Borrowing money through the app is a service model to support loans for users, through a technology platform, to help customers have the best experience. However, not all units are reputable. Here are some tips to help you avoid the risks of borrowing money through the app.
- Choose a reputable loan app
Reputation is the first criterion that we need to choose, in the units that provide loan services through the app. Before borrowing money through any form, customers need to find out who is the Person/Organization/Individual/App that they are about to borrow money from. Customers need to research and choose a reputable service provider.
This not only helps users, but also supports loans with preferential interest rates. In addition, all personal information is strictly confidential.
- Read carefully the content and terms of the contract
Before taking out a loan, customers need to carefully study the content of the contract, the information of terms, services, regulations on interest, fees, repayment limit, ... Before deciding to borrow money through the app. Customers need to be equipped with basic knowledge and understanding to be able to protect themselves in financial transactions.
According to the provisions of the law in Article 468 of the Civil Code 2015. The maximum lending interest rate that businesses are allowed to apply is 20%/year. So, if the credit apps you know have interest rates higher than this number, it is very likely that it is a black credit institution that we need to avoid.
- Pay attention to all fees
Normally, when using any type of service, we will have to pay a fee for those services. However, you should carefully review the information about the fee, as well as the specific amount to be paid. See if they're a good fit for the services you're provided with.
- Privacy of personal information.
Please ask the service provider to commit to the confidentiality of our personal information. Ask them to only use this information, for the purpose of collecting information for the loan contract at the moment. Do not disclose to third parties any information without permission.
- Absolutely do not provide personal information, card information such as card number, PIN, login name, access password, security question, other information related to card use,... anyone and in any way.
- Do not give security code (OTP) to anyone including relatives.
- Be careful in online/telephone/mail transactions so as not to reveal or steal card information leading to fraudsters taking advantage.
Above is the information to help you find a reputable money lending address in Vung Tau . Need to borrow money urgently but should not be in a hurry, or choose correctly so as not to incur unfortunate consequences. CashBerry - an online financial consultant ready to support you at any time, contact immediately via Fanpage - CashBerry, the financial friend of everyone .