Easy loans are also known as unsecured personal loans. They come with flexible tenancies, so that you can easily repay them easily as long as your finances are stable. They are similar to personal loans but have earned the name for themselves through the convenience with which they are given to consumers. Some names for this type of Easy Loan are – QuickLoans NZ, online payday loans, instant loans, fast cash loans, and secured instant loans. These loans give the borrower the option of choosing the repayment period and also the amount of loan he can borrow from the lenders.
The amount of loan is decided by the borrower’s income and other lending conditions are also considered by the lender. The term is usually one year but it can be extended if the borrower is eligible. Most lenders give the money directly into your bank account. There are certain requirements that you need to meet in order to apply for easy loans. You need to prove your full legal age by filling up the application form. You need to show your monthly income as well as your regular expenses. Your credit score of the credit bureau is also taken into consideration when you apply for these loans.
Once your application is approved and you are granted the loan, you can start repaying the loan amount and you will also be given a notice to your lender informing him that you are going for repayment of the loan. In case you do not pay the loan amount, you will face legal action against you. You are also required to post a security or collateral with the lender in case you fail to repay the loan amount in time. Lenders prefer to offer the loan with smaller monthly installments in order to minimize their risk, so as a result they will offer a lower interest rate and shorter tenure. Also, they prefer to offer the loan with a fixed rate as this will avoid them from having to bear much interest on the amount and they can also increase their rates later in the future in case there is an upward trend in the loan amount.