What is small rechargeable loan?
The small rechargeable loan is a financing solution for all those who need a sum of liquidity that does not exceed 5,000 USD but that from the beginning do not know exactly the amount they need. In fact, this type of non-finalized personal loan does not include the need to establish a capital to be financed but allows the amounts disbursed to be used or not used based on the level of one’s needs.
With the small personal loan, although there is no need to indicate the part of the money that will be used at the time of signing the contract, it is not required to produce a documentation indicating the destination of the sum of money requested but all the amounts can be used independently and repaid in monthly installments based on a personalized amortization plan and based on your work status.
Furthermore, it is not necessary to know the amount needed from the stipulation of the loan contract.
In fact, it can happen that you have sudden expenses of which you do not know the entity and this particular type of financing is the ideal sum for not requesting a loan with high figures which you may not need completely and for which you have to repay pay very high interest rates: with the small loan you only pay the liquid amount that you actually use using an amortization plan established from time to time based on the first contract.
The small rechargeable loan is the ideal solution for those who need an amount whose exact amount is unknown – it must not exceed 5,000 USD in the first disbursement – and following repayment can be continuously renewed, without having to take out other loans.
The small rechargeable loan: OPERATION
Precisely because of its intrinsic characteristics to the method of disbursement of capital, reimbursement of the financed amount, the requisites and the guarantees required for the acceptance of the small personal loan, this type of financing allows to repay and / or pay the interest of the only sum that is used and actually uses and not the total amount that is paid.
This means that if the applicant for the small rechargeable loan gets $ 5,000 – maximum sum – but uses only $ 2,500, he must repay the sum received with a special amortization plan: the monthly installments will apply the interest rate established via contract regardless of the amount used.
Generally, to meet all economic needs, in this type of loan, monthly installments are very low and start at $ 30-40 per month, providing a financial solution accessible to all.
The small rechargeable loan has another advantage of particular importance that allows each of its customers to save even in the same request for the loan: there are no costs for the costs of investigation, management or opening of the case and the procedure itself acceptance of consumer credit is very fast.
It is possible to obtain a small loan that can be recharged in just 48 hours based on your financial guarantees, your employment contract and the status of previous payments (if you are protested or reported as a bad payer).
The small rechargeable loan: RECAPITULATION TABLE
The following is a summary table of the characteristics of the type of small rechargeable loan in which the maximum payable capital, the repayment method and the interest rate are highlighted:
|SMALL RECHARGEABLE LOAN||REQUIREMENTS||FEATURES|
The small rechargeable loan: THE MONTHLY RATES
The small rechargeable personal loan, as seen previously, has a similar functioning as a revolving credit card with which financing the disbursed capital is immediately made available to the customer who can use the sum he needs and repay the amount he actually has used.
The interest rate is applied to the monthly installments which will be reimbursed on the basis of an amortization plan established in the contract: the interest rate is fixed.
The renewable loan
The small rechargeable loan is a form of open-ended loan that provides for a continuous delivery – use – repayment and new disbursement mechanism. In this way, a liquid sum is always available to support sudden expenses.
Thanks to this financing solution, in the small rechargeable loan, the applicant has always the amount he needs available and can also decide, if the amount is not enough to satisfy his economic needs, to increase the loan amount and top up its financing or financed capital. The rate applied is always fixed and this constitutes a real loan solution for an indefinite period and can always be renewed.
The small rechargeable loan: WHO TO SEE
One of the solutions on the small rechargeable loan market is the Pic account – an acronym for Personal Instant Cash – from Ultranix which operates the same as a rechargeable loan but provides for a maximum capital payment of up to 3,100 USD.
The financed capital can be continuously renewed and no special guarantees are required to obtain it apart with a demonstrable income which certifies the possibility of repaying the capital and a bank or post office current account on which to pay the amount paid.
To obtain the small rechargeable loan solution you must have some guarantees / requirements to guarantee the regular repayment of the capital and for this reason when signing the contract you must show:
- last paycheck, with a temporary or permanent contract;
- provable income (CUD);
- tax return for self-employed workers (artisans, entrepreneurs, traders);
- pension certificate for pensioners.
The small rechargeable loan: OTHER REQUIREMENTS
It may also happen that not all workers are granted this type of loan, for various reasons that are not to be understood at the discretion of the bank to which it is requested.
For this reason, in order to access a rechargeable loan, other forms of guarantees are required which limit any refusal of access to consumer credit, but these are valid for the request of any other loan:
- have regular payments in your current account;
- have an entry fee, an income that constitutes a fixed income;
- a guarantor who becomes the guarantor.
The small rechargeable loan allows you to repay and pay the interest only of the amount used and not of the total amount paid: this allows you not to continually stipulate other personal loans and pay only the sum you actually received.