Month: December 2019

Lite Lender Bank is one of the country’s largest banks, and then it might just be missing that the bank also offers consumer loans to its customers. There are very many privately owned financial institutions and sub-companies of companies in other industries that offer just this, but if you apply for consumer loans through Lite Lender Bank you know that you are in safe and good hands. The terms for the loans from the Norwegian major bank are also not bad, and the biggest advantage is probably that the consumer loan is unsecured. This means that you spend the money on exactly what you want, while you do not have to pledge or equity to borrow from Lite Lender Bank!

 

Interest and conditions

With a consumer loan from Lite Lender Bank, you can apply to borrow as little as $ 10,000, or as much as $ 250,000. The terms and interest rates will vary depending on several factors, including how much you borrow, but primarily based on your own finances / income. Therefore, we cannot determine now how good interest rates you get from Lite Lender Bank, but the average interest rate for a medium-term loan is around 16 to 17 per cent. It’s not bad at all, and when the other terms at Lite Lender Bank are good, the bank is a good alternative when you need fast money.

You pay the repayment period yourself, but it must be at least 6 months and a maximum of 10 years. On the Lite Lender Bank website you can easily use a loan calculator where you calculate the repayment time based on the monthly amount. Included in the effective interest rate is also an entry fee of $ 500 (cheap compared to many competitors) and a monthly termination fee of $ 35. At Lite Lender Bank, you can also take out payment insurance that comes into effect if you should have payment problems on the loan.

 

Search Query

You can apply for consumer loans through Lite Lender Bank even if you are not a customer / have an online bank in the bank. Of course, it is easiest if you have it, but it is nevertheless problematic for “us others” to apply for consumer loans through the bank. The application form is somewhat comprehensive, but in 10 minutes you should have completed the application and at the same time received an answer to it. In addition, you must meet certain search criteria in order to be granted an application by Lite Lender Bank. This means an age limit of 23 years, and an income requirement where you must earn at least $ 150,000 / year regardless if you are borrowing just a little or a lot of money. You also cannot have payment notes and no active collection at the time of the search.

Do you need a consumer loan for a sum between $ 1,000 and 20,000? If so, you have found the right player, because when it comes to loan amounts of this size, Lite Lender is clearly the people’s favorite. This is a provider of so-called small loans, which is good for those who need money in a short time, but where there are no big sums. If you are lucky you will receive the loan on the account the same day you apply!

 

Terms and prices

Lite Lender is in a somewhat unique position in Norway as they are one of the few loan providers offering loans of as little as $ 1000, with a maximum limit of only $ 20,000. With a loan of $ 2000 you have to repay the loan after 30 days, and then the effective interest rate becomes somewhat scary 1243 per cent. However, this does not amount to more than $ 81 in interest costs thanks to the short repayment period. And with a low setup fee of $ 350, it doesn’t have to cost you too much to borrow money from Lite Lender.

The set-up fee is fixed $ 350, no matter how much or little you choose to borrow. The termination fee is $ 45 and is charged monthly. Depending on the amount you borrow, the repayment period will also vary, from as little as 1 month to 12 months at most. The effective interest rate is also very variable depending on the size of the loan.

 

Benefits of the consumer loan

The main advantage of borrowing from Lite Lender is that you can borrow small sums that other banks do not offer. In addition, the loan is paid off very quickly, so that Lite Lender is the optimal provider when you need quick money to pay an overdue bill or for other reasons should have an urgent need for money on account. On the smallest loans, you pay almost nothing in interest, and the fast turnaround time alone is a good reason to choose Lite Lender when you need a small loan.

 

Apply for Lite Lender Small Loans

You can easily apply for small loans / consumer loans from Lite Lender through the company’s website. The application is so easy to complete that it takes a maximum of 1-2 minutes, and there is no need to document income or provide collateral for the loan. Also, Lite Lender does not have very strict search criteria for granting your application. If you are 20 years old then you have passed through the search criteria at Lite Lender.

Loans and credit are two different ways to get some extra air into the economy. But there are two completely different methods, and both have both disadvantages and advantages. The right choice depends, among other things, on your personal preference, but also what you really want to spend your money on.

Here we give you an overview of the difference between the two methods, and we help you get a better insight into what is the optimal solution for you.

 

Important differences between loans and credit

Both loans and credit allow you to get some extra space in your budget and get advice on exactly what you need. But in practice, there are two very different things, and it actually plays a big part in which solution you choose.

Loan

In short, a loan is something you take from the bank or another lender, where you get paid out the whole amount at once, and then you have to repay after a certain period.

Credit

Credit, on the other hand, is a fixed amount available to you, eg on your credit card, but you don’t really get paid. There is money you can spend if you need it, and there is usually no set date for when you have to repay the money. There are many opportunities, and the different companies each have their own advantages.

 

Characteristics of loans

There are many different types of loans on the market, but generally it works by applying for a specific amount, eg $ 50,000, at a bank or another lender. Both the amount and the repayment period are agreed in advance, and you decide to a large extent yourself how much you want to borrow, and during which period the money will be repaid.

You get all the money paid out at once, and you can spend it on houses, cars, furniture or something else. Subsequently, you must repay the money within an agreed period, and this applies to both the borrowed amount and the interest accrued. It is an obvious choice if you are facing an investment with a specific amount, such as a new car, and if you want good control over a fixed repayment plan.

 

Characteristics of credit cards

Credit cards give you the opportunity to get credit. It is, in fact, an amount, which you agree with the bank, which you can spend without you actually having the money on the card. You do not get paid the money, and there is instead an available amount that you can use if you suddenly need it.

You can choose to spend the money at any time and on anything, and you do not have to apply in advance. Therefore, it is a very flexible and practical solution, and it is the obvious choice if you want the freedom to spend extra money whenever you want. You can usually repay the money when you have air left in the budget, and of course you only pay interest if you have actually spent more than you have on the card.

Thus, you do not get the money paid out as with a loan, and you choose whether you really want to spend from the available amount available on your credit card.