Just as long as you have a valid pay slip and identification document available you are in a position to apply for an emergency loan when you need it the most. Usually, when this happens, it is around the end of the month after all month-end bills have been paid. By that time, many cash-strapped consumers seem to have very little over to help them sufficiently through the next month. This is why uusi pikavippi was put in motion.
This convenience has been around for some time already but many consumers were not always aware of this. On the one hand, they had been accustomed to approaching their traditional lenders, the banks, to help them with their emergency loan. They also had the bank’s mechanism of revolving credit on their checking accounts to fall back on. But, the longer indebted customers turned to their banks for such loans, the more costly it became.
Soon, many of these desperate customers were reclassified as highly indebted with little recourse or means to pay back exorbitant loans on time. Now, as this Finnish lending model shows, all that has changed for the better. New legislation, no matter which country these convenient facilities are put in place, ensure that new customers only take out loans they can afford. The Finnish example also encourages their clients to do an affordability test to determine how much they can qualify for.
Generally, the month-end loan is theirs for the taking. It is just a matter of responsible determinations and following all the correct criteria. We mentioned earlier the salary slip and correct identification. The loan is also only facilitated for one month at an affordable once-off interest rate.