Most consumers have gradually become accustomed to using interest rates as a benchmark when choosing their new quick loans. However, the loan terms are also not completely irrelevant and can at best save you the cost of repaying your loan.
Rule in borrowing money
A general rule of thumb when borrowing money is that the longer you have to repay the loan, the more it will cost you in interest. The total cost of a 15-day loan is therefore cheaper than the cost of a loan that is repayable over 30 days. It may therefore be worthwhile to check when you will be paid next time before you borrow the money from your favorite loan provider. For example, if you know that the salary goes in 9 days, you can repay the loan in 10 days rather than waiting 15 days or a whole month.
That being said, you should also be mindful of whether you can actually repay the money on the due date. If you find that you cannot repay the money with a loan period of 15 days or 20 days, then choose 25 days or 1 month. Then you avoid the fees associated with late payment. You should always make a calculation on your loan before you borrow.
Loan terms at Gaven Wave
At Gaven Wave you can tailor the loan terms as you wish. You can choose between a loan period of between 1 and 30 days. That way you can repay your loan at day’s notice. Gaven Wave also allows you to repay your loan ahead of time.
For example, if you get money between your hands three days before the loan is repaid, you can immediately redeem your loan with a few clicks.
Conversely, you can also extend your loan term if you cannot repay your loan at maturity.
Refunds can either be made through your bank account or your Dankort. Everything can be done via your mobile phone. This gives you a flexibility that you can adapt to your particular financial situation.
You can make a calculation of your loan at Gaven Wave.