It always costs money to always borrow money. You can never escape interest and fees unless you start tormenting the lives of friends and family members. From time to time, most people have problems with income not being sufficient when paying bills. In some cases, there is something fundamentally wrong with the economy, and a solution requires more radical measures, such as switching to less expensive car owner housing.
Some loans, however, are significantly more expensive than other loans
It is, for example. Relatively cheap to borrow money in the bank, and some of the lenders online, while micro-credit and SMS loans can cost absurdly much.
Here is an overview so you can see how much it actually costs you to borrow money. No matter how bad the economy is in, so you have to stay away from these loans. Micro loans from some online providers can reach up to 1,000 with a maturity of 30 days. 0% Interest, fee $ 300, representing an APR of 2.334%!
SMS loan from Cash in 1970 to £ 1000 with maturity of 30 days
0% Interest, fee NOK 300, which in turn corresponds to an APR of 2.334%! That is, after all the costs that can make some borrower pale, but it could get worse. Here comes the absolute highest rate I’ve ever seen on a loan:
SMS loan from SMS fast loan to 500 with maturity of 30 days. 0% Interest, fee NOK 175, which represents an APR of 1,112,000% (yes, over a million percent).
In addition to demanding absurdly high interest rates, it costs a small fortune to receive SMS text messages from sms loans or simply call their customer service. Like I said you should forget this loan. If you are looking for a loan, you should look at my list of electronic loans instead.