Flash credit

A Flash Credit is a credit that makes it possible to borrow a small amount quickly and without BKR testing. The amount you can borrow depends on the provider of the credit. There are lenders who choose to provide a Flash Credit up to an amount of 750 US dollars, while other lenders offer the option of taking out a Flash Credit up to 1000 US dollars. Whatever amount you wish to borrow, you should at all times be aware that a cost of 20% or more is always charged on the amount you borrowed. The limited duration means that the Flash Credit cannot be repaid on time by many people, so make sure that you can repay this amount on time.

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The greatest danger with a Flash Credit is the fact that such credit can only be taken out for a period of, for example, 30 days. This means that you must repay both the amount you borrowed and the costs within 30 days. When you have taken out a mini credit for an amount of 1000 US dollars, that means that you do not have to repay less than 1200 US dollars, and that in less than one month!

The cost on a Flash Credit is not charged by means of interest, but by means of a so-called start-up cost. The reason why this has been chosen is in principle quite simple. The limited duration of the agreement means that the financial institution must try to make a profit in the shortest possible period, and that cannot be done by means of interest. After all, the application of so-called usurious interest is prohibited by law. In addition, we must also dare to recognize that the credit bureau always runs a certain risk by providing a mini credit, and that risk must also be covered.

For the above reasons, you always do well to think carefully whether you will be able to pay off the credit on time, and whether you really need the money you want to borrow.

 

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