For any foreigner coming to Latvia, the country gives so much hope for those who wish to achieve big dreams. Whether as a worker, student, consultant, or whichever field. But despite how hardworking and great planner you are, its possible to once in a while find yourself off budget. It honestly happens than maybe one time you end up spending on something you never planned and just like that, the whole month’s plans are ruined. It is never a comfortable place to find yourself with no liquidity in Latvia. But there is obviously a way out-payday loans will save your poor self from having to overstrain already lean savings.
When you are in a situation where you are cash-strapped, you need a quick financial solution. Payday loans can offer the solution you so much desire. These are short-term loans that most lenders require payback in a month. Just like in Bulgaria, the best way to get payday loans in Latvia is through online lenders. All you are required to do is fill out an application form and submit it for your loan to be approved.
Most of the time, lenders market payday loans as none credit check loans. This means you don’t have to mention your credit history anywhere. Lenders are not keen on your credit score. Your loan will still be approved regardless of your credit status. That is why payday loans are identified with Latvians facing financial difficulties.
The popularity of payday loans in Latvia
Payday loans have been on the rise in Latvia making them quite popular. In the last three years, about 10% of Latvians have sought the use of these high-interest loans. However, a good percentage of the borrowers were not aware of the interest rate before borrowing the money. This indicates they did not go through the terms and conditions agreement.
The online payday loan application in Latvia is not complicated. It is no wonder many Latvians find it safe and fast. These loans are provided online so that you can receive instant cash. In addition, payday loans in Latvia do not call for security simply because they are short-term.
Payday loans Institutions in Latvia
Regardless of your financial status, at some point, you will be in troubling financial need that calls for urgent cash. When that happens, do you know where to turn to for help? That is what we will be looking to give you an idea of the possible payday loan lenders. These lenders are in the business of providing financial assistance to ensure you do not hit rock bottom.
Here are the top 5 leading institutions in Latvia that will get you out of that financial hardship. Each of these lenders has its terms and conditions. Consider a lender who will identify with your present solution to give you an urgent and practical solution.
Bino LV
When you take your first loan of 500 EUR with Bino, no interest will be placed on your loan. You will benefit greatly from Bino if you are between the ages of 20-75. However, you have to be very cautious when taking a loan because if you default, Bino will not give you any loans in the future. When applying for a loan, ensure you provide an accurate bank account and mobile phone number.
Credit 24 LV
If you are looking for an emergency loan, your first choice should be Credit24. This is a Latvian company whose main business is to offer quick loans to those in urgent financial crises. What you will like about this lender is no interest will be charged if you manage to pay the loan back within 60 days. This is absolutely good news but if you can actually pay back within the stipulated time.
Ladyloan LV
As the name suggests, Ladyloan LV is more biased toward the female gender. Its main goal is to offer loans to women whether short-term or long-term. Ladyloan being a feminine lender gives an option of either credit line or consumer credit. What stands out about this lender is information confidentiality and security. With this, you can be assured that the information provided will not be leaked at any cost.
Sefinance
Sefinance has been in the lending business focusing on various loans. This registered Consumer Rights Protection Centre company offers mortgage loans, car leasing, and consumer loans. Hence, no matter the type of loan you want, this lender will be at the forefront to grant you the loan. The interest rates are a bit high though it depends on the type of loan you want.
VIZIA
If you are between 20 to 80 years of age, VIZIA is the payday loan lender for you. Most Latvians use this lender mainly because when you make your first repayment, no interest will be placed. As long as you have an active bank account and mobile phone number you are eligible for a loan. In case you will have challenges paying back, let the company know early in advance. This is to prevent additional charges including lateness penalties.
The advantages of payday loans in Latvia
Latvians have a chance to apply for payday loans online without having to physically visit the lender. The application form is easy to use making the entire process fast and convenient.
Additionally, no security is required when seeking a loan. Your credit history is also not considered. This means your loan will get approved fast without any hindrances.
Most lenders give any amount that you will apply for. No matter the financial need you are facing you can be sure that there is a solution. Make an application of the amount you want and seat back as you wait for your loan to be approved.
The disadvantages of payday loans in Latvia
The main advantage of taking payday loans is paying them back. If you don’t pay your loan within the given time, some lenders may use dubious methods to collect their money. This is something that you must be cautious about. For instance, some can send threatening letters that might scare the debtors into paying back their loans. This is challenging for them especially when they do not have a means of repaying back the loans.
If you do your calculations well you will find that payday loans are pretty expensive. The high-interest rates of these loans increase the overall cost of the loan. In the end, you will have incurred more costs which will affect your finances negatively. Besides, due to the high-interest rates, the loan might roll over making it more expensive.
