Pikalaina

1. Do you need instant loans?
Pikalainaa or instant loan services have grown to become very popular in Finland, thanks to the
ease it provides. One can see small amounts of money credited to one's account in a matter of
seconds by just performing a simple action of two clicks.
This service, even though popular, has come under the radar for numerous reasons and many
myths surround the pikalainaa sector.
•Instant loans are very expensive.
Yes, it is true that most instant loan services are available at a higher interest rate than banks but
one should change their perspective and look at this service from another viewpoint.
These services provide loans in a range of 10 Eur to 1,000 Eur which needs to be settled in as
less as a few weeks.
If you borrow 100 Eur and have to pay 20 Eur as interest, it cannot be considered as “huge
amount” on the whole.
It is highly improbable for the interest rates to change for a matter that needs to be settled in a
very short span of time.
•Instant loans drive a person to economic crisis.
The companies offering instant loan services use a systematic criteria to filter out the applicants
who can pay back the amount they borrow from those who cannot.
The loan is only provided to someone who has a regular income and source to pay the company
back.
Thus, the loan service cannot drive a person to economic crisis because they check for financial
stability before issuing them any kind of money.
•Quick loans can be very misleading.
According to the new amendments made in the laws, it has now become illegal to impose hidden
costs on customers.
Thus, everything is clearly mentioned in terms and conditions of any plan for those who would like
to apply for it.
No company would like to mislead their customers if that means messing with the laws and the
government.
•Most quick loan applicants don't pay back in time.
Statistics say that about 90 per cent of quick loans are paid back in time. Why is the ratio so high?

2. The reason is that the pikalaina companies do not even lend money to those who do not fit the
criteria.
The basic criteria includes checking one's regular income, the amount they require and how much
they can pay back. If one does not qualify, the company will not lend them any kind of money.
•Pikalaina companies are exploiting the poor.
Pikalaina companies make sure that the person they are lending money to have enough resources
and a regular income so they can get their money back in the required time period.
The instant loan business is a risky one in its own right and it wouldn't be a wise thing to make
things even riskier by making the service available for those who cannot utilize it well.
Read more.
pikalaina