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The credit is usually issued against a pay slip, pledge or other security that the bank will take less risk when you issue the loan. However, there are unsecured lenders who therefore choose people who do not work or earn seasonal income. In this article we will look at the advantages and disadvantages of the fast credit services provided by Hypocredit – a 4Finance Group lender (this Latvian company also owns SMS credit), as well as a look at situations where you may prefer this credit.
Why choose Hypocredit fast credit?
Unlike other fast credit providers, Hypocredit does not require a job certificate but income. The amounts involved are also higher – Hypocredit issues loans up to 1500 USD. This amount is the highest among retail lenders in Latvia. In addition, the loan has a repayment term of up to 24 months.
In comparison, 9 out of 10 Latvian lenders examined are granted credit for up to 30 days, with the option of extending the term for payment. Not to mention the fact that some lenders give only a loan of 150 to 200 USD, against the already mentioned 1500 USD offered by Hypocredit.
The other features of Hypocredit are similar to those of other fast credit providers – the credit is issued within approximately 15 minutes; a bank account and an active mobile phone number are required to complete a loan. The company also puts a special emphasis on not disclosing your personal data to others, which seems self-explanatory and applies to all firms in the industry.
First credit on Hypocredit is not free. This is understandable because the amounts involved are large. The interest rates are the same or more favorable than those of other major lenders.
When to give preference to Hypocredit?
Looking at the two main benefits of a Hypocredit loan – the availability of a job without credit, as well as the relatively high loan amount – you can see that Hypocredit credit is suitable for larger purchases, for example, if you don’t want to spend your savings. The fact that the loan does not require unnecessary documents makes it convenient, for example, for people with seasonal or non-contracted work.