Credit available on the Internet
Below the term ‘internet credit’ you can list all types of credit that can be applied for online. Such are, for example, instant or MMS credit providers, consumer credit providers and other lenders. This article will look at the types of credit available on the Internet.
Fast or MMS credit
A very popular type of loan in Latvia, which entered the market relatively recently – around 2007 – but has gained enormous popularity and is now represented in the market by more than 20 firms. A couple of million MMS credits have already been issued in Latvia, which definitely means that this type of credit is the most popular in Latvia. The most popular instant / MMS loan providers are MMSCredit and others.
You can get a fast internet credit in minutes and all you need is a bank account, an internet connection and a mobile phone. Fast credit is an internet credit that can get you up to USD 700, but when you first borrow, you can usually only get up to USD 300. It should be noted that most lenders will require regular income from their clients. The loan is issued to residents of the Republic of Latvia between the ages of 18 and 75, but this also depends on the lender.
Consumer credit is similar to fast credit and MMS credit in some respects, but it involves higher amounts of credit and you will need regular income to obtain consumer credit online.
A consumer credit is available for up to USD 10,000, but as the amount grows, the likelihood of obtaining a collateral and / or guarantor increases. Consumer credit providers could include (which is a fast credit provider but grants consumer credit), BIGBANK and InCredit. You can apply for a consumer loan online, but you will probably need to sign a contract at a branch because the amounts involved (and hence the risk) are higher.
Whatever type of Internet loan you borrow, remember that you have to take responsibility when considering the ability to repay a loan… and the problems that may arise if you are unable to repay the loan.