Slowly but surely we see the flash credit providers regaining ground. Where last year the Flash credit providers seemed to be disappearing like snow in the sun, they are now slowly but surely coming back. The difference with previous years is that they now have their headquarters in countries such as England or Lithuania .
Flash credit method adjusted
The providers have adjusted their working methods. In the past a lot of work was done with substantial one-off payments, now people are working in a more slender way. By order of the AFM and the court, the flash credit providers had to adjust their working method. You may now only be charged a fee for the flash credit that is reasonable and fair. In general, this means that the providers will charge the maximum statutory interest rates. The legal maximum interest is currently 15%.
In addition to the statutory maximum interest rate, the provider also counts on the need for a deposit, actually no less than someone who is creditworthy and guarantees the person who receives the flash credit. Do you not have a deposit? Then you will be charged for a company that wants to stand surety for you.
An example of the cost of a flash credit
To give a clear example an example. You want to take out a loan of € 500 and you do not want or cannot receive a guarantee. We are going out for a 45-day flash credit.
The € 500, – costs you € 8.63 in interest for these 45 days, in addition you have to pay an amount for the deposit, this amount is € 151.37. Borrowing € 500 will cost you a total of € 659.63. Altogether a fee of 31,93%. That is borrowing expensive money!
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