The pros and cons of express loans

An express loan is a type of consumer credit, but unlike it, it is issued for the purchase of any goods or services of a partner company of the bank. This can be the purchase of household appliances, the installation of plastic windows, and even the purchase of a tourist voucher. The amount of loans received under an express loan usually does not exceed 100,000 rubles and is issued only in rubles, because payments for goods and services in the Russian Federation are made in rubles.

You can apply for an express loan directly at the trade organization from one of the bank's employees or by contacting one of the bank's offices directly. At the same time, some banks issue loans for the entire amount required to make a purchase, or to confirm the solvency of a potential borrower, they set conditions for paying for part of the goods or services from their own funds. This amount usually ranges from 10 to 50% of the purchase price.

From the very name of this express loan product, it becomes clear that the application is reviewed and the loan is issued quickly. When registering on the territory of retail outlets, service centers and travel agencies, the decision to issue a loan is made at least 15 minutes in advance, and a maximum of an hour in advance. When contacting the bank, the application is considered much longer and may take 3 days maximum. The main advantage of express loans is the minimum package of documents provided.

You only need to have two documents with you: a passport and any other document confirming your identity (military ID, pension certificate, driver's license, etc.). If you have a plastic card from the bank where you plan to get a loan, it is also recommended to attach it to your passport. Some banks may also require a foreign passport, since the presence of foreign trips is accepted as a fact of the potential borrower's solvency. Usually, the creditworthiness check is carried out using the scoring method – an automatic calculation of a set of factors, as a result of which a positive or negative result is obtained.

The main disadvantages of an express loan are the high interest rate on the loan, the short loan term and the small amount of money provided by the loan funds. New players can get a welcome bonus of up to €1500 + 150 Free Spins at Enter our 1xbet promo code in the registration form to get a 100% first time deposit welcome bonus. 18+. Minimum deposit: €10 (or equivalent currency). All deposit bonuses must be redeemed by wagering the bonus amount х35 times within 7 days. Until the bonus has been redeemed, stakes cannot be higher than €5 (or equivalent currency).