Loan and Credit is an option for those looking for micro loans and sms loans. The company behind is SMScreditGroup which has offices in several different countries which makes Loan and Credit an interesting factor with international branches.
Loan and Credit’s loan
At Loan and Credit you can borrow between USD 50 – 10,000 at a time. However, as with many other lenders dealing with micro-loans, one must first have borrowed once and repaid before the opportunity is available to borrow the maximum amount.
New customers can borrow up to USD 6,000 from Loan and Credit. The second loan you can borrow up to USD 8000 and the third loan and further you can borrow up to USD 10,000.
Free for new customers
One thing that is nice, however, is the fact that new customers borrow free for the first time (borrow up to USD 6,000 free). This makes them a lender that you should definitely look into if this is the first time you intend to borrow.
If you want to borrow again from Loan and Credit, it is obviously no longer free, so remember that you do not borrow without first thinking.
Extend your loan
When a loan is taken, it is possible to choose a repayment period between 1 – 30 days. However, after this time it would not be appropriate to repay the loan, it is possible to extend the loan period.
You can then extend by 7, 14 or 30 days. Then of course this is not free, but the longer you extend the loan with the more expensive the total cost will be, which means that an extension should only be used in an emergency.
Conditions for borrowing from Loan and Credit?
The requirements set by Loan and Credit are fairly standard. This means that the borrower must be at least 18 years old. There must be no active payment notes registered. Furthermore, you must be a Swedish citizen and a mobile number and bank account must be held.
If you are a borrower, you undergo a standard credit check when Loan and Credit looks at your finances and sees that you can borrow. A credit report is taken to see your income, debt, payment notes etc. An individual assessment is always made. You need to have an organized economy and, as I said, you do not have any payment notes.