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What is really a predatory loan?

Posted by prestamoney , in credit 01 October 2014 · 1,223 views

loans rate interest credit
It is very common when applying for certain types of loans that consumer response is to characterize them as "predatory" or "unconscionable." Do we really know when a credit or legally be considered "leonine"?
Is widespread belief that when a loan exceeds a certain interest rate as 15%, 20%, etc. is automatically considered leonine. This is totally false.

Currently in the Spanish legal system, namely Azcárate Act July 23, 1908 states that will void the loan contract that is <strong> stipulates a significantly higher interest than normal money </ strong> and manifestly disproportionate to the circumstances or conditions that result leonine one, having reason to believe that has been accepted by the borrower because of his plight, his inexperience or his limited mental faculties.

No talk about specific types of interest but disproportionate compared with other loans or accepted under dubious circumstances.
Would they be considered prestamos rapidos online with exorbitant interest rates? At first no, because even if interest rates are very high you have to consider the circumstances that surround them. First, they are designed to return past few days, not years and are small quantities. Secondly the requirements for loans online creditos online are very low which increases the risk of non-refoulement and increases its cost. Finally the client is fully aware of the terms of service, in most cases, being a financial product without complications that does not include hidden clauses.

Features online loans:

- Designed to return in a few days not long term
- Low requirements for hiring
- High risk for the lender
- Easy contracting with simple conditions

May be more debatable penalty interest, those that occur when the borrower does not return the money on time fast and breaks the agreement. If <strong> While the case focuses more on the retributive interests </ strong> might start noticing excessive cases of unconscionable penalty interest.
If you think you may be suffering from one of these cases can always sue for and where to get a judgment for the payment of such interest would be canceled.
Before facing prosecution is interesting to try to negotiate with the creditor a rebate dinero rapido returned, in many cases the agreement is favored by front of the case.




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