Borrow Stream began providing online short-term loans in 2008. Since then, it is still developing, helping more people find financial help. He claims to provide an alternative to Pay Day Loans. In this company, you have six months to pay the whole sum. You can apply for between $ 50-800 as a new customer or up to $ 1,500 if you take out the loan again. You can submit an application on the website or through a special application. The company declares its belief that a short-term loan can be a good thing and sometimes it can really help you in need. He also believes that temporary financial problems don’t automatically mean that you deserve a loan less. Borrow Stream is part of GAIN Credit LLC, which is a subsidiary of GAIN Credit, Inc. In 2015, the company launched another product under the name Drafty. It’s a sister brand. They are a little younger, have a slightly more relaxed atmosphere and a different approach to lending – they offer credit lines instead of loans.
What requirements do I have to meet to get a loan?
To get a loan from Borrow Stream you must be at least 18 years old, live in the UK and have a permanent job with a minimum income of $ 400 a month. It is also necessary to have a bank account with a debit card connected to it. If all goes well, the money will appear in your account 90 seconds after approval of the application. However, it also depends on the bank where you have the account. You may need to prove that you have a regular income and can afford to pay your installments. You will usually not need to provide any documents. In some cases, however, this information may require verification (although this will be done discreetly). Most often, in this situation, you will be asked to send scans of all necessary documents by e-mail. You will be kept informed. Borrow Stream does not guarantee the approval of the application or the amount requested. To decide if you can take a short-term loan and how much you can borrow, it will assess your creditworthiness using an advanced rating system. An analysis of your repayment options will also be made. If you have paid your previous commitments on time, you can usually apply for higher sums. However, short-term loans should not be taken too lightly because they are not suitable for everyone. If you are already in financial difficulties or want to borrow money to deal with long-term problems, this form of fundraising may not be a good solution.
How much and under what conditions can I borrow?
It is worth noting that the repayment time is 6 months and you cannot choose a shorter one. If you are borrowing for the first time, you can take out a loan of between 50 and 800 dollars, if the next, up to 1500 dollars. The company does not show on its website a calculator on the basis of which the cost of the loan can be calculated. However, we can find a representative example. Suppose we borrow 200 dollars for six installments. Each of them will amount to 64.44 dollars. We will give a total of 386.61 dollars. The total costs will be 186.61 dollars, which gives an interest rate (on a six-month scale) equal to 93.3. So much we have to pay back more in this case. The APR is 1333% and the annual interest rate is 292%. Daily, however, is 0.8 percent.
What if he wants to pay off the loan earlier or I’m late with the repayment?
No fees are charged for submitting the loan application, the transaction itself or for early repayment. However, you may incur additional costs if you do not pay the obligation and do not notify the company. If you miss a repayment, however, you will not be charged more than $ 15. It can be a single fee or spread over several smaller ones, but in total it will never exceed 15 dollars. If you want to be sure that you are up to date with payments, you can log in to your account. You can also do it if you want to view your installment schedule or make an earlier repayment. If you want to pay back the loan earlier, check the amount of capital remaining. This is important information, because remember that in each installment you pay not only the borrowed amount, but interest on it. Often at the beginning, mainly the latter. This means that you can donate in installments of 100 dollars, for example, and the capital decreases by only 50 dollars. This is important because you will have to pay it off in full if you want to settle your liability in advance. You can also apply for another short-term loan before the current repayment ends. However, Borrow Stream does not guarantee that your application will be accepted, but may inform you when you can resubmit it. Remember, however, that borrowing more to pay off previous loans is highly discouraged. The amount to be repaid is thus getting bigger. Regular indebtedness is also not a good way to support yourself. You pay the installments using continuous payment authority (CPA). It’s a type of standing payment order that allows a company to charge installments from your account, without getting permission every time. You can withdraw this consent from the bank or the loan company itself. In this case, you must provide an alternative form of repayment. If you are unable to pay your current debt, do not take out a new loan, but contact the company. This will allow you to set up a repayment plan that is better for you than when you avoid contact or make a new commitment.