Payment notes increase in economic life and make it difficult, if not impossible, to, for example, subscribe, sign a lease and borrow money. However, for the possibility of getting a quick loan, a payment note is not a synonym for rejection. You just have to be prepared to compensate the lender for the increased risk that the note symbolizes, by paying higher interest rates and / or fees.
At new E-Money, however, traditional thinking does not apply. Here it is entirely possible to borrow with a payment note and also not have to pay anything in interest or fees. At E-Money you can borrow up to USD 5000 free of charge if you ensure that the money is in the lender’s account within 14 days . For more in-depth information, see our presentation of E-Money.
A good quick loan if you can pay quickly
The majority of lenders in quick loans apply the same price regardless of when repayments are made. E-Money instead works with a slightly different concept. Here, the person who pays back becomes more quickly rewarded with a lower total cost. The least expensive will be the fast loan if the loan amount is repaid in full within 14 days. In such a case, the loan becomes free of charge.
The arrangement is fairly straightforward. Each fast loan runs with 60 days repayment period (with possibility of extension). E-Money has divided this period into three parts, namely 0-14 days, 15-30 days and 31-60 days. If the payment is made within the first month, the borrower receives a discount. If payment is made during the second month during the term, no discount is received.
We can illustrate the arrangement with a concrete example. We say you want to borrow USD 4000 . The three alternatives will then be as follows.
1. You pay within 14 days and receive 100% discount (free loan)
2. You pay within 15-30 days and receive a discount of USD 560 (41.18%)
3. You pay during the second month on the loan period and pay full price (the loan cost becomes USD 1360).
One way to make both borrowers and lenders happy
Why has E-Money chosen this concept? Is there any other reason than simply being able to make customers more satisfied and thus gain a competitive advantage? There is another reason, and it is that faster repayment gives a faster turnover on the lenders’ capital.
E-Money is not a fast loan company in the real sense, but a broker of loans between private individuals. The money that the borrowers get paid is simply made up of deposits from private individuals. The more often the lenders’ money can come to work, the greater the return and the more capital E-Money (via the sister brand Savelend) can attract.
More about E-Money’s business
E-Money is part of Savelend Sweden AB, which is one of the pioneers in loans between private individuals, or peer-to-peer with another designation. At the beginning of 2017, deposit and lending operations were streamlined in separate brands.
E-Money is the brand for the loan brokerage and it is on the pages of this brand that you who need to borrow submit your application. The private individuals who are responsible for the capital that E-Money raises instead have Savelend as the counterparty.