Euroloan is a brand of online loans that are more widely known as “Finnish loans”. In fact, the service offers two types of loans: an express loan and a revolving limit, which resembles the rules of a credit card. Only until the end of December 2018 can you take advantage of the promotion, thanks to which the first repayment of the limit may be postponed for 100 days.
What is the promotion?
The Euroloan promotion is very simple – it only applies to the revolving limit and is based on the fact that persons who submit an application for the limit by the end of December 2018 may take advantage of the possibility of transferring the first repayment by 100 days. To understand the meaning of the promotion, it is worth recalling the operating principles of the revolving limit in Euroloan.
How does the revolving limit work in Euroloan?
This is a limit that can be obtained up to PLN 40,000. The amount depends on the assessment of creditworthiness and is usually up to several thousand zlotys.
The granted limit may be used in full or only partially at any time – for the first time however, it may not be more than 50% of the granted limit. Only then will you receive an activation code by mail, which “unblocks” the remaining part of the limit (you must also pay the first payment).
The customer also receives information about how much is the minimum amount to be repaid , which must be paid once a month on the date set by him.
A part of the minimum amount is intended for fees and interest, a part for the repayment of capital, which is partly returned to the account and is available again within the limit. In this way, the loan is repaid to its full repayment – the repayment period may, however, be up to 60 months (with higher limit amounts).
Is it worth using the Euroloan promotion?
At first glance, it seems that the Finnish loan should be called a “Chinese loan”, but its principles are only seemingly complicated. They are really very similar to the rules of the credit card, where it is extremely important to check the dates of minimum amounts repayments, as well as very cautious use of the limit. Otherwise, the loan in this form may turn out to be very expensive.
The “First repayment for 100 days” promotion allows us only to postpone the inevitable, i.e. debt repayment. The later we make it, the more interest will be charged to us. It is also worth remembering that in accordance with the general loan rules until we make the first repayment, we will be able to use only 50% of the limit.