Did you know that there are financing options in which you can get the first loan for free ?
What money companies use these taciticas with the idea of attracting customers?
Because this is what they really are, they are marketing tools used to attract customers.
Below from the web we want to give you our opinion about this issue.
We are also going to show you what type of fast credit companies offer them and why they do it.
Are you ready?
Reasons for the first free loan
Generally, who does it is because he is very interested in the client requesting his credit.
And what type of fast loans are the ones that generate the highest profitability today, microloans ?
It is these online credits that are then used by these tools to attract customers to their financial institution.
As they only have to endure 30 days without applying interest, it is something that is worth offering.
And more when we talk about trying to establish the clientele of each company.
The cost of the mini credits makes financial companies interested in offering these loans online in any circumstance.
We even know of a company that is even worth having its financing go unpaid.
In this case, due to default interest, these businesses are also used to later selling the debt to third parties.
It is not normal everything is said but what is certain is that mini loans are a profitable business for those who offer them.
We understand it as a marketing tactic and to attract customers, although we do not share it.
This is because calling this first free loan can lead to confusion.
We have seen people even think that the first time being free they do not have to return the money.
That the money is granted by the financial institution for free, not having to return anything.
Something that as you can imagine is not like that but that more than one has hired thinking such a thing.
Do only microcredit companies offer interest-free loans?
It really is so, you will not see other financial companies offer it since it does not compensate them.
It is to the mini-credit companies that yes, since they are credits with a maximum of 30 days.
Many can stand 30 days without charging interest and then that way they attract a new client.
Without forgetting what we have said about the non-payment factor.
There is also another thing that I would like to point out, the first free credit is not usually given the entire 30 days.
Many online finance companies offer the first loan for free ONLY IF YOU MAKE THE RETURN IN THE FIRST 7 DAYS.
Therefore, there will be people who hire thinking that they do not have to pay interest (they think they will return it in 7 days) and then it turns out that they do not.
The finance company gets a new client but it also applies interest on a loan on which it had not planned to do so.
Interest-free loans are not the best option
As strange as it may seem, credits of this type are not the ones we consider the best.
As we have shown in this article many times the "without interest" is a hook more than anything else.
What's more, it can even lead people to take out loans that they don't really need.
The problem with the word for free is that it is very sweet and generates behaviors of all kinds.
Also being the main reason why we do not usually recommend options such as the first free loan in the market.