Gradual repayment of fast loans

Recently, the fast credit industry is booming – perhaps because of the upcoming changes to the law, it may be for lenders to brighten their image. In any case, some of the changes are already affecting customers. One of them is the ability to gradually pay off debts that have accumulated with several lenders.

On March 25, 2013, the Latvian Association of Non-Bank Lenders approved rules that will facilitate the repayment of loans to customers who have taken out fast credit from several non-bank lenders at the same time. Only clients of creditors whose lenders are affiliated to the association are eligible to use the association as a mediator.

How’s it going?

In order to apply for a step-by-step repayment of your fast loans, you will need to fill out a step-by-step debt application – you will also need a copy of your passport and contract numbers with your lenders. This page explains how and how to apply. You can write in the application the amount you can spend each month to cover the loans, but remember that the association – not you – will decide what the monthly payment and the total term should be. Once you have submitted your application, the association will prepare a proposal for a repayment schedule.

When you agree on the repayment schedule and sign a document stating that you will pay a certain amount each month before the due date, the association prepares a special account to which you pay each month and distributes the payments to the creditors. This way you pay off all your debts in one place.

Who benefits?

Everyone with debts to several creditors who are members of the Latvian Association of Non-bank Lenders (LNKA). Obviously, if LNKA has made such an offer, such problems should be frequent enough. This is beneficial because this arrangement allows you to settle all your debt in one place. If you owe money to several lenders, having multiple debt repayment schedules, each with your lender, is not only tedious, but it is probably more expensive to get together.

Debt is tedious and has a negative impact on the quality of life. We recommend you to get rid of your fast credit debts using this opportunity offered by LNKA, which will allow you to repay your credit debts in a more convenient, cheaper and quality way.


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