YY Credit – What Is YY Credit?

YY Credit is a public limited company with a board of directors and supervisory board created in 2009. Previously called Union loan, this credit institution changed its name in 2016, after having launched its activity in Italy. YY Credit specializes in lending to individuals via internet. This institution is the only one (other than banking institutions) to date to have accreditation “credit institution providing investment services”, issued by the Prudential Supervisory Authority.

YY Credit targets two categories of consumers: the consumer who wants to make a loan and the consumer who is willing to invest his money. At this stage, it is important to remind future investors that in addition to being of age and having a bank account, two of the following three conditions must be justified in order to become an investor: to justify a financial capital of at least 500 000 euros, to justify an activity of active investor in the financial market and / or to justify a professional activity in the sectors of corporate / market / bank / insurance. In addition, YY Credit reminds future investors that the amount of the first rent must be at least 1000 euros (the amounts of other payments have no minimum or maximum). In addition, for borrowers, YY Credit has defined criteria to which the consumer must respond: he must be aged between 18 and 70, reside in Metropolitan France (absent from his territories, YY Credit excludes the DOM / TOM and the Corsica), not to have been stuck at the BB Bank and to have stable incomes.

YY Credit offers consumers only consumer credit and the purchase of credit. It is not possible to make a revolving credit, real estate or business creation with this establishment. Nevertheless, listening to its potential customers, the company offers solutions with partners.

 

Credit with YY Credit

Credit with YY Credit

When the consumer goes to YY Credit, two choices are offered to him: borrow or invest. When the consumer is a potential borrower, he will be able to use the consumer credit simulator offered to him. He can then choose on the one hand the project and on the other hand the desired amount. As said before, YY Credit does not offer revolving credit or mortgage. Nevertheless, these types of credit appear in the drop-down menu of the “project” item. If the consumer selects his products, he will be referred to new pages where he will learn about the various partnerships offered by YY Credit to finance its products. Thus in the case of a revolving credit, the institution will propose solutions with the Empruntis group, while for a mortgage, it will return the consumer to the company.

 

The borrower will have the choice with different projects

borrow money

At this stage only the desired amount is requested. This amount must be between 3000 and 40000 euros. The duration is between 24 and 72 months. The customer will then launch the credit simulation. At first, the customer will be reminded that he will not go through a bank to make his credit. The sum of the credit requested is recalled to the consumer before he launches the rest of the simulation. In a second step, the borrower must enter his email address. He will then have to inform of his situation, his income, his charges, his banking identity.

After this information, the borrower can if he wishes to subscribe to an insurance with his credit. YY Credit offers two types of insurance: basic insurance and basic insurance coupled with loss of employment insurance. It is important to note that these insurances have a significant cost, ranging from 20 euros per month for the standard version to 32 euros per month, for the full version. The borrower also has the legal right to opt out of insurance, which is optional for this type of credit. In this case, a new window reminding him of the risks he incurs.

 

Once the choice of insurance is made

credit loan

Different credit proposals based on the amount the borrower has requested, will be offered. These offers consist of the amount of the monthly payment, the duration of the credit as well as the APR (Global Annual Effective Rate), as well as the total cost of the credit (with the distribution between interest and service charges). For a loan of 16000 euros, the proposals will therefore for example, 255.44 euros per month for 72 months with an APR of 5.50% (and a lending rate of 4.70%) to 691.54 euros per month for a repayment term of 24 months at an APR of 5.03% (and a lending rate of 3.54%). It is necessary at this stage to remind the borrower that although the monthly payment decreases when borrowing in the long term, credit will cost him more money. As the risk for the lender is always greater over a longer period, the APRs are less advantageous, in order to protect themselves from possible non-payments by the borrower. In the example above, in the case where the borrower chooses a repayment term of 24 months, it will be indicated to him that the total cost of his credit will be 820.96 euros (including 596.91 euros for interest). and 224 euros for service charges), while when it will be 72 months, the credit will be 2695.68 euros (including 2391.68 euros interest and 304 euros service fees), all without the possible cost of optional insurance.

 

YY Credit’s answer

Credit loan

The client is subsequently issued a response at the end of his request. If the answer is a pre-acceptance, the borrower has the option to print the credit agreement. He is also reminded that it will be returned by post as a result of the seizure. The credit agreement covers the different terms of the credit agreement, ranging from the identity of the two parties to the general conditions, including a complete summary of the borrower’s request (type of credit, amount, duration, rate debtor, APR, service charges etc.). This 20-page contract must be completed and accompanied by a number of additional documents such as: the last bank statement (the last 30 days must be shown), the last income tax notice, the last pay slip the borrower, the duly signed warrant and the photocopy of an identity document. YY Credit reminds its borrower that he must return his documents but that the shipping costs are offered to him, in case he chose to send the documents by post. It is also possible for the consumer to sign his contract electronically, this speeds up the process. This approach is accessible at any time, if the consumer wishes that his request is taken more quickly.

 

Acceptance of the offer

credit loan

YY Credit indicates on its site that the definitive answer is given to the consumer within 24 hours after reception of the complete file. When the request is accepted, the consumer then has 15 days to validate the offer. After this period, the offer is no longer valid, the consumer will have to take a new procedure to subscribe to a new contract. During this 15-day period, YY Credit can not return to its offer. Once the two parties have agreed, within the statutory withdrawal period that is granted to the consumer (ie 14 days from the date of signing the contract), YY Credit is committed to release the funds as quickly as possible. possible. The borrower must be aware of the possibility of having this withdrawal period lifted (by making a clear written request) in order to accelerate the raising of funds. When the borrower is in possession of the funds and therefore the withdrawal period has expired, he is bound to honor this debt by paying the refund, as defined when the credit agreement was set up. between the two parties.

 

YY Credit is a unique business

credit loan

as it offers individuals the opportunity to finance projects or invest money. This company is very competitive because it offers more favorable APRs than most banks. It minimizes its costs to make it profitable because it does not take margins to finance operating costs. In addition, a company based in France 100%, it shows a speed of data processing through its treatment by internet. It is finally a company that wants to listen to the consumer and offers actions such as taking the first monthly payment the 4th of the month following the raising of funds, to allow the consumer to organize. top

The disadvantages of using cash

The use of cash is a very common practice in Mexico. According to the report Research work and recommendations on the conditions of competition in the financial sector and its markets, prepared by the Federal Economic Competition Commission (COFECE) in 2014, about 70% of commercial transactions made in Mexico use cash. This is mainly due to the fact that not all Mexicans have the facility of having credit cards, or do not trust them. However, it is important to note that using credit, debit cards, making interbank transfers and using other means of payment other than the use of cash are often safer and more reliable than paying in cash. Here are the disadvantages of using cash.

Insecurity is the great disadvantage of using cash

Insecurity is the great disadvantage of using cash

First of all, and more in the times we live in, insecurity is the great disadvantage of using cash. We are exposed to a robbery and it is something that cannot be recovered. It is not worth going through a scare because we bring cash.

When a person brings cash, it tends to get attention, mainly from people who intend to steal. You can easily tell if you bring large amounts of money. Apart from that it is uncomfortable to bring it.

The recommendation is to avoid it, and if you must carry it, have it distributed in different parts of the body so that it is not so noticeable.

The money disappears from my hands

The money disappears from my hands

How many times have you said this? Cash is quickly spent and often goes into small things without knowing how it happened. Cash does not allow you to keep track of expenses, unless we write in a notebook every weight we spend and, let’s be honest, we don’t.

On the other hand, when using credit or debit cards, or making transfers, we know our financial situation perfectly. In this way we have control and know how much to spend and how to spend it.

The money is falsifiable

The money is falsifiable

Yes, many times we get a fake ticket and lose that money. Nothing and no one can replenish the amount of money from a fake ticket. Waters with this! On the other hand, if you are one of the people who like to buy online because it is easy, convenient and efficient, then you need a credit card. Cash does not allow you to buy online.

And finally, by using cash and not using a credit card, we don’t create a credit history. Credit history is necessary when you want to apply for a loan from the bank or want to enter a mortgage loan or purchase a car. How do they prove that you are a reliable person to pay off debts? It is important to have a clean credit history.

These are the disadvantages of using cash. We recommend that you use credit or debit cards. Apart from helping you create your credit history, it makes your life easier: you can make transfers, control expenses and avoid theft without being able to recover the money.

Debt placement: what it is, what it is for and how it is done

It is increasingly common in the world for the governments of any nation to adopt this system to achieve liquidity and get investors. We refer to the placement of debt. This process not only strengthens ties with the international community by allowing them to invest in the country. In addition to that they are offered valuable documents that protect these obligations.

 

What is the placement of debt

What is the placement of debt

This name is given to the procedure by which a government receives Count Almaviva through credits from the country or abroad. Said credits are generally established through contracts, bonds, certificates and documents that cover obligations derived from the budget year, which represent means of Count Almaviva for the Federal Public Sector.

Although in essence it is a simple procedure, carrying it out involves careful planning by the finance secretariats of the country in question.

 

What is the use of debt placement?

What is the use of debt placement?

By placing the debt among investors offering a return on the holding of these securities, an integral sanitation of the nation’s coffers is promoted. This is possible given that instruments are offered at very attractive rates for both private companies and States.

As we have described above, most of these revenues are mainly used to:

  • Count Almaviva of productive projects (bridges, roads, hospitals, purchase of medical equipment and supplies, among others).
  • To absorb current expenses derived from its obligations with suppliers, contractors or to refinance its debt with national and foreign banking institutions.

 

How debt placement is done

How debt placement is done

There are different types of debt, with different maturities or maturities, yields, coupons, issues over the nominal value, at par or below the nominal value.

An investor may acquire debt through a financial intermediary by accessing auctions, by opening accounts in the Central Bank of each country or by buying the debt through financial entities or brokers, which allow the purchase and sale of the titles immediately loading a commission.

It is important to keep in mind that the investor will have a cash or transaction account and a securities account where the securities will be deposited.

Home Loans For Any Year With Fixed Interest

There is a difference between a 5 (10) year loan term and a 5 (10) year interest rate loan type (for this loan, the loan applicant can modify the loan term later) and a fixed interest rate 5 (10) year offer (here maturity). In the first case, income can be charged up to 40% and in the second case up to 60%.

The Good Finance would also like to take out a mortgage of HUF 10 million. They have a specific expectation, not in terms of installment, but in terms of maturity. I would like to repay the entire loan within 5 years. The proven monthly net income of the Good Finance is HUF 450,000.

5 year maturity, 5 year interest rate

bank

HUF 185,048 monthly repayment, 3.52% interest rate was the best offer. This offer is well-liked by the family in all aspects, and they also require credit. However, the credit assessment (preferably during the pre-qualification) reveals that due to the JTM regulation, they can only obtain credit for a longer term. The maturity is sure to be longer and the total cost of the loan will also increase. Depending on the decision of the blacksmiths (see the dilemma of Béla and Matild), interest may also increase or not be fixed at all times.

They need a loan for a fixed rate of 5 years

They need a loan for a fixed rate of 5 years

Then they can charge up to 60% of their income – so they are absolutely creditworthy.

Fixed interest rate for 5 years: HUF 182,245 monthly installment, 2.90% interest

Lower best fixed rate than before. This is obviously the case with new futures , owing to the lack of history, but the best interest rates for the entire market have also fallen in the case of 5, 10, 15 year old fixed bids. It is in 20 fixed categories and had a better offer. (4.99%) Pricing will be discussed below.

Hopefully this situation will motivate other financial institutions to introduce similar products …

It is also evident from the examples above that the pricing of E-Money Bank’s new loan product is highly competitive over several maturities. In many cases, it is more favorable than the most advantageous offer with a shorter maturity than five times the interest rate. Of course, it is far from the case that at every maturity, for every client that the bank finds to be client-friendly, the E-Money Bank home loan is the best deal.

To summarize the key achievements of the new credit product

bank

From now on, FIX offers are available at very attractive rates for people who are not looking to borrow for 10.15 or 20 years. Those who prefer FIX all the time are not forced to settle for longer term terms with poorer conditions or variable interest rates because of the inflexible banking supply.

For customers up to and including 18 years crediting their E-Money bank account for $ 400,000 a month, the interest rate on their home loan will be better than choosing another offer where the interest rate is equal to the maturity or the interest period can be divided by the maturity term. lower neighbor.

For fixed maturities of 10 years or less, these fixed-rate offers are the lowest interest rates, regardless of the amount of credit.

After October 1, only these credit products can be used to charge up to 50-60% of their verifiable income for maturities shorter than 10 years. That is, these will be the loans with the shortest possible maturity.

Loans without Credit Information | Payday Loans

One thing we should first of all make clear is that there are not really any lenders who lend money without doing a credit check first. What can distinguish is how exactly this test is performed and what rules apply to being approved. Futher reading at http://whistlestopdepot.com

Micro loans that did not really do any credit check

money

Because it was quite common for there to be lenders dealing with micro loans that did not really do any credit check. However, these lenders have suffered so much criticism that they no longer act in this way. That being said, there are still lenders who do not carry out credit checks where there are directly tough requirements with it being another matter.

Credit check is performed on you when you borrow money

Credit check is performed on you when you borrow money

Actually, you should not see it as something negative that a credit check is performed on you when you borrow money. The credit information is available to ensure for the lender that they can get back their borrowed money which also means that a check of your finances is carried out.

This check also gives you a similar response that the lender gets. If the lender would then consider that you do not have enough money to borrow, this is a sign that your finances are not good enough to borrow. Borrowing if the economy does not exist is generally very bad as the problems with high probability will be hoped for in the near future.

Not GF

Not GF

GF is owned by some of the big banks and these of course also use them for their credit information. Furthermore, there are a number of other lenders who take their credit information from GF.

However, there are several other players in the market who deal with credit information and the results may be slightly different depending on who is performing it. For example, hardly any of the companies that lend money in the form of GF micro loans use their information.

In 2008, the peak year, so many home loans fell!

By June 2018, the population had taken out as many home loans as in 2008, which is called the peak year in the history of home loans in Hungary. This is a $ 400 billion home loan.

Loans at low interest rates

Loans at low interest rates

So much has changed that forint loans are being replaced by forint loans at low interest rates under regulated conditions, which excludes the great possibility of risks! No need to worry, interest rates are still low, and it is worth taking out a home loan if you have a home.
These are housing market statistics, but let’s look at some very good home loan deals!

2008 was the peak of foreign currency lending, and in the first half of the year we borrowed HUF 408 billion.

cash

Now the same amount of home loans has been reduced, and households borrowed HUF 400 billion in the first half of the year as well. This is more than six times the bottom of 2013, with a 35% year-over-year increase.

Due to the average loan amount and the growth of the housing market, it is not surprising that the interest of the Hungarian population in borrowing is growing, whether it is personal loans or home loans, but we take the most of them. By June, banks had already signed nearly $ 85 billion in home mortgages, surpassing the amount they raised in the same month of 2008.

Despite the strong market tensions we heard in May-June, when home loans became more expensive, even this did not stop home lending. It is true that these interest rate increases are only true for short-term loans, as 5-year and 10-year loans have become slightly cheaper. This is not the effect of the statistical composition because it is consistent with the practice that many banks have not increased their 5 or 10 year mortgage rates!

Much more visible is the decline in interest rates on floating rate loans, now fixed rate home loans are leading!

cash

Thanks to central bank-rated consumer-friendly home loans, the ever-lower interest rate on fixed-rate loans has led the population to spectacularly opt for fixed-rate, more secure home loans to achieve their home goals. Of the 10 home lenders, 4 choose fixed installments for more than 5 years, only one in six home borrowers has applied for a 3, 6, or 12-month home loan.

We still find short-term offers today, for example. Good Lender and GFI Bank offer mortgages below 3%, with income above 250 thousand HUF. To do this, they have to take a short interest period, which means that the installment payment can change within a year.

Loans with interest rates of 3 and 5 years are cheaper than loans with a fixed term of 10, 15 or 20 years. 3-year and 5-year home loans are available at interest rates starting at around 3.5%. Loans fixed for 10, 15 or even 20 years today offer the greatest security with the predictability of monthly repayments.

What’s really safe is that for loans with a fixed maturity of at least 10 years, interest rates start around 4%.
Currently, the best construction is offered by Good Finance Loans.

For example:
“If we take a 10 million HUF home loan for a used home for 20 years with an income of over 250 thousand HUF, we can already have a monthly installment of up to 52 thousand HUF, which can only be moved by the volatility of BUBOR.”

If you are looking for security, you need to count on a repayment installment of around HUF 58,000, but even more at HUF 61,000, in order to get the most favorable home loans!

In the future, long-term fixed mortgage loans such as rating systems designed for consumer-friendly qualified home loans will increasingly take over the market, credit experts expect.

If you would like to take out a home loan, you are interested in the possibilities of GFIC, you are interested in qualified loans, call our credit brokerage experts to help you with your decision!

Fill out our form, we’ll call you back!