Each household should have created financial reserves in the event of unexpected expenses that go beyond the normal budget and cannot be covered by regular monthly earnings. However, the reality shows that many Czech families live so-called pay-to-pay and the family budget is so crowded that no extra money can be saved. How do you deal with this situation?
Sometimes just a little is enough and the already tense budget will find itself in the downside due to an unexpected financial need. Broken car or washing machine, illness or injury asking for considerable medical expenses, broken desktop computer, where all family members work … Unfortunately, events cannot be foreseen and need to respond to them as they occur. Unfortunately, however, the financial ratios of some families and individuals do not allow the amount to be paid out without a major change in the daily functioning of the budget.
Many are looking for a solution to the shortage of funds to cover sudden expenditures, which, however, often does not fully meet this specific financial need with its fixed setting. You will get the money quickly and easily, however, the maturity period must be selected in advance at the moment the credit agreement is concluded. Therefore, you have a fixed date in advance when and to what extent you have to pay a regular part of the debt. This is not advantageous in a situation where you only need to cover a temporary blackout.
Financial reserve as a rescue
The trend of recent months has been the so-called quick pre-pay loans, which act as an imaginary purse with a financial reserve that is available to you at any time and can be reused. Unlike conventional micro-loans, they offer flexible set-ups and repayments so that you can pay the entire debt at any time, or just the portion of the debt you can pay in a given month. Therefore, if you want to repay the repaid funds and determine the repayment amount and the maturity period yourself, it is advisable to look for this type of financial product.
Who will pay a loan before payout?
To put it simply, it is worthwhile for all those who need to have a financial reserve at any time to get it without delay. Ferratum Bank offers Ferratum Credit’s financial reserve of up to CZK 35,000. Compared to other short-term pre-payment loans, you have complete freedom to repay – you can pay the entire debt in full once you get into solvency, or pay only a portion of the debt each month based on your current finances. The only condition is to repay at least 12.5% of the total amount drawn each month. The advantage is that you do not pay any extra fees for setting up or maintaining an account. You only pay the daily interest and the fee for drawing the amount. In addition, it is zero when you first use the product, so you save up to 75% over conventional micro-loans.
Getting a financial reserve is quick and easy. You do not need a receipt or a personal appointment to sign a contract, everything is online and via mobile communication. You will receive the money on your bank account, usually within 1 hour of your request. If you have questions, you can contact a professionally trained customer service 24 hours a day, 7 days a week to help you with any questions or problems.