Lite portal loans: advantages and disadvantages
Lite portal is a platform that allows you to get small loans in less time, at least according to the official website sources. We anticipate immediately that as of 12/27/2017 there is no dedicated Lite portal service for Italy. In fact this company, which is duly authorized by the British FCA (registration number 671454) at the moment makes its products accessible only to those who reside in one of the authorized countries.
Characteristics of the loans: times and durations
As already mentioned at the beginning with Lite portal both the durations with which to make the repayments and the times for approving the loan request tend to be very reduced.
In particular, it is possible to choose between three types of financing types where the amounts, durations and corresponding interest rates are already set:
- from 1 to 35 days ;
- 3 months ;
- 6 months.
The minimum amount that can be requested is $ 50 (for the one with a duration of 1 to 35 days) while it is possible to obtain up to a maximum of $ 600 (with that at six months). As can be seen in the following simulation, the estimated “approval” times are only “5 minutes”.
Originally, starting in 2007, Lite portal was aimed only at those who lived in the United Kingdom. However Lite portal is constantly expanding and has developed over the last decade into other countries that are currently:
In addition to residency in one of the aforementioned states, the other mandatory requirements are:
- reaching the age of majority;
- possession of a mobile network number;
- have a bank account and a debit card (account cards are also accepted).
Logically, in order to access the platform you need to register and it is therefore impossible to obtain Lite portal loans if you do not have residence in one of the accepted countries.
Deepening: I need money: how to do it?
How does it work?
After registering on the platform you will have to choose one of three loans. Selecting Apply goes to the screen that allows you to see the real conditions applied, such as interest rates and also as costs to be incurred in favor of Lite portal depending on the amount requested.
So in the simulation (at 12/27/2017) the six installments will be around $ 173.09 each. The commission charged in favor of Lite portal is 15 pounds, but the aspect to be evaluated with great attention is that of the interest rate actually applied. This, equal to 0.75%, is not in fact monthly or yearly but is calculated daily. Not surprisingly, at the end of the six months the amount repaid will be almost doubled, reaching $ 1138.29.
The system works with attribution of ratings gradually more positive depending on the feedback obtained during the repayment phase. There is also the possibility of early repayment, to check savings on interest rates. To proceed with the loan response, Lite portal will rely on the income information provided online proven by a credit reputation check. Once approved, you will receive the contract that you must always sign online. It should be noted that up to this point we are not yet bound and it is still possible to interrupt the procedure without consequences.
Rates and costs
The rates, as can be seen in the example just highlighted, tend to be quite high. On the same Lite portal site it is pointed out that since these are fast loans, dictated by immediate liquidity needs and urgent situations, they turn out to be quite expensive.
How the refund is made
The amount disbursed is credited directly to the current account indicated at the time of the request while the installments are withdrawn ‘independently’ from the debit card. It is logically fundamental to ascertain that you have adequate storage in your account when the installment charge is envisaged, given that in the event of delay, additional costs will be applied as well as a worsening of your rating. This last aspect could make the request for a new loan with Lite portal even more burdensome or even impossible.