It was announced in February that families who have children can take out $ 10 million in interest-free loans. Is it worth thinking about this instead of a payday loan?
Easy to get
Since the loan will start on July 1st, there is still time to consider whether to take advantage of this. Of course, because of the constraints, this door is not open to everyone. Only married couples who are ‘out of state’ and have been ‘out of work’ for up to 1 year, or where the wife is between the ages of 18 and 40.99.
If you are sympathetic to a baby loan, it is worth looking at the details as well. It is good to know, for example, that in the event of a divorce, the borrowers will forfeit the interest subsidy and will continue to operate as a payday loan.
Many people think that it is worth taking a look because it will be easy to get this loan with a state guarantee. Obviously, credit assessment will be less severe than where the state is not behind the contract.
Couples are very likely to take advantage of the opportunity – even if they do not want a child, as the intention is ‘can be said’.
The interest may appear five years later
However, if someone is unable to take out a payday loan that is currently offered on very favorable terms, it is not really worthwhile to do so. If we are financially insecure and a $ 10 million loan, treated as ‘found money’, gets out of hand, then we should not miss the opportunity.
In the case of a baby loan, if we do not meet the conditions – the baby will not be born on time – we will have to pay interest, which will be 130% of the yield on five-year government bonds, plus 5 percentage points. And here comes the factor that this will be more expensive than a current payday loan.
Nor is it certain that where you really want a small family member, there is a 100% guarantee that your baby will be born, because life doesn’t work that way. So payday loan is still an option that should not be neglected.