[translations idioma=”ES” url=”https://archives.rgnn.org/2014/02/07/serie-reacciones-ante-la-crisis-13″]
The ROOSTERGNN Series “Reactions to the Crisis” documents the effects of the current economic turmoil on commerce.
In Spain, the crisis has given rise to businesses specializing in loans which offer fast money with hight interests. In the case pictured above, a person’s car is used as collateral. The company estimates how much the client’s vehicle cost. They calculate it by checking websites of buying and selling second hand vehicles. They quickly send the estimation to the client. The business does not deal with big amounts of money, considering that second hand vehicles lost value in relation to how long they were bought. They usually deal with amounts between 3,000 and 6,000 euros. The company also offers the oportunity to not leave them the car and keep using it. Of course, the interest will be higher. The short-term loans can be paid back in either 30, 60 or 90 days and are subject to over 10% in interest payments.
Do you have a photo, quote, cartoon or multimedia content to share? Register at rgnn.org/register and upload your own!
Check back next week for more.