Novelties are always coming to the market, so that banks and financial institutions innovate in the ways of granting credit. So now there is the cell phone secured loan, which for many can be confusing. After all, as it is a new means of obtaining credit, many doubt that it is possible, but as with any novelty, it is extremely important to be aware of the positive and negative points of this modality.
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This type of loan is nothing more and nothing less than the person getting the loan and paying it back over time. However, during this period, the cell phone will remain as a guarantee for the supplier company. Nothing out of the ordinary, with the exception of the cell phone, but that's where the negatives can come in.
In case of delay or non-payment of loan installments, the cell phone will be blocked and will only work again upon payment. In this case, as soon as the installments are settled, the device is released for use immediately.
The approach taken by this type of loan has already been discussed. However, companies that offer this modality claim that it is good for people from lower classes, as it grants lower values for emergency cases.
Even with all this, it is always important to clear all doubts before making a deal like this to avoid possible headaches and future problems. To reinforce, it is worth remembering some necessary precautions when taking out a loan, whatever it may be:
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