Closing a payday loan for a bicycle, is that worth the effort?

17 Feb

Increasingly more and more financial institutions offer their customers the possibility to take out a special payday loan for a bicycle.

Belgians increasingly go to the bike to move. That is not so strange. Taking the bike is fun, it is good for health and moreover it is cheaper than getting the car out of the garage. On the other hand, purchasing a quality electric bicycle can cost a considerable sum of money. Whoever buys such a bicycle via the internet can quickly pay around 2,000 euros. For the best private models, the cost price rises to just under 6,000 euros or more. It is therefore not surprising that more and more people are looking in the direction of a lender for the purchase of such a bicycle.

Increased interest in large banks

Several major banks that offer a special loan for the purchase of an electric bicycle note that the number of people who opt for such financing increases significantly. claims that in the past year, just four times more payday loan for a bicycles were taken out. At it can be heard that during the first quarter of this year they have granted three times as many loans as in the same quarter last year.

The popularity of the payday loan for a bicycle has not escaped other players in the financial market. It can be established that the number of parties offering a payday loan for a bicycle is also on the rise.

How much does a payday loan for an electric bicycle cost?

At the moment you wish to borrow money for the purchase of an electric bicycle, you can take into account that the cost price you have to pay is in line with that of an electric car. The cheapest rate on the market at the time of writing is 0.85 percent. At the moment that you choose to take out a payday loan for a bicycle for an amount of 2,000 euros, it is possible to use a repayment term of up to 24 months. This ensures that people have to take into account a monthly payment of 84 euros for their electric bicycle. Eventually they will have paid a total interest of 17.71 euros at the best cost price.

Close a payday loan for a bicycle or not?

In the end we still have to give an answer to the key question of this article. Is it worth it or not to take out a payday loan for a bicycle for the purchase of an electric bicycle? It is a fact that these bikes are getting better and better. The possibilities are increasing, the quality is improving and so the average price tag is also rising. Moreover, it is striking that more and more people prefer to invest once in a really good electric bike which is slightly more expensive than opting for a cheap copy which they have to replace within the foreseeable future. Does this also apply to you, but do you feel very little about getting into your savings account for that? In that case, it can certainly be worthwhile to take out a payday loan for a bicycle from a reliable lender.

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