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Today, many are wondering where to get money for unforeseen expenses and needs. The best option in this case is a quick loan from a microfinance institution. A loan (Mutuum) is http://www.cashadvance-loans.net/apply-now/ an agreement under which one participant (lender) transfers funds or specific things for temporary use or ownership to another participant (borrower). This agreement is concluded for a certain period, after which the debtor will be obliged to return an equal number of things of the same kind and quality or an equal amount of money, as well as to pay the interest stipulated in the contract.

The essence of the loan agreement is as follows: the lender transfers to the borrower the ownership of things or money, while the borrower must agree to the terms of the operation. The creditor has the right to demand from the debtor the return of the same quantity and quality of things or funds that were transferred to his property. The borrower, having received the necessary money or things, undertakes to return the same amount of money or the same number of things.

Obligations to repay the debt are assigned to the borrower in the actual transfer of things to him or the amount of money for use. Oral consent to the loan has no legal force. The borrower’s responsibility for the payment of the loan comes at the time of transfer of things or money. Non-purpose loan — does not limit the use of funds provided for any purpose, is mainly more expensive than targeted loans. Its feature:

no restrictions on the use of borrowed funds;
it is advantageous for a one-time receipt, in cash;
low interest rate as opposed to a credit card;
a certain period of debt repayment is established.

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