How do you choose a payday loan?
Finding capital to finance a personal project or to cope with the risks of life is possible by opting for an online payday loan. Provided without proof, this credit allows you to quickly meet your liquidity needs.
The criteria to be taken into account
The time it takes you to repay your loan depends on the amount you are applying for. This amount will generally range from 12 to 84 months. The longer the term, the more expensive your credit will be. In addition, the shorter the repayment term, the higher the monthly payment.
It is mandatory to take out insurance to cover the payment of the outstanding balance in case of default by the borrower (loss of work, accident, illness, divorce, etc.). However, you are not required to accept the offer from the credit institution and have the right to choose one on terms that are easier for you.
The total cost
Total costs are an important criterion when choosing your payday loan. Compare different proposals to find the proposal that is the most advantageous, taking into account the insurance, the apr, the duration and the amount awarded.
Pay special attention to the apr, which will determine the total cost of your payday loan. A small difference can ultimately make a big difference. The apr for a payday loan is always a fixed interest rate that varies between 5 and 15% of the total credit value.
The monthly payments.
To avoid becoming overly indebted, your monthly payments should not exceed 30% of your income. The amount awarded varies between 2,500 and 100,000 dollars, depending on the organization.
In belgium, the online simulation is free, as it is sponsored by various financial institutions and banks. It is a practical and fast tool to make different comparisons and savings. It allows you to find the best payday loan adapted to your situation in a few clicks, without having to travel, and to apply directly online as soon as your choice is made.
Your loan will be provided as soon as possible and without supporting documents, which is interesting in case of an urgent need for money. The agreement is generally delivered within 48 hours of the request, and you are free to choose how you want to use it. You can use it to finance contingencies such as holidays, weddings, studies, or even private purchases such as cars, renovation materials, furniture, …
In addition to the speed of information processing, the simplicity of the operation is another advantage of this type of approach. Moreover, doing a simulation in no way obliges you to perform a simulation. The calculation of the amount you can expect and the determination of the specific features of your payday loan (apr, monthly payments, term, …) Are done by simply filling out a form. If the offer is acceptable to you, the amount awarded will be released within 48 hours of examining the file.