In which bank is it best to take a payday loan? It is certainly not easy to find a cheap payday loan, let alone the cheapest one. However, we can take some steps that facilitate the selection of the appropriate bank in which we will submit a loan application. Pay attention to certain elements of the cost of payday loans.
BETTER RELIABILITY = BETTER CREDIT OFFER
Do not use the payday loan offer in the first better bank, just because you saw a nice ad. Maybe it is very funny, but it is not the gentleman from the ad that will pay for the loan for you.
When choosing a payday loan, when comparing banks’ offers, one should pay attention to a few basic elements:
INTEREST RATES The nominal interest rate of a payday loan is the most frequently displayed element in advertisements: “only 5.99%”, “promotional credit interest rate at 6.49%”. The higher the interest rate, the higher the interest you pay on the loan.
COMMISSION The fee charged by the bank for granting the loan. A very important factor that affects the price of the loan. The most common situation is that with reduced nominal interest the commission is increased and vice versa. Of course, the higher the commission, the more expensive the loan is.
SECURITY Banks offer both payday loans with collateral and unsecured loans. With relatively small amounts of payday loans at the bank, we often get only for a certificate of earnings. At the higher amount and for a longer period, the security may be, for example, a promissory note or a third party guarantee.
INSURANCE Credit insurance may be compulsory or optional. In case it is not necessary, we have to decide whether to pay for it. You should check from what event the random loan is insured. In the case when such insurance is required, you should not only check the insurance contract, but also find out if you can find another insurer yourself – insurance can be cheaper then.
Additional factors to pay attention to when comparing loans:
It may happen that there will be periodic financial difficulties and we will not be able to pay loan installments. It is worth asking in the bank if there is an option of “credit holidays”, i.e. suspension for a certain period of time (usually 1-3 months) of repayment of installments.
Banks often offer additional products to consumers in exchange for lowering the interest rate on a payday loan or commission. This may be, for example, setting up a bank account for which remuneration will be paid during the duration of the loan agreement.
LOAN AND LOAN IS NOT SAME
A payday loan and a payday loan are two different financial products. A payday loan can only be granted by institutions authorized to do so: by banks and Credit Unions. It is a special-purpose loan, which must be dedicated to the goal that was written in the contract. Regulations regarding loans are regulated by the provisions of the Banking Law.
A payday loan is granted by both economic entities and natural persons. Up to PLN 1,000 is not required in writing. Therefore, we will get a payday loan from both the bank and the loan company. You can also get money in the form of a loan from a friend or family. The provisions regarding loans are regulated by the provisions of the Civil Code.
A CASH CREDIT COMPARED
How can you choose a bank in which to submit a loan application? There are several possibilities. One of the most popular is the payday loan search engine, also available on the website: CREDIT CALCULATION COMPARISON . It is a very easy to use tool, and at the same time gives a quick overview of the collected bank offers. By entering the amount of a payday loan and the loan period, we get a bank statement in which you can submit an application or contact a selected bank (simply complete the online form).
Remember, however, that the comparison of payday loans is not used to calculate credit installments precisely, but only to estimate their amount and contact with the bank. You can of course create your own ranking of payday loans and choose the most favorable loan. All you need to do is select three banks and, based on your credit information, make a ranking of the cheapest payday loan. In the case of a small loan (value and loan period), the differences will not be large.
The cheapest payday loan in the bank
Lack of financial liquidity occurs when financial problems arise once in a while. Insolvency is, however, when we can not repay debts: loans and borrowings.
In the first case, a loan or bank loan may solve some financial problems, we will not get anywhere in the second loan.
Before you use the credit offer, compare the banks.
The bank checks the accuracy of creditworthiness and creditworthiness – the better it is, the better the loan offer, of course.
Do you know that the bank can grant payday loans to regular bank customers without having to present income statements. However, the loan amount can not exceed 6- or 12 times the average wage in the enterprise sector.
The so-called. payday loans without certificates can also be granted to new clients of the bank up to the average remuneration. But in this case, however, we must be prepared for the fact that the bank will request a certificate of income received, or in the case of retirees and pensioners of the retirement or disability pension.