Payday loan is one of the easiest loans to be acquired in the market. Those interested apply for credit at banks, financial institutions or online credit stores and are evaluated by institutions. If the company approves the credit, the money is released to the customer.
The time for analysis will depend on how the loan was requested: in person, made in bank branches, it may take a few days for the response to be approved. Already the online loan provides a response within a few hours on the request.
According to the Bank, interest rates can vary between 1.5% and 26%, depending on the institution chosen to obtain the payday loan. Before you apply for a credit of this type, research the companies with the best conditions for your pocket. The maximum term for repayment of the loan is usually up to 48 months, but may vary according to the bank.
When to avail a payday loan
To apply for a payday loan with banks or credit institutions, evaluate your current financial situation and see if it is worth borrowing. It is most suitable for emergency situations, but can be used at any time.
Who can make a payday loan
To make a payday loan, you must be over 18 and have an open checking account. Know that the younger you are, the loan amount may be lower. This is because, for many banks, in these cases the risk of default is higher.
Documentation required to make a payday loan
- Proof of address;
- Most recent bank statements, payslips, or income tax return.
Where to make A payday loan
The client who has the interest to make a payday loan should analyze the conditions offered by the banks that have current account. Financial institutions often offer pre-approved loans and, depending on the value of the loan, interest rates can be attractive.
Department stores also make payday loan. They have agreements with banks and financiers to release the money to customers using the network card. Just like the direct loan in the banking institutions, this also is subject to the most expensive interest rates.
payday loans can also be made on the internet. Credit institutions already close contracts online and without requiring the client to travel to an agency to make signatures and deliveries of documentation. By not having costs related to physical stores, the payday loan can end up coming out cheaper if hired online.
How to make a payday loan
If you choose the face-to-face form, you should go to a bank branch of your choice with the necessary documentation. The bank manager will evaluate the information and, if the credit is approved, the amount will be released within a few hours into the account holder.
Also check out the reputations of companies on complaint sites. They bring together evaluations of the services and services of various companies, including banks and finance companies.