For example, for large expenses such as renovations or car purchases, the most usual is to request a classic loan from a financial institution. However, when we need a smaller amount of money urgently, there is nothing more effective than payday loan.
Today we come to talk about , an entity with great renown in the Internet world, which has become quite famous in recent years for offering a perfect commuter card to travel.
But today we do not come to talk about his most famous product, but his quick payday loan , a financial product that enjoys attractive advantages.
What are the payday loan?
ayday loan are loans of small amounts whose purpose is to satisfy a need for liquidity quickly. It is usually the best option in cases of urgency since the paperwork is usually minimal, and the transfer of money is extremely fast and efficient.
What are the conditions for payday loan?
In spite of how attractive it may seem to request a loan and have it available in our account in a few minutes, imposes several conditions and restrictions on its payday loan:
- Credit limit : for a first loan, establishes a minimum of € 50 and a maximum of € 300 . When you have successfully repaid one of these loans, the maximum amount will increase to € 700.
- Term of return : when requesting one of these payday loan, will ask you to establish a period to amortize the loan according to your needs. This can range between 5 days and 45 days.
- The minimum age: to be approved for one of these small quick loans, requires that you have between 25 and 70 years . In addition, your Spanish DNI must be valid and you can not be registered in files of defaulters.
How many interests should I pay for a payday loan?
Like any entity of this type, bank charges certain interests and commissions to its clients that will be adjusted according to the conditions of the loan itself.
For example, in the case of requesting € 200 and returning them in 30 days, the interest would be € 67.57, with which we would have to return a total of € 267.57.
The cost of the loan is calculated from the APR , and takes into account the amount of money requested and the repayment period in which we will repay our debt.
What are the advantages of bank’s payday loan?
Although the interests of these quick loans tend to be higher than those of traditional loans, it is undeniable that they have some very interesting advantages:
- Speed : if we need money urgently, a payday loan from bank may be the best solution. In just a few minutes we will have completed all the necessary data and we can request our credit. In addition, your system will notify us practically instantly if you have granted us the loan.
- No paperwork : no one likes to fill out paperwork, which is why has worked hard to design a sophisticated system that lightens all processes and procedures of payday loan.
- Flexible : with you choose the return period and the amount you want to request.