How payday loan works: all the information you need for your quick loan

How much money can be obtained with a payday loan?

How much money can be obtained with a payday loan?

People who apply for a payday loan for the first time with this entity can get a maximum of 200 euros to return in a period between 7 and 28 days, with the corresponding interest. Recurring customers have the possibility to extend the payday loan up to € 600 to be repaid within a period of 28 days. The maximum APR is 7834.62% and the minimum of 3597.49% APR, the real value depends on the amount and the term of return of the contracted product.

This entity has a loyalty system that rewards punctual payers.

  • Basic: you can get 250 € maximum with your respective interest to be returned within a maximum period of 28 days after returning the first payday loan.
  • Silver octopus: with the second return of the payday loan the doors open to a greater amount, it is possible to obtain a maximum of € 350 with a discount of 10%.
  • Gold octopus: any customer who has requested and returned 4 payday loans automatically goes into this category of payday loans with a limit of € 500 and a 15% discount on interest.
  • Platinum octopus: if you get to 6 payday loans with this entity being a punctual payer you get access to € 600 with a discount of 20% on all applications.

What requirements must you meet to access the payday loan?

What requirements must you meet to access the payday loan?

  • Be between 21 and 70 years old
  • Permanent residence in Spain
  • DNI / NIE number
  • Mobile phone number
  • Be the holder of a bank account registered in the Spanish banking system.

How to get the money you need?

Choose the amount you need and the return period.

You need to register and complete the form on the payday loan providers website and you will have to provide your personal information:

  • full name
  • DNI / NIE
  • email
  • phone number

Once the registration is complete, you can identify yourself immediately. The answer can be obtained in 15 minutes. The transfer will be made and you will be able to arrange the money at your pleasure. The status information of the request will be sent by email or through sms to the telephone number provided by the client.

The decision of the entity is subject to the following factors:

The client must not have pending payments, nor debts to third parties that may hinder the payment of the payday loan, including the records in delinquency files.

That is not subject to legal or judicial procedures that may weaken your level of solvency.

All the information provided must be true and current.

How do I return the payday loan?

There are several channels through which it is possible to return the payday loan.

Bank transfer: can be done through online banking or you can go to a branch and make the payment. The entity indicates the need to specify the concept of payment and state the DNI number. This way they make sure to cancel the payday loan correctly.

Cash deposit: can be made at an ATM or at the banks of the banks indicated on the invoice of the client’s personal area.

Can I extend the return period?

Can I extend the return period?

The payday loan can be deferred for 7, 14, 21 and 28 days; before it is necessary to pay the amount corresponding to the commission expenses for the new selected period normally these are similar to the value of the added interest at the time of your request. It is possible that a penalty will be applied, that is, another additional payment depending on the delay. The payday loan can be returned at any time without additional costs or fees.

What to do if the payday loan can not be paid on the established date?john

In case of non-payment payday loan providers will apply a penalty of 2% per day on the total amount not returned with the maximum limit of 200% on the principal. If after 3 calendar days of the date of repayment of the payday loan or the facilitated extension had not made the return, the entity may apply a penalty of € 30, in addition to reporting in the asset solvency files about the debt, ie the inclusion to a delinquency register.

Before it is better to contact the entity and reach an agreement with it. These types of institutions are flexible and offer the opportunity to dialogue with the client, but the best thing is not to reach this situation, so it is very important to assess the indebtedness capacity in depth before making the request.

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