Monthly Archives: February 2019

What they do not tell you about online payday loan

Online Payday loan may be the best way out for many problems. However, before you place your order, you need to understand everything about this financial product to ensure that you do not fall into any trap.

There is much more to looking at on a loan than just the interest rate. Thinking of helping you with this task, below we tell those details that pass beat (and no one tells you) when applying for your Payday loan online. Follow us!

Not always lower interest rates mean the best option

Not always lower interest rates mean the best option

It is common that when applying for a Payday loan online, people stick to the interest rate charged. Although very important, it is not only her that will influence how much you pay after all. Some institutions may charge a number of other built-in fees, so you need to compare the CET, Total Cost Effective.

The CET is a tool that considers all the costs of a loan. At this Bank link you can find everything about it. Institutions are required to inform the CET of their loans on their website, since calculating it alone can be a bit tricky.

Payday Online Loan is Safe and Reliable

Payday Online Loan is Safe and Reliable

The internet is good and bad, as we well know. However, many are still scared when it comes to tinkering with money over the big network. Although there are still people scamming around, online financial services are becoming safer, including online Payday loans.

Just take some care, as we explained in this post. The main one is to make no advance deposit to get the loan. No serious institution will ask you to pay a fee to release the money – after all, the goal is to help you, not tighten you even more.

You can anticipate installments and earn discount

If you receive extra money and want to anticipate some or all of the loan installments, you can do so. Just get in touch with the institution you hired and ask for the anticipation. Some even offer per-application mobile services to make life easier.

But remember to negotiate a discount! Interest is calculated according to the term you set for payment in the beginning. If you anticipate the discharge of the loan, therefore, you are entitled to a reduction in the total amount paid.

Overdraft is also a Payday loan

Overdraft is also a Payday loan

Many do not think about it, but overdraft is also a type of Payday loan. In this case, you have a pre-approved credit in your account, ie if you get zeroed, the overdraft cash will be available automatically.

However, this is not a very smart way to use a Payday loan. The overdraft interest rates can be very high, and since there is no control whatsoever, you can end up piling up even more.

You may regret and cancel the loan.

You may regret and cancel the loan.

When you apply for the Payday loan online, the institution does an analysis of your profile. After that, you will have to confirm and validate the information you have passed if your request is for data verification. If before this process you think better and regret, you can cancel the order with the chosen company.

But remember! This must be done before the finalization of the loan agreement. After that, it is important that you read all the details of it (or ask a friend with more experience to read, if you feel better). The agreement will specify all conditions that you must meet during the loan period.

Now that you already know everything that does not tell you about Payday loan online, are you ready to ask for yours? Do your simulation right now!

What is the Best Special Check or Payday Loan?

When we are in need of money, whether to buy something or even to pay off debts, it is almost an impulse to resort to less bureaucratic credit alternatives, such as overdrafts.

This does not happen by chance: the overdraft is very practical and easy to use – when your account goes red, you are automatically using it. But is that really the best solution to get the money you need?

Another less used alternative is payday loan, and that’s what we’ll talk about today. Below, we’ll explain to you how these two credit offers work, so you know how to decide which one is best for your pocket!

How does the overdraft work?

How does the overdraft work?

Overdraft is a service offered by financial institutions and attached to your account. At the time of opening, a profiling is usually done to determine the amount that will be made available on your overdraft. The greater your financial credibility, the greater the value.

This amount is already made available in addition to your account balance. This is a strategy for banks to see your overdraft as “guaranteed money” and end up using that credit service.

That is why it is important to be careful when looking at your balance. The actual cash value you have will be recorded first and then the amount of the overdraft. Some points to consider before using the overdraft are:

  • There is no payment date, unlike a loan. However, the longer you use the overdraft amount, the more interest you will pay;
  • Some accounts offer a few days of interest-free check, so check to see if yours does not fit this type;
  • Overdraft interest is usually charged every first business day of the month, and if you do not have money in your account, you may be charged a 2% fine on the debt.

How does payday loan work?

How does payday loan work?

payday loan is a service offered by banks, financial institutions or banking correspondents. With it, it is possible to get an amount for various payments depending on your credit rating. This modality has gained strength, especially among those who need small loans to pay off debts or buy some more valuable goods.

Currently you can make the loan online without even leaving home. The process is very convenient and less bureaucratic than with banks. Some points to consider before applying for a payday loan are:

  • The loan application process with banks is usually quite bureaucratic, whereas through the internet the process is faster and the requester has the answer in a few minutes and if approved, receives the amount in a few hours;
  • The online payday loan is quite secure, as long as you research the loan provider company well before making the contract;
  • For the payday loan online, it is possible to get smaller amounts, for punctual payments, ideal for those who do not want to commit to a new long debt.

But then which of the two is better?

And the answer is: it depends. For those who have a few days of interest-free paychecks, this may be a good option to reimburse some payments. However, because there is no set control or due date, overdraft can end up becoming a snowball, which will make you pay more than if you were looking for other credit options.

The interest rate on the payday loan varies greatly according to the financial, since each company has rules, approval rate, credit analysis etc. However, this can be a good option, especially when you need small amounts to pay off debts or punctual purchases. The tip is to research hard and choose a suitable financial and that offers you good conditions for payment.

Get your top payday loan questions

 

Do you need money? Do not worry. Everyone goes through a moment of life when they need a little more money to pay off an extra purchase, take out debts or even make some investment.

That’s what the payday loan is for: to save you in that moment that seemed to have no way out .

But as we know that when it comes to money you can not do anything “blindly,” below we answer the main questions about payday loan so you can make yours in the most conscious way.

Ready to start?

 What is payday loan?

 What is payday loan?

payday loan is a form of payday credit offered to individuals. In general, this type of credit may or may not request a good as collateral, for example your property or car.

These two types of loans have different target audiences and also the product turns out to be different to suit different needs.

 What is the interest on the payday loan?

 What is the interest on the payday loan?

Like any loan, the payday loan has interest. In this case, they can vary greatly according to the financial institution granting the credit. This difference in interest rates may depend on several factors, such as whether the company grants a loan to negative or not, if it asks for a good as collateral, level of risk, etc. Worth searching to find the best offer that meets your need!

Who can apply for payday loan?

Who can apply for payday loan?

Each financial institution has its requirements for a person to apply for credit, but some basic requirements for applying for a payday loan are:

  • Be over 18 years old;
  • Have a valid CPF;
  • Bank history;
  • To reside in Brazil;

The loan application should always be made on your behalf and with true data.

Where can I apply for a payday loan?

Where can I apply for a payday loan?

payday loan is not a new type of credit. Financial and most traditional banks have already offered this modality for some time in their banking branches, the big difference now is that it is also being offered by the internet by fintechs.

The advance of digital media allowed credit to reach the big network with a much faster request, evaluation, and money-sending process and less bureaucracy. You can do a simulation online from the amount and number of months you want to pay and the calculator automatically returns the amount of the installment and all the information necessary for you to make the decision.

How is the evaluation of the application made?

How is the evaluation of the application made?

The evaluation of your request is made according to various data informed by you at the time of your request, the financial institution will analyze the risk of granting the money to you. Credit analysis is one of the forms of evaluation, which is done through bank statements.

Your credit score is also assessed. This is a score that represents how good a payer you are. Every Brazilian has a score and the more you pay bills on time, request financial products and keep them up to date and use your credit card consciously, the more points you earn.

In addition, verification of the veracity of all the data informed during your request is made.

How much time does the money go into the account?

How much time does the money go into the account?

The time for the money to fall in the account depends on the institution granting the loan to be denied. However, it is worth saying that in the case of online loans this period is much faster. As everything happens on the internet, the evaluation is done in a few minutes, you get an answer on time, if approved, the money goes to your bank account.

In traditional financial institutions, you need to go in person to apply for the loan and carry all the documents and vouchers required by the institution. Usually you need to have the account at the bank that wants to get the loan and have a history so they can analyze your case. To give you an answer it can take some time, and if you are approved, you will receive the amount in the bank account.

I was not approved, what happened?

I was not approved, what happened?

There is a possibility that you may not be approved, there may be several reasons for this decision. For example: low credit score; not approval in the data analysis; divergences in the registered data; etc. But if this happens it is not cause for despair! There are a few tips you can follow to improve your credit score and make a new request.