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?
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?
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?
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?
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?
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?
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?
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.