Need it, but don’t know how to get a payday loan? Check out our guide!
As much as it is not the ideal situation, getting a payday loan is often a necessity. In order to adjust a momentary financial condition, covering an emergency, paying a debt or solving a problem, the payday loan must be obtained quickly and in the best possible market conditions. Find out how to do it:
What do I need to get a payday loan?
The first step in getting a payday loan is to know why you need this money. This can be an alternative, for example, to pay off a large debt by overdraft or credit card. A family emergency is another reason for availing this form of loan. When you have a clear objective in mind, you can borrow only the amount you will need at the moment and plan to make the payment of what you borrowed. The documents required to apply for a payday loan may vary depending on the financial institution and whether or not you are a bank account holder. However, in general, to apply for a payday loan you need an identity document, CPF, proof of residence and income. Those who do not have proof of income can bring a bank statement, credit card voucher with the total invoice or proof of payment of credit that has been issued in the last three months.
What are the types of payday loans?
Personal lending is the most common modality. To request it, it is not necessary to prove how the money will be used. In general, it can be paid by bank slip, check or even automatic debit to the current account, depending on the financial institution. Another type of loan is the payroll loan. This model, which charges lower interest rates than the personal model, differs because there is no need to provide guarantees or prove purpose. The installments are deducted directly from the salary, so this option is not available to everyone. This modality is generally accessible to retirees (who have the value of the installments discounted from the INSS benefit account) and employees of companies associated with the institution that will grant the loan. Anyone who owns a property, such as their own property or car, may even consider refinancing it to borrow money. In this case the asset is given as a guarantee in the negotiation, which helps to decrease the interest charged.
Where to borrow?
Several financial institutions offer payday loans. One of them is Agree Bank. The payday loan can be paid in up to 24 installments on the check or up to 18 installments on the boleto. The due date is chosen by the customer, who has up to 60 days to pay the first installment. At Good Lenders Finance the payment of fixed installments can be made in up to 24 months by check or debit. Cream Bank offers its clients with a pre-approved payday loan with cash in the current account on the spot. Within the limit already approved, just choose the amount and the due date. Those who receive the salary through Cream Bank get lower rates. Best Bank also offers a payday loan to account holders who have pre-approved credit. There are also exclusive options for university students and retirees. At Across Lender Group, there are personal credit options for all needs. At Solcured Bank payday loans are exclusive to account holders.
Another option is to hire a payday loan over the internet, which can offer lower rates than financial institutions and be much faster. Compared to 6 companies that provide this service and listed pros and cons, see.
Using a payday loan is an alternative to pay off debts that charge higher interest, such as a credit card or overdraft, or to solve an urgent financial problem. However, in order not to have to borrow money again, it is important to invest in a good financial organization and create an emergency fund for these situations.