Personal Payday Loan OnlinePayday Loans Direct Lenders
In France, a Personal payday loan is a form of consumer credit that is not intended to finance a defined project, unlike the loan allocated to finance the purchase of a specific good or service. For example, the Personal payday loan can be used to help the borrower with certain expenses such as renovation costs, travel expenses, medical expenses, wedding financing or expenses for consumer goods. nature does not have to be specified. The funds are paid into the account of the borrower who then has the opportunity to dispose of the amount as he wishes.
What is a Personal payday loan online?
Like all consumer credit, it is a loan granted by a bank or institution specializing in credits and repayment is made in monthly installments over a period ranging from a few months to several years. The minimum repayment period is 3 months and in practice there is no maximum duration. However, this type of loan usually does not exceed 7 years.
It is a loan that can be between 200 € and 75 000 €, however, the amount may vary from one bank to another. The credit rate is also variable and depends on the lender as well as the repayment term. The conditions of obtaining can also vary from one organization to another, the borrower can thus be refused the loan if his repayment capacity seems to present a risk following the assessment of his situation by the lender.
As for other consumer loans, the borrower has a withdrawal period of 14 calendar days after the signature of the contract. At any time, the Personal payday loan can be paid in advance, which could happen if the borrower receives a sudden return of money (an inheritance for example). However, in this situation, the organization to which the borrower has applied for the loan is entitled to charge fees that will be mentioned in the contract.
There is also the possibility to postpone maturities (usually twice a year) if the borrower encounters temporary financial difficulties.
The information that the institution is required to provide to the borrower and that can not be changed once the contract is signed is as follows:
- The total amount borrowed
- The duration of the credit
- The amount repaid each month
- The total cost of credit
- The annual percentage rate of charge (APR)
- The repayment terms
From now on, your loan application can be done online. As a result, you are no longer required to go to the bank or credit institution chosen to complete your Personal payday loan application or even to make an appointment with a client advisor who will take care of entering your data. in the computer system.
From the moment you have an Internet connection, you can apply for a loan without leaving your home. All you have to do is fill out a form to send your information directly to the bank or financial institution of your choice.
How can I get a Personal payday loan online?
If you have already chosen the bank or credit institution where you wish to borrow, you can go directly to their website to apply. However, it is advisable to first use an online comparator that will help you choose the Personal payday loan that is most beneficial.
You will be able to make simulations of credits by varying the amount and / or the duration of repayment in order to know the generated monthly payments and check their compatibility with your capacities of refund, but also, to discover offers likely to interest you. Nothing prevents you later, to send credit requests to several organizations at once, to maximize your chances of getting the loan you want.
In any case, you will have to fill out a form with the necessary information (which is the same as a traditional bank would have requested) including your personal and professional situation as well as your income. Once your request is sent, you will receive a policy response that is immediate in most cases.
If this answer is favorable, it means that according to the information entered on the site, you can subscribe to the Personal payday loan requested from the organization concerned. The loan offer will then be sent by mail. At that moment, you will only have to date and sign the document (to avoid any error, the fields are pre-filled) and to send it back by post, accompanied by the required supporting documents. These will allow to carry out a thorough study of your file following which, a final answer will be communicated to you.
What are the advantages and disadvantages of the Personal payday loan?
- The Personal payday loan allows you to finance your projects freely, without having to justify the expenses that will follow. It allows you to dispose of money as you see fit, which is very convenient in case it will not be used to finance a specific purchase. It can help you achieve important projects without having to dig into your savings.
- This is a customizable credit that allows you to choose the monthly payments and the repayment period depending on your situation. You also have the option of early repayment, in part or in full.
- The duration of the credit is fixed, which makes the risk of over-indebtedness minimal compared to that of revolving credit which is contracted over an unlimited period of time.
- If you use the Personal payday loan to finance the purchase of a piece of equipment and that, for example, a complication occurs with the delivery of the latter, you will still have to repay the credit. It is the same if the sale poses any problem, it is canceled or the object has a defect.
- In most cases, the interest rate is higher than that of an affected loan because the bank does not have a real collateral for the purchase of a particular item.
- Acceptance rules are generally stricter as proof of use is not required. In any case, the debt of the borrower can not exceed 33% of his income.
What are the advantages and disadvantages of online lending?
- This is a practical and simple procedure to perform. It only takes a few minutes to complete your application and send your loan application. In addition, taking the time to compare the offers of different institutions yourself and having to make appointments with counselors can be very time-consuming and take up a lot of time. With online credit, you can do everything without having to travel from home.
- You quickly get an answer to your request. Most of the time, the principle answer is immediate based on the declared elements.
- The loan application can be made whenever you want, at any time of the day. You can therefore do your research outside banking hours.
- You can track your online credit once you have been granted, and you can request changes if necessary.
- Online offers are often more advantageous than those of traditional banks, you can fall on many promotions.
- It’s a secure system, your data remains confidential.
- Some people may find it disadvantageous to physically meet a counselor. If you feel the need to ask questions or make specific requests, it can sometimes be difficult to navigate. At this time, do not hesitate to call customer service to help you with your steps. In most cases, it is also possible to interact with a counselor through a chat window on the site concerned.
- Online banks are not necessarily cheaper and their customer service is not always good. It is advisable to inquire about the establishment in question beforehand.
What are the necessary supporting documents?
The documents requested to finalize the study of the borrower’s file must be returned by mail, accompanied by the dated and signed contract that you will have received. In some cases you can also send them by email, depending on the organization chosen. The essential documents for the Personal payday loan are:
- A valid identity document (national identity card, passport, residence or residence card …)
- A proof of address (electricity bill, property tax, rent receipt …)
- Proof of income (last tax notice, last payslip, certificate of family benefits …)
- A bank or postal identity statement (RIB or RIP)
However, this list is not exhaustive and it may be that the institution from which you have applied for a Personal payday loan deems it necessary to require additional documents, especially if your situation has certain peculiarities. top