Personal payday loan can be an option for you to achieve your goals and achieve your dreams. But for everything to work out, you have to choose the right credit for your pocket and profile.
Thinking about it, Gino-Credit prepared this super complete guide on a personal payday loan.
It has everything you need to know from the moment of researching loan types, understanding the difference between them, how to apply and even what to do after hiring or credit disapproval.
Check it out now and share it with your friends who need to understand more about this as well.
What is personal payday loan?
Personal payday loan is a financial product offered by banks and financiers who lend money to the service taker (petitioner), with no need to prove their purpose.
This is a credit agreement between client and financial institution. The customer receives a previously agreed amount, plus interest. The amount must be returned within a specified period, by means of a signed contract.
The personal payday loan is the most practical solution for those who need money for any purpose. Most often, you are asked to resolve an emergency, clear debts, exit the credit card rotary or overdraft .
The moment you apply for a personal payday loan , a credit analysis will be done. The credit analysis will determine a positive or a negative answer.
Once you have your application approved, you will receive the full money. The installments must be paid monthly, according to agreement in the hiring.
What is the difference between personal payday loan and financing?
In personal payday loan, the approved loan can be used for any purpose. Example:
- bill payment;
- debt settlement;
- other objectives.
The financing, however, necessarily has a specific destination, such as:
- vehicle purchase;
- purchase of property.
What is the difference between personal and payroll loans?
While the personal payday loan is intended for consumers who have links with financial systems and their services, such as checking account or payroll , check, credit card, among others, the payroll loan has as target audience retirees, pensioners, employees of private companies and public servants.
The main difference between personal payday loan and payroll loan is the form of payment. In the payroll loan, the value of the installments is deducted from the payroll. In the case of retirees and pensioners, the value of the installments is discounted directly from the benefit, even before the money falls into the account.
Who can apply for a personal payday loan?
To apply for a personal payday loan , you must be 18 years or older and have an active CPF. In addition, it is necessary to present identity card (RG) within the validity (10 years from the date of issue) and CPF.
Proof of income and residency may also be required. See the list of documents for personal payday loan and which ones you need to have at hand .
How to apply for a personal payday loan?
To apply for your personal payday loan , you can submit a loan application in person at various banks and financial institutions or apply for a personal payday loan online .
In the personal payday loan online, the main advantage is that you can make the request over the internet anytime and from anywhere .
Hiring in online credit malls, such as Don-Credit Credit, is even more convenient, as well as offering the convenience of online application and more chance of approval.
That’s because with only a single registration, your request is potentially forwarded to multiple financial institutions at the same time.
Cheapest Personal Payday Loan
To get a cheaper personal payday loan , it is recommended to seek two or more proposals. Thus, you can evaluate the interest and installments that fit in your pocket.
Before hiring, put everything in the pencil tip: the amount requested, the interest that will be charged, the total amount of the loan and the installments.
The use of online credit shopping makes this research and evaluation much easier. Evaluate long-term debt , not just installments.
Do I need to pay anything to get a loan?
Not! N ever make any payment to get your personal payday loan. Stay alert and distrust of ads and companies that offer easy loan or loan to negatives with very low interest rates.
Immediately close the negotiation if you request any type of advance payment, even if it is for guarantee or guarantor. Learn how not to fall in the scams of loans over the internet .
What is credit analysis?
When a friend borrows something from you, such as a book, a clothing, or even a buck, you expect to get it back, will not you?
However, there is no guarantee that this will happen. You simply evaluate who is asking, and if you have good points, you end up borrowing what was asked for.
When you receive a personal payday loan application, banks and financial institutions do not know you. Therefore, financial institutions look for alternatives to know more about you, which is called credit analysis.
The personal credit analysis has five phases:
- Request for cadastral data;
- Analysis of restrictions on your behalf;
- Analysis of credit profile including credit score;
- Analysis of the commitment of their income;
- Analysis of your documents.
Disapproved Personal Payday Loan
If your personal payday loan application has been disapproved, it means that you did not pass the Personal Credit Review.
In this case, consider postponing your plans. Reduce your spending and look for alternatives to earn extra income.
Also try to make some money with family or friends. If that is the case, seek your creditors and renegotiate your debts as soon as possible.
Remember that keeping your expenses below your earnings should be the priority at this time. With the budget balanced, with all bills paid and with the name unrestricted, it is possible to get a loan soon.
Approved Personal Payday Loan: Next Steps
If, after the credit analysis your personal payday loan is approved, you should follow the steps requested by the bank or financial. Usually, after approval of your order, you must sign a contract.
This document should contain all the information about the service. In some cases, financial and online credit shopping already offer the digital signature of the contract.
Personal Payday Loan agreement
To avoid future problems, read all the information in the personal payday loan agreement . If you do not understand a clause, do not sign it.
First, find the answers to all your questions, because when you sign a contract, you agree to all the conditions described in the document.
In a personal payday loan agreement , the following information should be included:
- IOF (Tax on Financial Transactions);
- Installment : quantity and value of installments and interest rate;
- Net personal payday loan value: the amount you will receive;
- Form of payment of the installments : debit in account, billet or pre-dated check;
- CET (Total Effective Cost) : total cost of the loan in annual interest rate format, including all fees, charges and taxes.
Personal Payday Loan: payment options
The personal payday loan payment can be done in three ways:
- Automatic debit : installments will be deducted monthly from your checking account;
- Payment in ATM : payments should be made monthly at ATMs or service, lottery and even in the bank App on your smartphone;
- Pre-dated check: checks must be completed with the payment date of each installment and delivered to the bank or financial institution.
Pay the installments of your loan on time
Paying the installments of your personal payday loan on time is more than honoring signed with the creditor. With this, you will also be seen as a “good payer” throughout the financial system and, as a return, will have an easier time to acquire credit, such as a loan, financing, such as cars and appliances, credit cards or even the purchase of the house own.
Can I exchange a loan?
Anyone who already owns a personal payday loan in progress can apply for portability of credit and transfer the debt from one bank to another. This is especially possible if interest rates are lower.
Therefore, if you have this intention, contact your bank and request a consolidated debt, which should include information on interest rate, outstanding balance and contract number.
As a rule, the bank has up to one business day to pass all the information. Credit portability is guaranteed by Resolution No. 4,292 of the National Monetary Council.
Is it possible to repay a loan in advance?
If you have got enough money to repay your personal payday loan and if this amount will not be lacking in the coming months, you can carry out the discharge of your loan in advance. Thus, you save the amount of interest that would be charged in the next installments.
Now that you already know all about personal payday loan request yours at Gino-Credit.