Interest on loans is cheaper than it has been for a long time. Take the opportunity now and secure your cheap payday loan directly online.
Whether it is overdraft facility compensation, a new car, the financing of long-cherished wishes or the repayment of expensive loans, the payday loan is ideal. The loan amount and term can be flexibly combined so that the fixed, predictable rate fits optimally into the monthly budget.
What is a payday loan?
The payday loan is a conventional installment loan that is applied for from a bank and used for any private purpose. The payment is linked to a fixed term and the repayment is made in constant monthly installments. Depending on the bank, loan amounts of between 500 and 75,000 USD are available and borrowers can choose between twelve and 84 months for the term of the contract.
Credit comparison provides an overview of the supply jungle
The biggest problem when looking for a suitable loan is the growing variety of offers. You can take out loans online or at a local bank branch. And even these two options offer dozens of variations. Instead of exploring the countless ways in laborious small work, a payday loan comparison is the better choice and is also recommended by the consumer advice centers. The offers for payday loans can be compared quickly and easily in this way. Depending on the loan amount and term, you can immediately determine the expected interest charge and the monthly rate. This procedure not only provides an initial overview, but ultimately also saves money – because this way, the risks of overpricing can be reduced in advance.
Requirements for a positive credit decision
In order for a payday loan to be granted at all, conditions apply that are the same for almost all banks. Basically, if you do not have a credit rating, you will not get a loan. The creditworthiness can be on the one hand in the income or in the collateralization with assets. Another option would be to provide a guarantor who is liable for the loan amount if the repayment fails to materialize.
The applicant must be of legal age, have his main residence in the Federal Republic of Germany and have an income. For employees, pay slips are sufficient as proof, for self-employed or freelancers, for example, business evaluations must be sent as proof of income (in general, however, it is more difficult for the self-employed, as their income is not constant and secure). As a rule, you must not be over 65 years old and have no negative characteristics in your Credit Bureau file. If these conditions are met, the first threads for the desired loan can be drawn from the payday loan comparison by informing yourself about the conditions.
Apply for payday loans in just a few steps
If you have decided with the help of the comparison, which providers you want to get offers for payday loans, there are only a few steps. A loan calculator that almost all banks offer can be used to select the loan term and the sum. When submitting the application, personal data and information on the financial situation, in particular on income, are then collected. This data, which is of course treated with absolute confidentiality, leads to an immediate, non-binding commitment. Once all the documents have been checked, you receive the offers and can then decide with whose help you want to open the door to your personal wish privately.
To reschedule credit (s)
Balance current account – reduce rate burden – save interest costs – reorganize liabilities
Lending rates are currently record-breaking low, which also makes debt restructuring interesting. Borrowers can thus replace expensive loans – even several – with a new and cheaper loan and thus save considerable interest. In addition, the monthly financial burden is tidied up when there is only one installment to pay instead of having to service several installment loans in parallel.
Banks take high interest rates of 10 percent and more, especially for overdraft facilities. If this is overdrawn, it goes into the money. Debt restructuring through a payday loan offers considerable savings potential.
Further information: Debt restructuring »
Credit from private
As an alternative to the normal installment loan, it is now also possible to request a private loan online. This is done through special marketplaces.
With this type of loan, it is not banks but private individuals who make the money available for the loan. Unlike the conventional payday loan, which is available for free use, you have to specify and describe the purpose of the loan – the so-called loan project – for private individuals. In addition, the borrowers determine the interest rate themselves. If this is set too low, it is difficult for private donors to invest in the loan project.
With good to average creditworthiness and a Credit Bureau file without negative entries, a payday loan via the credit comparison is usually cheaper than a payday loan. The self-employed and freelancers, on the other hand, have a better chance of obtaining a loan through a credit marketplace.