Borrowing money from 0% in – profitable, fast, convenient
By itself, a payday loan is not a big loan, issued for a short time. The activities of microfinance organizations are monitored by the Bank, it also issues a license to them.
If the organization does not have one, then most likely they are fraudsters. Therefore, before you take the money, you should read all the documents of the company.
Firms without certification can leave you without money and sharply raise the percentage, which is already quite large. You also need to check the paper to the percentage were fixed. If this is not indicated anywhere, the company can independently increase the percentage without informing you about it.
You can get a loan without interest for the first time just by presenting your passport. The pledge and the guarantor of the company are not needed, only the presence of the borrower is sufficient. And at the moment you can get money without being in the office, simply by filling out a form on the site.
In the questionnaire, you must specify your personal data, passport data and method of obtaining funds. Then the operator will contact you at the specified number and clarify whether you want to take a microcredit.
It is possible to learn money from the floor to a card or an electronic wallet, it depends on the desire of the client. It is also possible to call the courier at home, or pick up the money in the office. Receiving money on the card is possible around the clock, and offices are usually open until 6 pm.
The interest rate on microcredit is very large. This is justified by the fact that must somehow earn. The rate may be 1-2% per day, which will be at least 365% per cent per year, that is, three times the original amount.
Terms usually not more than a month. For late payment should be a fine. A single violation may not lead to complications, but constant delays in payments will lead to a meeting with collectors.
First, they will make a warning, and then begin to seize the property. You will also find yourself in the black list of the organization, and if it cooperates with other companies, it will also give your information to them. If you know that you do not have time to repay the loan on time, it is better to extend the contract on time.
The rate of receipt of money is of course high. You can be anywhere in the world and under the circumstances, to obtain the necessary funds. Operators have already contacted customers within 15 minutes after the application, and the money will come within 15 minutes.
You need to return the money on time, if you are an honest payer, then the microfinance organization will increase the maximum amount of your loan and be more loyal to you. Possible early repayment of the loan.
If the contract is extended for 7 days, the rate will be approximately 13%, with an increase of up to 15 days, the rate will increase to almost 30, and if the deadlines are increased by one month, the rate will be 57%.
The penalty for late payment will increase every day. The fine will either be written off separately or a percentage will be added.
Pros of a payday loan:
- Easy receipt for which you only need a passport. You can get money on the card without leaving home;
- Withdrawals and returns are possible from a card or an electronic wallet, in any convenient way for the client;
- The speed of receipt of funds, up to 15 minutes.
- A large percentage, which reaches up to 3% per day, and a substantial amount will come up in a week;
- Fines for non-payment on time are accrual of interest or interest;
- Short repayment period, generally up to one month.
The main plus of the payday loan is the simplified conditions for its receipt , and the minus is the high interest rate.
The loan amount can not exceed one million, organizations do not issue funds in foreign currency, the rate on the loan for a year can not be more than 1.5% per day.
Accrued penalties and fines can not be more than 2.5% more than the original amount. In order not to get into the black list of organizations and not to spoil the credit history, it is worth considering initially whether you can repay the loan.
The sites have special loan calculators for which you can calculate the amount and interest, as well as select suitable numbers for yourself.
Differences of a payday loan from a loan
Differs firstly the amount. If in microfinance organizations you can take a couple of thousand, then in the bank you will take at least 50 thousand.
The next significant difference is the interest rate. In banks, it is 20-50% per annum, in up to 3% per day. Everything will depend on the chosen organization. Some provide benefits for the first loan, or reduce the percentage of regular customers.
Ways to get the same money, it is a bank card, e-wallet, bank account or cash in the branch office.
The return periods in the bank will of course be longer, they can be up to 2 years, while small organizations demand a refund within a month. All the rules for taking and repaying the loan can be found on the official website of this or that organization.