Problems with paying off payday loans

Many people who took advantage of the offers of loan companies had at least once a problem with timely repayment of their debt. Financial problems mean that some people start acting on impulse without carefully thinking about their actions. However, it turns out that only clients who remain reasonable and calm can cope with debts. Disregarding the problems or recognizing that they do not have them is the worst path that the borrower can take. The case will not resolve itself and, in addition, disregarding it may cause further problems.

React before it’s too late

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Problems with repayment of liabilities usually do not appear overnight. We are often aware earlier that our financial capabilities will not allow us to repay the next installment of the liability.

If we are worried that the repayment of the loan will cause problems, we should report to the loan company as soon as possible with a request to change the repayment schedule or postpone the repayment date. Admittedly, this usually involves additional costs, but compared to the growing interest for late payment of liabilities and the vision of the bailiff at the nape of the neck, these are small amounts.

Don’t underestimate the problem, don’t pretend it’s not there

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If we react too late, we probably won’t be able to take advantage of changing the repayment schedule or postponing the payment date. After all, the worst mistake we can make in this situation is to disregard the problem and pretend that nothing is happening. Ignoring the next request for payment may result in a bailiff knocking on our door. Charging with subsequent costs, seizing the account, lack of livelihood … Admit for yourself that the vision of such a turn of events does not sound encouraging.

Loan companies begin the process of collecting debt by sending reminders to the debtor in the form of reminders. This is an additional cost for the borrower, which increases the total debt. The customer then receives a pre-trial payment request. If the debtor repays his liability at this time, he can count on avoiding further consequences. Otherwise, he must take into account the visit of the debt collector or bailiff. As a last resort, the case will go to court.

Interest on unpaid loans may be up to four times the NBP lombard rate. Debt can therefore grow at an alarming rate.

Benefits of Student Loans.

A student loan is one way of financing your life while studying,

A student loan is one way of financing your life while studying,

So you don’t have to worry about getting a job done, but you can only focus on what’s essential – studying and getting a new profession. It can also be used to get the things you often need, for example, in a new home, in a cell, or even when you’re studying. Small and large purchases can be easily accomplished when the student can count on the money in the account and ensure a successful study experience. A student loan is also one of the most affordable loans available, and it does not require anything wonderful.

First of all, this loan is guaranteed by the state, ie no friends or relatives are needed to guarantee it. While the student grant is still in effect, all interest on the loan is added to the principal. Of course, hard work on the school bench also rewards the loan, for example, a student who completes university studies within the agreed deadline may be eligible for loan repayment support from Candy, for example. You may want to read more about the terms and conditions of Candy support on its own website or even by asking your office for help. This avoids misunderstandings and uncomfortable situations.

Many banks offer student loans through the Internet, so no special hassle can come from loan negotiations or other meetings. Each bank has a bit of its own terms and conditions for loans, so it’s a good idea to read them carefully to find the best student loan for you. Student loans can also have an age limit, and students between 18 and 32, for example, are often the most common target group for loans.

Depends the amount of the loan

Depends the amount of the loan

The amount of the loan depends entirely on the student and the current situation regarding, for example, Finland’s financial position. The Candy is the one that makes the loan guarantee decision when needed, meaning that the banks are ready to grant the loan without any other security or guarantee. The drawdown of the loan is also specified in the guarantee decision, ie it also indicates the schedule for the drawdown by which the money can be transferred. The interest rate is often linked to a 12 – month Euribor rate, which determines how much of the loan is paid to the lender. Some banks may change the interest rate commitment if specifically agreed upon. The interest rate on the student loan is thus added to the capital and applies only to those semesters which qualify for the student subsidy and those immediately following the semester for which the subsidy was received. These interest rates, which are included in the capital, can also be considered tax deductible. When the study subsidy ends, Candy notifies the bank and after that the loan has to be repaid in full and it is no longer possible to recapitalize it. The student loan itself does not pay less, but of course the bank or other lender will charge a shipping fee for opening and raising it, and the same applies to the drawdown, which will be charged separately.

If you want to take out a student loan, you must first apply for a student loan subsidy and, of course, increase the student loan guarantee from the state. After that, the incoming student grant decision is the one that gives the loan amount, the schedule for the drawdowns, and the installment installments. Only when these papers are in order can one apply for the student loan itself.

It is easy, for example, through the Internet, and it is no stranger than filling out an instant loan application. The decision often arrives quickly too, and the next day you may already have a ready-made loan in your account. Of course, before the money transfers you have to sign the loan documents and this can also be done conveniently via online banking. In the end, raising is possible and living during studies is secured.

A convenient loan

A convenient loan

So a student loan is a very convenient and inexpensive option, as long as it is paid off during your studies and does not have to be paid when interest rates start to fall. It works just like a quick loan and a quick draw right into the account with offers, as everything is fine until late in payments, when interest rates rise significantly.

The same goes for situations where you need a little cash, you might not want to go for a student loan if, for example, a quick tip immediately brings the same relief to your everyday life, and this does not even require miraculous papers or reports from Candy.

Quick loan: where and how to get consumer credit quickly?

Difficult to wait when the need for money is urgent. We will see that it is fortunately possible to get a quick loan at the best rate. Let’s list all the best practices for getting a quick credit agreement, and getting the money right away.

Quick loan: where to apply for credit?

Quick loan: where to apply for credit?

Apply for consumer credit (from an online agency is the best way to get a quick loan. It is much easier to get a favorable opinion online quickly than from a bank or another player, such as an insurer.

Benefits of credit organizations

Credit agencies have two priorities: offer the best APR rate and a quick loan agreement. They are different from banks, which generally only offer credit to their customers whose accounts are well controlled. There are two main advantages when applying for consumer credit (personal loan, work credit, need for money, etc.) from an online specialist:

The rapidity

A quick loan is easier to get online. The best credit organizations indeed all offer credit with immediate response. The final agreement is also very fast, taking advantage of the development of the electronic signature. A credit organization is now able to provide a definitive response to a quick loan request in 24 to 48 hours. It is however impossible to obtain the money before at least the eighth day, it is the law (see here).

A very competitive APR rate

Our experience allows us to say that organizations generally have the cheapest credit. It is on the basis of the APR rate, an essential comparison index for consumer credit, that we compare all the offers. The APR rate makes it possible to calculate the interest on the loan, but also includes all the additional costs (administration fees or account creation fees, etc.). The credit of banks, dealers or insurers is generally always more expensive than that of the best organizations in our comparator.

A quick loan in three steps

A quick loan in three steps

There are three simple steps to getting a quick credit agreement online: two days on average.

1 – Apply for a loan quickly and without commitment on our comparator

This first step makes it possible to establish an immediate agreement in principle at the best rate. Our form questions the best organizations, and ranks the offers based on the APR rate. In case of a low acceptability percentage at the best rate, it is always possible to question the second, and the third best organism. A favorable opinion (acceptability rate> 80%, see below) indicates that nothing should stand in the way of a final rapid loan agreement.

2 – Ensure that the organization offers the electronic signature

Most major credit organizations now offer online signing and sending documents in digital format. This step is very important in the quest for a quick loan because it avoids going through a postal mail. We advise to inquire in advance, in order to verify that it will indeed be possible to subscribe 100% online. 

3 – Quickly send your documents and wait for the final response

You have to wait 24 to 48 hours on average to get a final response to your quick loan request. It is important to send all the requested documents, in which case the organization may ask to complete the file.

Quick loan: why should you avoid banks?

Conventional or online banks do not make consumer credit their priority. Their APR rates are rarely very attractive, and their procedure for obtaining a loan does not go in the direction of a quick loan. You should especially know that banks generally only lend to their customers, and not the least affluent. It will therefore be necessary to carry out most of the time steps (opening of account) before hoping to obtain a loan within a bank. However, nothing prevents you from getting closer to your current bank, in the hope of obtaining cheap credit quickly.

How long will it take to get the money?

How long will it take to get the money?

The law is precise with regard to consumer credit: the money of a credit cannot be paid into the account before the eighth day. A consumer credit is a loan whose amount exceeds $ 200 and / or repaid in more than 90 days. The time to obtain the money from a credit being incompressible, time is to be saved on the loan application.

However, there are three cases in which you can get immediate credit:

Quick loan using money from an existing revolving credit

It can be a credit contracted in store through a loyalty and payment card. When using the money available on the money reserve of a revolving credit, no proof is required. Beware, however, of the rate, which is often very high. This is the most common way to obtain an express credit of a certain amount (generally less than 3000 $).

Quick loan in store 

Let’s cut short the questions: it is not possible to obtain money by taking out a store loan. More and more brands are offering to pay on credit. Associated with specialist organizations (sometimes belonging to their own group), the brands use their loyalty and payment cards to offer a quick loan solution. This small loan in store allows you to leave with your product under your arm, after providing some basic supporting documents (ID, bank details, bank card). Proof of income (salary slips) can also be requested, especially when the purchase is more than $ 1,000. In this case, we are talking about a credit “allocated” to a specific purchase.

The quick loan solution

You can get up to $ 199 in 48 hours, but it is not a consumer credit. Companies like Viloan or Zaloan (mini loan from individual to individual) have indeed made small urgent loans their specialty. The laws are different in the case of a quick loan of less than $ 200 and / or reimbursed in less than 90 days.

As this is not a consumer loan, we must remain vigilant about the conditions of the contract. The main shortcomings of this formula are simple:

  • The APR rate is generally very high, around 20%
  • The repayment tenure is very short, less than 90 days

This mini loan often takes the form of an unexpected credit, allowing you to pay an unanticipated invoice or finance a small exceptional purchase at the end of the month. The main risk of microcredit is to use it regularly, simply to avoid exceeding your overdraft. It is always more interesting to apply for a small personal loan amortizable before resorting to this solution.