What is Payday Loan
When the money is short and an emergency takes you by surprise, payday loan can be a good solution, since it is usually a mode with easy release, even with CPF analysis. What is worth remembering here is that, although it offers more facilities, it usually has higher rates.
In addition to the traditional way, the client can also carry out this payday loan by means of a pre-dated check. It works as follows: the customer makes the pre-dated checks available as a form of payment of the debt and the financial or the bank discounts the amount according to the chosen date monthly. Remember that if there is no balance on the check discount date, it is protested and may even deny the customer’s name.
Payday Loan is a type of loan where the resources made available are made available to the borrower, you can use them freely.
In general it is credited to the current account or through DOC up to R $ 4,999.00 and TED from R $ 5,000.00 or registered check. We will approach the payday loan mode with a check so that you can make a comparative analysis in relation to the other modalities and decide on the type of credit line that best meets your needs.
- The payday loan with check is more suitable for the formal or autonomous consumer who has a link with a checking account.
The loan installments are paid on check sheets that you advance in the act of hiring. For example, if you pay your debts in 24 months, you will have to leave 24 check forms filled with the amount of the installments for each of the due dates.
The advantages of this type of loan is that interest rates are lower, since to hire you prove income and use the check as collateral. In addition, the limit is usually higher in relation to other modalities.
Normally, the documents required for borrowing are: RG, CPF, Proof of Income and Residence. But it can range from financial to financial.
Interest rates for check loans can range from 3.53% to 15.00% (Brazil’s leading banks and financial institutions). The criterion that determines the value of the rate is individual, that is, each financial defines its own. Search the market options.
Payday Loan Features
Where to obtain the credit: Banks, Financial, Credit cooperatives, credit promoters and banking correspondents.
Basic requirements: approved register and guarantees (in some cases guarantor and / guarantor or other)
Deadlines: usually between 1 and 15 months; except for some exceptions in which the term is up to 24 months, the payment may be in a single installment or installment with monthly and equal amortization.
Purposes of Payday Loan
Small needs that are not for the acquisition of goods or services of high value – in this case cited there are more suitable alternatives and cheaper interest.
Refinancing debts or consolidating debts, using the possibility of increasing deadlines and / or offering guarantees to obtain cost reduction.
Replacement or discharge of debts with higher and more expensive interest, eg: overdraft and credit card etc.
Now that you already know how Payday Loan or payday loan works, and you are in need of credit, on the internet there are a dozen bank and financial websites, which can even do loan simulation online.