Festive prizes are a great way to get a product that we would otherwise need, because at the end of the year we can get it cheaper – for example, a new washing machine or a kitchen appliance. Pre-holidays shopping is best financed from your own pocket, but unfortunately this is not always the case.
If we were to use external financial assistance during this period, it is worth checking out what the banks are offering. Nowadays, we can apply for a Personal Payday loan on more favorable terms than a few years ago due to the low interest rate environment and the competition between banks. Nonetheless, it is important to follow the conditions and compare the bids of several banks before concluding a contract with any of them. We looked at the arguments for a popular loan and Personal Payday loan during this period.
The merchandise loan basically serves you if you don’t know, or you don’t want to pay for the purchased product in the store, you can take it home after a quick credit assessment, present the necessary documents, and then pay in installments. When it comes to a larger product, you will usually have to pay a small portion of the purchase at the time of purchase – usually 10-20 percent of the total price – but you can take the selected item with up to 0 percent of the cheaper products.
When choosing the products that can be purchased with the merchandise, be sure to check what costs you have to pay in addition to the price of the product. Many bids are advertised at 0 percent interest rate, but that doesn’t mean that the loan is free, as you have to pay the management fee above the interest, which is already an extra cost compared to the price of the product.
It is important to point out that credit on the credit market is one of the expensive consumer loans, as the APR can reach up to 35-39 percent. Though it is tempting to be the owner of a new, expensive product within a few hours that you didn’t have to pay, remember that credit for a loan is the same as the one you have in your bank branch, so be sure to consider before signing up for sure can you manage the monthly installment. If you slip with the installer, you will have to pay a default interest, which you already got the discount you won at the time of purchase.
The advantage and disadvantage of the goods credit is the extraordinary speed. After selecting the product, the credit assessment will not take up to an hour and you can already sign the contract there if you meet all the conditions. This is both convenient because you can take the selected product home for virtually free or for a fraction of the price of the product, after paying your own contribution, you do not have to go to the bank. On the other hand, you do not have time to think carefully about the terms and conditions of the contract you are signing, so you may find yourself in conditions that may cause problems later.
Most of the Personal Payday loans are freely usable, which means that you do not have to prove to the bank what you have spent the amount you have raised. The amount you can claim is typically between $ 500,000 and $ 10,000,000 to be repaid over a 12-month to 96-month term. If you need less than half a million forints to buy, you can also apply for a quick loan that has similar conditions to a Personal Payday loan in the traditional sense.
An important condition for applying for a Personal Payday loan is that you have a permanent job and stable, possibly higher monthly net income. For Personal Payday loans, your income is the cover, and you do not need any equity or real estate coverage, even if you buy several million forints.
Applying for a Personal Payday loan does not require much time, but you can make the process even faster by pre-assembling the necessary documents:
valid photo ID
your employer certificate,
proof of income.
If you do not apply for a loan at the bank where your current account is, you may need additional certificates, including a bank statement, or a registered and paid utility bill of no more than 30 days.
In addition, you must meet the following criteria for a successful credit assessment:
you must have a three-month employment relationship – this may vary from bank to bank, where 1 month is enough, but you can ask for half a year,
if possible, have a fixed-term employment contract (if your fixed-term contract is renewed over and over, it is usually not a problem),
For more than one financial institution, it appears as a ground for refusal if you spend your probation or notice period
your monthly net income must reach the minimum amount set by the bank, typically between $ 70,000 and $ 150,000, but you’ll need a higher amount to get the best deals.
To find the best deal, you may want to use a Personal Payday loan calculator to compare and rank your current best bank offerings based on the data you provide – based on your monthly installment, total credit rate, and total refund amount.