Quick payday loan
Many projects may require significant funding, which is not necessarily within the reach of everyone. A consumer credit can be an interesting solution to finance your needs and there are some tips to get a quick payday loan.
What is a fast payday loan?
A payday loan is a type of consumer credit that allows the borrower to dispose of the loan amount as he wishes, without having to provide proof of use to the lender. The fast payday loan can be used to finance a good of consumption but also benefits of all types. It is a credit that can range from 200 euros up to a maximum of 75000 euros (which is the ceiling for a consumer credit) and whose borrowing period must be a minimum of 3 months. The repayment is made in monthly installments most of the time. The maximum duration may vary from one organism to another, but it can not generally exceed 7 years (84 months). The rate of a fast payday loan also varies according to the different lenders who can set it freely provided that it does not exceed the rate of usury, which is the maximum legal rate that can be applied to a consumer credit ( it can be found on the website of the Banque de France). The rate of wear varies according to the sum borrowed and changes every quarter.
The conditions for granting a fast payday loan as well as the terms of repayment also depend on the bank or institution specializing in the consumer credit chosen. Various fees may be added to the total cost of credit, depending on the different lenders.
The lender must provide certain information to the borrower before signing the contract. This information includes: the cost of the credit as well as the conditions for granting the fast payday loan, the duration of the contract, the amount as well as the number of deadlines, the total amount due by the borrower, the amount of the fees, the APR (annual percentage rate of charge), the existence of a withdrawal period, the compensation in the event of late payment, the conditions for early redemption.
The early repayment of a fast payday loan can be made at any time by the borrower, in part or in full. This can happen if he has a timely cash flow. However, this action may generate additional costs, specific to the credit agreement. No compensation should be paid if the amount of the fast payday loan is less than 10,000 euros, according to the Consumer Code.
The withdrawal period following the signing of the rapid payday loan agreement is 14 calendar days.
During repayment of the fast payday loan, the borrower may eventually postpone maturities if he ever finds himself in financial difficulty. The refund is then suspended at a later date. Generally, a postponement of deadlines for a fast payday loan is possible twice a year. However, such an action lengthens the duration of the loan and, as a result, increases the total cost of the loan.
With regard to the insurance of a fast payday loan, it is not obligatory, it is up to the borrower to choose whether he decides to insure his credit or not. The bank or credit institution may nevertheless refuse to grant the loan if it does not subscribe to it. However, if the borrower decides to take out insurance, he is not obliged to do so with his lender but can also apply to another institution, which could possibly have a more advantageous offer. to secure his fast payday loan.
Which projects can be financed by a fast payday loan?
A quick payday loan can allow the borrower to cope with any kind of expenses. He can use it to acquire a good of consumption as well as various services. This may be for example a new vehicle or capital goods (a washing machine, computer equipment…). The borrower can just as easily use the amount borrowed to finance a trip, just like the expenses related to an event like a wedding for example but also works of remodeling, the expenses of studies… The choice is vast as regards the use of a quick payday loan. It can also help cope with unexpected expenses such as medical expenses, taxes or divorce.
The borrower can even, if he wishes, use his quick payday loan to finance several projects at a time. Be that as it may, whatever the nature of its projects, it will not need to justify the use of the amount borrowed from the bank or the institution specialized in consumer credit with which it subscribes to a quick payday loan.
What is the difference between an assigned loan and a fast payday loan?
The main difference between an assigned loan and a fast payday loan is the loan assignment. Indeed, the rapid payday loan, as mentioned above, does not necessarily aim to finance the purchase of a specific good or service but can be used to cover various and varied expenses. It allows the borrower to freely dispose of the amount of credit paid into his account without having to provide proof of use. Conversely, the loan allocated is a consumer loan which is linked to the purchase of the object or service for which the borrower contracts it. Thus, the latter must provide a proof of his expenses, that is to say, for example, an invoice or an estimate. Unlike rapid payday loans, the credit allocated gives the borrower some protection for his purchase. Indeed, if a problem occurs with the sale (if it is canceled for example) or if the object delivered is defective, it will inevitably lead to the cancellation of the credit affected and thus, the borrower will not have to make refunds. On the other hand, in the case of a fast payday loan, if, for example, the sale does not proceed as planned, the borrower will still have to repay the amount borrowed.
In the case of an assigned loan, most of the time it is to the seller that the borrowed funds are paid directly while for a fast payday loan, it is the borrower who receives them on his account. Thus, if the sale made through the assigned loan is canceled, it is up to the seller to return the funds to the bank or institution that granted the loan. Similarly, if the borrower had already started repayments in monthly installments, the seller will have to return the amounts he has paid. Also, if the borrower is ever refused the loan, he will not be obliged to continue his purchase.
Thus, in the face of rapid payday loan, the loan allocated is still a certain security for the borrower but not only. This is also a guarantee for the lender since the loan is tied to the purchase of a specific good or service. Therefore, given the risk incurred by the lender, the applied rate of the fast payday loan (annual percentage rate of charge) will often be higher than that of an affected loan taken out with a bank or specialized institution. consumer credit. However, it should be noted that an assigned loan contracted directly at a point of sale may, on the contrary, have a higher APR than the fast payday loan.
Since the borrower does not have to provide proof of use of the borrowed amount, terms of acceptance of a fast payday loan are also stricter than those of an assigned credit. However, it should be noted that the rapid payday loan has a distinct advantage over the affected loan which is the flexibility it can offer since the amount borrowed is not allocated to a specific purchase.
Go through his bank or broker for a quick payday loan
To obtain a quick payday loan, you can contact the lender of your choice. It can be a bank or an institution specializing in consumer credit. You can go directly to your banker with whom you have a special relationship since he knows your situation. This can be a good solution for getting a quick payday loan. However, if you do not have a record that works in your favor or your relationship with your bank is not necessarily advantageous, it will be more difficult for you to obtain a quick payday loan.
If you do not want to go through your bank and if you want to have a view of the different offers of the market to get a better rate on your fast payday loan, you can also call on a broker who will help you eventually find the offer. more advantageous and that best fits your needs. However, it is a service that will incur fees, in the form of commission on the amount you will borrow. It should be noted that this still represents some time saving since the broker will do all the research for you.
Have a good record to get a quick payday loan
You should know that no matter which lender (whether a bank or a credit agency) you choose, you may be denied fast payday loan if he believes that your repayment capabilities have a negative impact. some risk for him. This may be the case if your salary is not high enough to meet the repayments of the amount you want to borrow or if you are in a professional situation that is not necessarily stable (interim, fixed-term…). It is the valuation made by this lender that will be decisive in your obtaining a fast payday loan since each organization can set its own conditions for granting a loan.
Thus, if you want to get a quick payday loan, it is important to first take stock of your situation and your ability to repay a loan.
To begin, calculate your debt ratio which is the ratio between your monthly expenses (including other credits that you might have in progress) as well as your income. You will have very little chance of obtaining a fast payday loan if your debt ratio exceeds 33%, in which case banks do not generally accept loan applications (this is the case for all consumer loans). However, some credit institutions can accept a request for a fast payday loan in a debt situation higher than 33% but it is not advisable to take a loan in such a case since its repayment can quickly become cumbersome and you lead to a situation of over-indebtedness.
If it turns out that your debt ratio is too high, you can apply for a quick payday loan over a longer period, which will reduce your monthly payments. However, it must not be forgotten that this will make the total cost of credit higher.
To take stock of your situation, you will need to bring some essential documents that will allow the study of your file. Among them are your latest bank statements (make sure you have not been exposed recently as this could work against you), your last pay slips, your latest tax bill, the amortization tables. your loans in progress. Do not try to hide some information because lenders are required to check all the information you give them, an omission or an attempt at deception that can lead to penalties.
It will also be very difficult for you to obtain a quick payday loan if you are banned from the bank or registered with the FICP (payday loan Repayment File).
To summarize, if you want to get a quick payday loan, having a good record is essential. If you are in a stable personal and professional situation, with a low debt ratio and a high living income and your banking situation is not irregular, you will have no trouble getting a quick payday loan whatever lender you are going to visit
Feel free to send your application and apply for credit simultaneously with several banks and / or institutions specialized in credit in order to benefit from several offers and have the choice for your fast payday loan.
Take online steps for a quick payday loan
Nowadays, most banks and institutions specializing in consumer credit can obtain credit through their website and by applying online. This saves the borrower considerable time since he can do this by staying at home, without having to travel to a lender and without having to make appointments with advisors (which can waste a lot of time). Applying for a fast payday loan online has many advantages, because of its simplicity and practicality. Indeed, it only takes a few minutes to complete your application by sending your request for a quick payday loan to the lender. All this by keeping your data confidential thanks to the secure system of banks and online credit agencies. The fast personal online loan can also make it possible to perform several free and uncommitted credit simulations without leaving your home.
The answer to the request is also fast. Generally, based on the reported items, you will be provided with an immediate policy response, which will help you know if you can access the fast payday loan. Most of the time, you will also be able to track the progress of your fast payday loan online once the lender has decided to grant it to you. Similarly, you can ask to make changes if necessary. You will usually receive full assistance in setting up your payday loan file quickly and will have all the information you need to take the time to reflect on your future engagement with the lender.
One of the advantages of a fast payday loan online is also the fact that you can apply at any time of the day, the opening hours of banks and credit agencies that do not need to be taken into account as you do not have to go there.
In addition, the proposals that you can find on the internet are often more advantageous than those you could find by visiting banks or credit organizations. There are many promotions among the offers that can be found online.
However, applying for a quick payday loan online can still have some disadvantages. Among them, there is the impossibility of a physical meeting with the advisor responsible for your credit application. If you ever have specific questions or need to make specific requests for your situation, it may be difficult to do so by only having access to the various online features. However, you will still be able to call customer service or possibly open a chat window on the lender’s website. This will help you in
your steps for a quick payday loan.
It should also be noted that even if it is possible to find advantageous offers, online offers are not necessarily cheaper than those that you could find by going there and negotiating when applying for a quick payday loan online is more difficult than at an appointment with a counselor.
Remember to inquire before any request for a quick payday loan.
Another disadvantage of fast payday loan online is the fact that the offer you will see during your credit simulation will generally be different from the offer you will receive thereafter. Indeed, the rate of the offer of fast payday loan that will be proposed to you will be adapted to your profile as well as to your professional situation. If you decide to do your work online, pay close attention to the difference between the rate obtained during the simulation of quick payday loan and the one that we will propose to you and do not hesitate to ask explanations to a consultant of the lender organization if necessary.
If you want to minimize the time to get your payday loan fast, make sure that your credit application is as complete as possible and includes all the information needed to process your file and the supporting documents required for its study. A solid record, a stable situation with fixed income, remain the most important points in obtaining a fast payday loan.
Use an online comparator for a quick payday loan
If you want to get a quick payday loan, it can be helpful to use an online credit comparison tool. It is a tool that will allow you to get an overview of the various offers in the market so that you can quickly find the one that best suits your needs and your expectations. Online comparators do not all have the same quick payday loan proposals, so it can be interesting to use multiple credit comparison sites to access the most advantageous offer. However, consider taking some precautions before using a comparator. First of all, these sites must be completely free and without commitment, beware of those who may offer you paid services. Since credit is an important commitment, it is better to do your research on recognized sites, which you can fully trust. Remember to use sites with partners or banks or credit institutions known and popular. This will allow you to get a better idea of the different proposals that you can find on the market to find the one that will best suit your situation.
You can perform two types of search on online comparators. First, a global search, which will allow you to have a quick and general view of the different offers of the market. Similarly, you can do a more personalized search that will allow you to get results by varying the amount you want to borrow as well as the duration of the fast payday loan agreement. An even more advanced search will allow you to visualize the offers that could best match your personal and professional situation by entering data about you.
The key indicator in the comparison of quick payday loan offers is the APR (annual percentage rate of charge) and this is the criterion that you should look at first by comparing the different proposals. This is a rate that expresses the total cost of a credit because it includes not only all interest but also the various fees or commissions of any kind related to fast payday loan offers. Thus, it is the best credit comparison tool (it is also valid for other forms of consumer credit). The mention of the APR is mandatory on all credit offers as well as on advertising media associated with them. It can be set freely by the bank or institution specializing in consumer credit as long as it does not exceed a certain threshold defined by the law that is called the rate of wear. This is the maximum rate that may be applicable by the different lenders and is the same for all consumer credits but may vary depending on the amount borrowed. It changes every quarter and can be consulted on the Banque de France website. For example, the rate of wear in the first quarter of 2017 is 13.25% for consumer loans between 3,000 and 6,000 euros. The average effective rate (also available on the Banque de France website) in the fourth quarter of 2016 is 9.94% for loans of the same amount. It is from the average rates recorded in the previous quarter that the rate of wear is fixed.
Thus, take the precaution of checking the rate of wear before making a request to subscribe to a fast payday loan because an annual percentage rate exceeding this limit is illegal and can lead to many penalties for the lender that the offers.
There are other elements that can be taken into account when comparing credits, for example, the lack of processing fees, the amount that can be borrowed and many more. This can also enable you to better choose the quick payday loan offer that will be the most advantageous to you depending on your personal situation.
Some credit comparators do not just compare different offers but can also build your quick payday loan file and send it to the organizations you choose. Thus, an online comparator can help you find the best offer of fast payday loan by directing you to the organizations offering the most advantageous credits and best matching your personal and professional situation, as well as your needs and expectations..
How to apply for a fast payday loan online?
To apply for a fast payday loan online, you can go directly to the website of the bank or institution specializing in consumer credit, make credit simulations and build your personal file by returning information about you that is necessary for the lender to review your file and respond to your request. It is advisable to do this only if you are familiar with the lender in question and trust your services.
You can also go through an online comparator that proposes to send your file to one or more partner organizations of your choice, corresponding to your situation and your needs. In both cases, it is important to perform several quick payday loan simulations to find the most suitable offer. You can do as many simulations as you want to make sure you do not go wrong. Do not forget, beforehand to take stock of your personal and professional situation, your expenses and your income, your debt ratio, your rest to live etc. Then, by varying the duration as well as the amount of credit, you can get various offers. If you want to have lighter monthly payments, you will have to lengthen the duration of the fast payday loan. However, this will also increase its APR (annual percentage rate of charge) and thus its total cost. If, on the other hand, you can afford to pay higher monthly payments, you will be able to reduce the duration of the credit, which will allow you to have to repay a smaller total amount. Make sure that the monthly payments are adapted to your financial situation and that they will not put you in a situation where you would have trouble making your repayments because it could lead you to a situation of overindebtedness.