This is how you can choose a payday loanOn August 21, 2019 by Anne Close
There can be an event in our lives whenever we need some financial help. In such cases, of course, we can borrow from relatives, but we may not be able to do so. There is nothing left but a payday loan. Just which one to pick? We help you make the choice.
When looking for a payday loan, the question arises which one to take out?
What is advertised on TV during movie break breaks? Or what we saw in the subway stations advertised? Maybe what they recommend on facebook? Or what is offered in our usual branch?
Many people tend to believe in advertising, but the situation is not that simple, as it is likely that we do not always find the ads for the best loans. The best solution is to choose the loan that best fits your needs from all available offers, and a comparative calculator will help you a great deal. It contains payday loans from all banks and can be compared with each other, either in terms of monthly repayments or total repayments. The loan amount and maturity can be freely varied, so the default values can be changed.
We often get comments, messages on our Facebook page, “Are you interested in the terms?”, “Are they giving a loan here?”, “Which bank is this?” – and other similar comments. The most important thing to know is that we do not offer a specific payday loan, but show you all the offers, and those who are interested in them must choose from them. BankRacation is not a bank, but a bank-to-bank comparison website, and we want to help you make your choice by showing you what all banks offer.
It is also important to clarify that there are times when the bank will not lend. You can’t be on the claiming KHR list (formerly called the BAR list), you need regular, declared income, and some banks only lend on an open-ended employment contract. Many people ask these questions, as well as the recurring question and answer that family allowance is not an accepted income when borrowing a child.
How to Choose a payday loan?
Now let’s see how Rotate bank can help you find the best payday loan. In our calculator you will find all the payday loan offerings, along with all the important information and fees. We have to write how much money we need and how long we ask for the loan. Of course, you can leave the calculator at the default, but you may not want to see exactly the default amount or years. So you should enter the values of your choice in the fields above. With a longer maturity, the monthly repayment will be lower, but the total repayment amount will be higher than assuming the same loan amount for a shorter maturity.
After entering the loan amount and the number of years, we click on the “Search” button and the calculator will present you with all the payday loan offers available with the given options. You can see the name of the bank and the loan, the monthly installment, the APR and the total amount to be repaid, and slightly lower the initial cost, the annual interest rate and the interest period. Almost every hit has a fixed interest rate until the end of its term, so the interest rate on such payday loans will remain the same. This predictability, stability, and exchange rate risk are all very good features of the fixed interest rate period, as all loans have been denominated in HUF for years.
For more information on the results of the calculator, click on ” Short description “. Here you can find out about current promotions, discounts and the minimum monthly income required by the bank to get the loan. This is a recommended reading as there are plenty of misunderstandings or questions to avoid later with this few minutes of orientation.
It is also possible to enter additional criteria in the above field of the calculator, where you have to enter the loan amount and the number of years by clicking on ” More settings “, for example, to list only the payday loans of certain banks. While sitting in front of your computer, you can conveniently choose the payday loan that best suits you. When we are ready, we can signal our intention to borrow to the bank. Click on the “DETAILS” button next to the payday loan of your choice, which will take you to the bank’s website where you will need to enter your details (usually name, phone number, email address) so that the bank can contact us. If everything goes well during the telephone reconciliation, we can go to the branch to sign the necessary paperwork at a pre-arranged time and the loan requested will be available soon.
This is how the selection and application process works, so we can help everyone find the best payday loan for them.