What is a quick payday loan
The quick payday loan is a type of loan that can be taken up quickly online and most often used as a supplement to the income. This type of loan is therefore for consumption rather than payment of bills and other necessities. The guide below gives you an overview of the advantages, disadvantages and good advice for when to apply for a quick payday loan.
Advantage of a quick payday loan
The quick payday loan is for those who are over 18 and who would like to get in and out of a loan situation quickly. The quick payday loan makes it easy to take out a smaller loan and have the money available within 1-2 days. In contrast to cumbersome bank loans, the quick payday loan has a short and easy application process. In addition, the maturity, ie the repayment deadline on the loan, is also clear. In addition, you don’t have to provide security, which means you can borrow money for exactly the purpose you want, without having to explain to you, whether for bills or a new television.
- Fast treatment time (1-2 days).
- The money can be used for whatever you want, whether it is vacation or consumption.
- Clear loan with short term (often 15-60 days).
- Unlike personal bank loans, the requirement for personal data is minimal.
Disadvantages of a quick payday loan
With the quick payday loan, a few requirements apply to the borrower, which you must pay attention to. For all quick payday loans, you must not be registered in the RKI or the Debtor register. In addition, some loan companies require you to have a fixed income in order to secure a repayment.
In the case of quick payday loans, you must pay close attention to extra expenses, as the level of costs can usually be much higher than that of a loan through an ordinary bank.
- High cost of taking out a quick payday loan.
- Tempted to take out an unnecessary loan.
- Not registered in the RKI or Debtor register
Cost of a quick payday loan is usually very high
Finding a cheap loan can be feasible if you are aware of any pitfalls. The companies all entice with various generous offers, such as low interest rates or no administrative costs of creation, and it can be difficult to figure out which one is the best.
- Therefore, a good advice is to always compare the annual percentage rate of interest (APR) that must be stated in the case of quick payday loans. This term covers all expenses of the loan and can therefore be used for a direct comparison of the various loan offers.
- Another good advice is that you apply for a quick payday loan from at least three different companies. This can help ensure the lowest possible interest rate and the best loan conditions. The reason is that the stated loan rates at the various providers are standard rates. The final interest rate is first determined by the loan offer, after which you can then compare the different offers.