You plan to subscribe to a personal payday loan but do not know how to find out or where to start? Do not panic, this article is for you. Here, we give you all the necessary information before you start a personal payday loan subscription and guide you to find the personal payday loan with the most interesting rate and the most suitable for your project.
What is a personal payday loan?
The personal payday loan is a type of consumer credit, established between a financial institution and a subscriber, which is not assigned to a specific purchase. It can therefore allow the individual who subscribes to finance the project of his choice: new car, new electrical appliances, leisure, travel etc. It can even, if necessary, help restore a small concern for cash flow.
The personal payday loan is established over a few months, or even a few years, up to five. The subscriber will have to repay the amount of money borrowed by means of monthly payments that will be established at the signing of the contract. So, no bad surprise, we know exactly how much is paid each month and for how long.
The personal payday loan is an ideal aid in case of project since it allows not to have to draw in its savings to achieve it. A solution that appeals to more and more consumers. Attention, the personal payday loan is capped and you will not be able to borrow more than 75000 euros.
personal payday loan: what does the law say?
Since May 2011, the law largely protects the consumer. Thus, all the contracts that will be proposed to you must imperatively contain some essential information.
Among them, it will be necessary to specify: the type of credit, the total amount of the credit as well as the conditions for making the funds available, the duration of the contract, the amount, the number and the periodicity of the installments that the borrower has to pay, the borrowing rate and the conditions applicable to this rate, the annual percentage rate of charge and the total amount of the borrower, all calculated at the time of the conclusion of the credit agreement, and finally all costs related to the execution of the credit agreement.
You have taken out a personal payday loan and you regret it? Do not panic. Since 2011, the withdrawal period after the subscription of a personal payday loan has increased from 7 to 14 days.
After the subscription of the credit, at the moment of the signature, you have the possibility for 14 calendar days to give up your credit by exercising your right of retraction. It could not be easier. A withdrawal slip is available on your credit agreement and is detachable. Simply return it to the lending institution by registered letter with acknowledgment of receipt to the address indicated.
Once the withdrawal period has expired, and if you have not changed your mind, the entire amount will be paid, in one go, to the relevant account of the borrower. The prior loan offer will become a loan agreement.
How to choose your personal payday loan?
Once you decide whether or not to subscribe to a personal payday loan, you still need to know how to choose the most appropriate personal payday loan for your budget and project. We are here to help you. To compare different personal payday loan offers, it’s easy!
Most credit agencies offer online simulators allowing you to find the best offer for your needs and your budget.
At first, we advise you to dwell on a few essential elements: the sum (it s is asking you how much money I need to carry out my project?), the duration of the credit: it is the number of months during which you will repay your credit (attention, make sure that the duration not too long but also that the monthly payments are not too high at the risk of putting you in financial difficulty), the annual percentage rate of charge (it is the annual rate regrouping all the costs related to the credit.
Measure the total cost of the credit, the monthly payments must also attract your attention and finally the cost of the insurance borrower (as its name indicates it is what it costs you the insurance of your credit if you have it subscribe one when you subscribe to it).
All these comparative elements will allow you to choose the most suitable personal payday loan for your project by looking at the offers that different financial organizations will make you. Once the most interesting offer has been chosen, it is up to you to make an appointment with the bank in order to finalize your file.