Thinking about asking for a payday loan?

These are just some everyday situations in which 2,000 or 3,000 euros fallen from the sky would make your life easier and happier. Positions to ask, maybe with some higher figure maybe you could be satisfied … Think about it.

As long as the lottery continues to resist and there is no eccentric millionaire who thinks of you when it comes to bequeathing his fortune, the option you have if you need fluency with relative urgency is a personal payday loan and to get it, you must go to a financial institution.

You need money and you have to look for who will provide it

You need money and you have to look for who will provide it

But you are sure what you are going to need? You have to know that a payday loan is not the same as a payday loan and these are the main differences between these two possibilities:

A payday loan is a financial product through which the customer has a maximum amount X, agreed with his entity. You can afford that money as you need to do it, always without exceeding that limit amount, and then you must return that amount X and the interest and commissions agreed with the bank within a certain period.

You can return the amounts before their expiration and dispose of that money again: it is a more flexible product, which allows you to vary what is spent and what is owed, adapting to the needs.

The personal payday loan makes it possible to receive a capital 

The personal loan makes it possible to receive a capital & nbsp;

A certain amount of money – which must then be repaid along with its corresponding interest through installments or periodic payments. The difference with the credit is that the payday loan is received at one time, after the signature, and any variation in the system installment or in the installments can mean an increase in the additional cost for those who have contracted it.

They are called ‘personal’ because in this type of payday loans the entity does not usually have a special or additional guarantee for recovery; generally the present and future assets of the debtor are taken.

You might think that the difference between one and another formula is subtle, but when planning and being realistic with your payment possibilities it will be useful to be clear about the best options.

If there is an institution that knows about credits in our country, it is the Bank of Spain: in this link you will find the most important keys on these products and other financing alternatives.

All banks and savings banks have to inform the Bank of Spain every month of the interest rates that apply to payday loans and personal payday loans between one and three years, mortgages over three years, checking accounts, savings accounts , etc. They are published in the statistical bulletin of this institution, available here.

Here is an important note about the credits

Here is an important note about the credits

there is no legal ceiling for interest rates on payday loans, quick or otherwise, but there are some considerations that must be in writing and that you will have to check when signing them , all included in article 16 of the Law that we have mentioned. These are the most important:

You should know that among the range of financing options there are also others such as leasing and renting , which are relatively common among entrepreneurs, but can also be granted to individuals.

The lease encompasses the operations in which the entity transfers to the client during a period determined in advance the use of a movable or immovable property, including a purchase option, at the end of the contract, in favor of the client: in other words, it is a Rent with option to buy.

Before introducing yourself to your bank office to request financing – although it is true that more and more entities allow you to process these requests online – there are some answers that you must have prepared for the person who will attend you.

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