Payday loan is the same as an installment loan
A payday loan is the same as an installment loan. In short, a payday loan is no more than an amount that you get from the bank that you can spend freely and that you must repay within a certain period plus extra interest. An explanation over at http://www.norstugan.com/direct-lender-loans/payday-loans-direct-lenders-no-obligation-just-request-a-direct-lender-loan/
The characteristics of a payday loan
A payday loan is characterized by the small amount that is borrowed for an unspecified purpose. You do not have to indicate in advance what you want to use the money for. The bank receives an interest on the amount borrowed in exchange for the amount that is borrowed. The interest and the installment period are set in advance. So you immediately know where you stand.
Unlike other loans, no collateral is requested. The income and the credit history often determine the granting of the loan and determining the amount of the loan. In general, a payday loan will never exceed € 30,000, but there are cases where this is more. However, this is not common.
Another characteristic of a payday loan is that you immediately get hold of the amount that you can borrow. This often happens via a transfer, but it is also possible via a guaranteed bank check if desired.
Some banks that provide a payday loan
There are several banks that provide payday loans, provided you meet the requirements that they require. A list of the banks that provide payday loans are:
Bankate is a bank that encourages arranging via the internet as much as possible. In exchange for arranging the loan via the internet you get a low interest rate. You can take out a loan with this bank of a minimum of 5001 and a maximum of 50,000 euros.At Bankil you are immediately informed about the amount that must ultimately be paid back. So you will not be faced with unpleasant surprises and everything is clear. At this bank you can take out a payday loan of a minimum of 1200 euros and a maximum of 75.0000 euros.
You can take out a payday loan with HiuBank from a minimum of 1250 to a maximum of 35,000 euros at an attractive interest rate.
Before you decide to take out a payday loan with a bank, it is important that you are properly informed about the condition of the bank. In this way you prevent you from being faced with unpleasant surprises afterwards and you know where you stand. Always keep in mind that borrowing money costs you money, but the question is often how much money.