It can get expensive quickly with weekly grocery shopping, and with foods that just get more and more expensive, it goes up in the monthly budget. If it is a little difficult to afford it all, then Payday offers that you can make a Payday Loan.
What do you get with a Payday loan?
With a Payday loan, you can borrow money between 2,000 and 40,000 and choose a maturity of 24-72 months. You can even get the first 6 months without interest, after which you will have to pay a fixed payment for the entire term of the loan.
However, be aware that OPOP, ie. the annual percentage cost that you have to pay is relatively high – it is above 20%. If you want to quickly find out what other options you have, you can easily compare the various loan providers here at Lender.
It simply requires that you fill the loan calculator with the amount you want to borrow and the maturity thereof. After that you will get an overview of different loan providers and what they can offer, among which you can choose the offer that suits you best. Making the comparison is completely free and without obligation.
Different loan terms for Payday loans
If you have decided that a Payday loan is right for you, then there are different loan conditions depending on whether you choose to get a loan to buy goods only or whether you choose to have the money paid in cash.
Purchase of goods: The first 6 months are interest-free – only pay for a registration fee of USD 299.
Cash payment: None of the months are interest-free and you pay a fixed interest rate of 14.99%. The setup fee is 2% of the total amount you choose to borrow.
Think before you borrow
Before you start borrowing, you should consider whether it is the right choice for you, borrowing money or whether you should wait. It may sometimes be a good idea to take an extra thought before making a hasty decision. Therefore, get an overview of how much you have available each month and make a budget.
This gives you a better overview of the income and expenses you have and can get a better idea of whether you have the budget available to pay off on a possible loan in the future.
A Payday loan, and many others similar to consumer loans, have very high costs when a loan is to be made. This means that you will pay back far more money than you actually borrow. The reason for this is that you do not have to provide any collateral to the loan provider and therefore the interest rate will be higher than many other loans.
However, the loan gives you more opportunities to spend the money for whatever you want as you do not have to document anything. In the end, though, it’s worth researching what you have of various loan options before making a hasty decision.