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You can compare the conditions and possibilities of payday loans in the tool below. You can also calculate how much you can borrow on the websites of the providers.
The payday loan is a type of loan that is very common. People often also speak briefly about the ‘PL’. With the payday loan you receive the entire loan amount in one go to your account and it is determined in advance how you will repay this. This repayment usually takes place over a fixed number of installments in a predetermined period, for example repaying a sum every month for 5 years. The term and the interest of the payday loan are laid down in a loan agreement and these can no longer be changed during the term. In contrast to the revolving credit, it is not permitted to re-take the repaid balance. As a result, the course of the payday loan is fully established.
Borrow for large purchases
The payday loan is usually used for large purchases that cost a lot of money. The purchase of a car, the installation of a kitchen, or an extension to the house. This always concerns specific purposes for which you can properly estimate the cost price. However, the payday loan is not often used for daily expenses, because this way you cannot deduct the interest from the tax. The interest that is calculated for a payday loan is usually higher than that for a mortgage (because a mortgage provides more security), but lower than that of the revolving credit (because there is no interest rate risk in the payday loan).
The advantage of a payday loan is that you immediately have an agreed amount at your disposal, which provides security. Because you make fixed agreements, there will be few surprises, for example, with regard to repayments. Another advantage is that you pay a fixed interest amount with the payday loan, which therefore does not vary. Finally, you are sure that you will have paid off your entire debt after the predetermined time.
Chances are that the lender will ask you to prove that your current financial situation is capable of bearing the costs of such a loan. In addition, the provider is probably also carrying out a check in the register of the BKR, so it is important not to have a negative assessment here.
If you get a payday loan, it is important that you take a few things into account. Always ask the bank whether there are any costs associated with early repayment. Before you agree, you can ask whether it can be included in the loan agreement that accelerated repayment is free of fines. Look further at the conditions in the event of death. Is the death risk covered? A large number of insurers canceled the outstanding amount upon death, but not all. Only take out a payday loan if you are clear about all of these matters!