Let’s say we need some credit temporarily to shop for Christmas and buy gifts . The APR of a credit card with a $ 400,000 credit line for a minimum wage is at best 36.51% and overdrafts above 20% APR. At the same time, a $ 400,000 payday loan with a two-year maturity can be taken at a much cheaper rate, up to 11.57 percent APR, so the monthly repayment will be $ 19,163 from the second month if we commit our payment to the bank.
These are the best payday loan deals
We can borrow even better than the above if we meet the conditions set by the bank or take a good deal . Discounts are increasing around the holidays, whether in the form of a bonus or a rebate. The almost constant actions do not disappear:
An interest rate discount of 1-2 points is typical if we undertake to arrange the payment to the creditor bank.
If the income received by the bank exceeds the net HUF 250,000, we may receive an additional interest discount.
Let’s take a look around the banks house for the best payday loan deals in early December:
Good Finance Bank promotional payday loan
Until December 17 this year, we will be able to take out a special payday loan from Good Finance Bank. This promotion gives you a 1 percentage point bonus when you use an online coupon.
To do this, you need to provide a name, phone number and email address on the website and request a call back. Good Finance Bank customers have the opportunity to apply for a loan through netbank without having to go to the bank branch. Claiming online can be done in 45 minutes, including a credit assessment, so you can earn money in just one hour.
Things to Consider Before Selecting a payday loan
Before deciding which loan we need, it is worth thinking carefully about the details, as this is the only way to make sure that the payday loan you look for is not a bad choice in the long run.
Do we really need credit? The first thing to think about is whether it is even worth borrowing for the purpose you have set. As Christmas approaches, let’s not forget that the essence of the holiday is not about gifts, but about being together with those we love. Once you have taken out a loan, it is worthwhile to spend it on purposes that drive water to our mills, such as earning money. It can be a training or a tool to work more and better. What really matters is that we have the right credit and not chase the unattainable luxury with the loan.
How much credit to take? Let’s not get tempted by ads or want to borrow more than we originally planned. The bigger sum has to be paid back somehow, and if we don’t have it in our budget, we can get a very cold start with a badly chosen payday loan. Plan well in advance as to what and how much we can repay.
How long should we take? Also, consider the time period before you want to pay your monthly installment. Prepare for the unexpected! What happens if we get sick or lose our job? Will we still be able to pay the loan? In such cases, an emergency reserve or a credit insurance may be useful. Anyone who qualifies can repay the loan with a short term but with a bigger repayment. For those with only a small spending budget, you can pay off your debt with a longer maturity and lower installments. It is important that we consider the risks and choose the maturity accordingly.