To create a really useful personal payday loan guide, it is necessary to have more information than the basic ones concerning the elements to evaluate when you want to obtain an unfinished loan, it is preferable to also combine a comparison of the main proposals currently on the market that reflects the situation of the consumption in Italy according to what the main operators in the sector have indicated as a trend for the future.
What is a Personal Payday Loan?
The personal payday loan is one of the consumer credit products whose main characteristic is that of not needing a justification for the request for financing, therefore it is also said not finalized, and does not provide for the presence of the subject “agreement”, for which there is a direct relationship between the funding body and the applicant; moreover, there is the absence of the need for a guarantor that can prevent the debtor’s insolvency, so this financing is certainly a risk for the banks and the financial companies that grant it.
Change of installments
Sometimes the creditor institution asks the subject for an estimate of the costs countersigned by the retailer under penalty of failure to approve the loan.
Furthermore, it may happen that credit institutions, to grant personal payday loans, want a contract with the applicant, including repayments of installments or a single bill that guarantees the entire amount paid. In many cases there remains the need for the signature of a co-obligor or a third guarantor that guarantees the success of the operation, if the applicant has a low seniority or the requested amount is rather large.
Another form of protection by the financing institutions is that of the stipulation by the applicant of a “death risk” or “risk of loss of employment” insurance , which cover the extinction of the residual debt in the event of the death of the applicant or provide for the payment of a certain number of installments until a new job is obtained for the subject. Obviously the stipulation of these insurances increases the repayment rate, heavily affecting the final cost of the loan.
Characteristics of the contract
In general, a personal payday loan contract must contain: the type of loan, the amount to be paid and the maturity of the installments with the amounts, the Taeg including charges and accessory interest, the detail of the conditions with which to modify the Taeg, the amount and purpose of the charges excluded from the Taeg, any guarantees and insurance coverage required not included in the Taeg, the analytical description of the goods, the purchase price in cash, the price established by the purchase contract and the amount of the advance, the conditions for the transfer of the non-immediate ownership right. It is important to know who to contact in case of invalidity of the contract due to lack of requirements.
Insolvency and early termination
If the payment of an installment does not take place, the interest due is increased with the application of a late payment and the applicant is in danger of being included among the bad payers with the report to the Central Risk Office of the Bank of Italy or to the SIC , the consequence the worsening of creditworthiness and the possibility of not being able to obtain more financing in the future. If, on the other hand, you decide to pay off the loan early, you can proceed with the application of a maximum penalty equal to 1% of the amount obtained on the total outstanding debt.
Personal payday loan offers 1
There are several affordable personal payday loans currently on the market. Allows you to get up to 30000 euros with customized options; in particular, “Easy” establishes the amount of the installment, “Change” changes the amount of the installment, “Jump” makes one installment jump without penalties up to five times a year, “Flex” makes the different options combine.
Personal payday loan offers 2
Loans also offers up to € 30000 to be repaid in 84 monthly installments of € 495.07, with a Tan of 9.49% and a Taeg of 10.29%. Other loans offers up to 50,000 euros with an amortization period of 12 to 120 months without having to indicate the purpose of the loan and providing only the tax return. Which allows you to request online from 1000 to 5000 euros through the “Mobile Banking” application with the need to pre-evaluate the account or if you have a current account for at least six months with the already active Internet Banking service.