Contracting a payday loan is a commitment that requires real support from the credit agency. In practice, there is no concept of associate advice from the person who grants you a payday loan. However, it is advisable to make the arrangements with the family to then assume the refund. But what to finance with a payday loan (which is also called consumer credit)?
Many borrowers use the payday loan to finance works , to finance travel projects, study financing or vehicle for example. In front of them, banks and insurance companies can generally meet these needs. For example, a general insurer that does not have a real estate loan delegation can generally finance small consumer loans , this time without the need to delegate the signature of the contract to its head office or company.
What rate for a consumer credit?
Consumer credit rates are higher than for the real estate market. In general, and although current rates are particularly low, expect to obtain from the same bank or insurer a figure between two and three percent. The advantage of this type of approach with your banking organization is that you can hope to negotiate this overall rate (and even the borrower insurance that goes with it) according to your seniority in the institution. Regarding filing fees , seniority also pays because your banker can agree to reduce them drastically compared to a new client or member. Some banks such as Banque Populaire (in association with Creden as well), Aswell Credit or Boswell Credit favor the loyalty of their customers by becoming a member at home. These fees can therefore be about 100 dollars or less in some cases that we will discuss later in this blog. Anyway, build a solid file to submit your application.
The payday loan application file
Gathering documents at your home before an interview with your banker is a great idea. In practice, the simple constitution of these documents allows the first appointment to have an agreement. Nearly half of households in France have a credit in progress. We must stand out with a well-constituted and thoughtful financing plan. This largely determines the acceptance by a funding agency. You will need:
- A valid identity card,
- Proof of address,
- From your account statements (the last three if you are already a customer, at least the last six months if you are new to the lender),
- Pay slips and all of your income to study borrowing capacity,
- the marriage contract if you have one and the family record book,
- valid but unsigned specifications of the work or the car if you wish to purchase a vehicle. (It’s better but not necessarily useful for a consumer loan).
Regarding the bank fees , it is possible that you are asked to finance them at the appointment (in case of acceptance). For an appointment with a new bank, the creation of an account, or even the repatriation of your bank accounts under the new sign may be required. A bank does not have to justify the reasons for refusing to finance a bank loan.
The fourteen day period shortened?
If you are about to sign a consumer credit with your bank, this period of reflection and retraction can be reduced by signing a discharge with the banker. Moreover, some financial organizations highlight and promote the fact that they can guarantee the deposit of money into your account after eight working days.
Note that the banker will not take security on this type of loan. The advantage granted on the guarantee makes it possible to consider obtaining a consumer loan that is sometimes cheaper than a conventional real estate loan, since this reduces the total cost of credit by the same amount, ie all the expenses borne by the lender. borrower on the total duration of his credit. In fact, it is not just a matter of looking at the interest rate but also of the insurance costs, the fees and the required guarantee (for other loans than personal ones).