Flexible options for direct payday loans online
A payday loan is a stable form of borrowing money. With a payday loan, you know in advance where you stand. You take out a loan with a fixed term, a fixed interest rate, and a fixed monthly term. Ideal for people who seek security with their loans and who no longer want to withdraw from their credit. The latter is not possible with the personal payday loan. Are you looking for a loan where you can withdraw money and the term is not fixed? Perhaps a revolving credit is then something for you.
You receive a loan contract when you take out the direct payday loan online. This contains a description of the loan amount, interest and duration. This is possible because they are fixed. You must then adhere to this. There are a number of other conditions :
- You cannot withdraw repaid amounts
- In the meantime, you cannot change the loan amount, then you must refinance your loan
- Your contract will be terminated once the loan has been paid off
- In the event of payment arrears or bankruptcy, the provider may terminate the contract early
Advantages and disadvantages of a personal payday loan
There are both advantages and disadvantages to a personal payday loan. We will list these for you, so that it becomes clear.
- You have to deal with a fixed term and therefore know when it will be repaid
- You pay a fixed monthly amount
- The interest rate is fixed and cannot rise during the term
- The loaned amount is immediately and fully deposited into your account
- Loan for renovation / improvement of owner-occupied home is deductible for income tax
- Amounts repaid cannot be withdrawn
- With a single provider you cannot repay without penalty in the interim
Calculate personal payday loan
The lender calculates the amount that you can borrow. For this, standards are used that have been drawn up by the Association of Finance Companies in the Netherlands (VFN). Lenders ensure that in the future you can continue to pay your lunar costs, when the repayment of a loan is added.
Basic standard and loan standard
Based on a Basic Standard and a Loan Standard, exactly what you can borrow is calculated.
Basic standard: ‘minimum net income’
The basic standard is determined by the amount that you as a household should have as income. If your net income is lower than the basic standard, you cannot, unfortunately, provide a loan to you. The basic standard for your personal situation is determined on the basis of the composition of the household.
Loan standard: ‘standard of living’
The lending standard is the basic standard + 15% of the net income. The amount that should remain for the monthly expenses of your family.
Compare, request and close
Before you apply for a loan, it is wise to compare different offers. You pay attention to the interest rates that are requested and the conditions that are set. By checking and comparing both things, you discover which loan is the cheapest for you. Quotations can always be requested without obligation. You pay nothing for it and are not committed to anything.
If you refinance your loan, the old loan will be repaid and a new loan will be taken out. Lower monthly payments are often seen as the most important reason to take out a loan. Or have you found a loan with better conditions ? A personal payday loan cannot always be repaid without penalty. If the lender charges costs for this, then the agreement states that. This may be a maximum of 1% of the amount to be repaid. You often earn these costs back within a few months when you switch to a loan with a lower interest rate.
Some lenders work with a refinancing service. This means that the new lender arranges for the loan to be transferred.
Is there no transfer service? Then you have to do the resizing yourself.
- The amount is transferred to your account.
- You redeem the debt yourself with the old lender.
- Make a request to the old provider to officially terminate the revolving credit. That way you will no longer remain registered as a borrower at the bank.
- The old loan has been paid off, from now on you will pay the new loan.
Interest from a personal payday loan
With a personal payday loan you have to pay a fixed interest rate. This way you know in advance what percentage you spend on interest per month. The amount can vary slightly per month because it is a fixed interest rate and not a fixed amount.
Private lending without BKR testing
First of all we want to point out that a BKR registration is not necessarily negative. Because you only get a negative BKR registration when you have a payment arrears or you have a bankruptcy in your name. Is this not the case? Then a BKR test in your case will cause no problems at all and you can simply apply for that personal payday loan.
If you do have a negative BKR registration in your name, then you would prefer to avoid the BKR check. It is still possible to borrow money, but in a different form. There are lenders who borrow money without performing the BKR check. You can now borrow the simplest money in the form of a mini loan. This is a loan of a maximum of 1500 euros that you also have to pay off in the short term. It is a different loan than a personal payday loan. With other interest rates and other conditions. Do you opt for a mini loan? Then delve into the interest rates and conditions again.
Borrow money directly with a personal payday loan?
Everything is of course about speed. The question is therefore whether you can borrow money directly with a personal payday loan. Applying for a personal payday loan can be arranged within 10 minutes. You can even have the quote in your mailbox within these 10 minutes. You can easily arrange your application online. You often know within a short time what the options can be for you and whether you can also get the loan.
However, before the money is in your account, it takes a slightly longer period. Take 24 to 48 hours into account before the money is actually in your account. However, this depends on the bank where you apply for your loan. Defam generally processes contracts many times faster than the competitor such as Nationale Nederlanden and Freo, whereby only the payment of a contract can take several days.
Security with a personal payday loan
The great thing about a personal payday loan is the absolute certainty. Due to the fixed interest, the fixed monthly period and therefore the fixed duration, you have all the certainty. So you know exactly when the loan will be repaid. Provided, of course, that you simply pay your monthly installment every month, we assume that for the sake of convenience. Another additional advantage is that the interest on the personal payday loan is extremely low at the moment. So you not only have more certainty, but also a lower interest rate. Do you already have a loan with a higher interest rate? Then refinancing a loan can be a much better solution for you.
Repay your personal payday loan quickly
As already indicated, a personal payday loan is a form of borrowing money where interest and repayment are fixed. As with the revolving credit, you cannot, therefore, leave amounts on deposit. The advantage is that nowadays you can often pay back your personal payday loan without penalty. In addition, it is of course also a fixed interest. So you have no risk that the interest will rise. All in all, with this form of borrowing money you have a nice, stable and secure loan.
In general, this form of borrowing money is also referred to as the responsible way of borrowing money. It is of course also nice to know clearly where you stand, what you can expect. Due to the fixed interest rate and the fixed term of the loan you have complete clarity about the duration of the loan and what you will repay in total to the loan. That is why this is also a loan form that is extremely suitable for, for example, the purchase of a car. You know in advance how long you want to drive. You can then adjust the term of the loan accordingly. If the term of the loan is properly aligned with the expected life of the car, then you are of course responsible for financing.