5 financial terms to know before asking for a payday loan by phone number

It is clear that the creation of entities specialized in a pdl loans phone number, responds to a real need for short-term financing by many people.

In this sense, one of the premises that must be fulfilled at all times by entities that include the provision of quick loans is to clearly inform clients about the conditions offered for the implementation of this type of financial services.

In this sense, it is necessary that any person who chooses at a given moment to request a quick credit must have clear some concepts that will mark the conditions to be fulfilled between the lender and the borrower, that is, the person who receives the money. The main ones are:

  • Capital: is the amount of money that the financial institution makes available to the borrower. It must be clear that the capital is not the amount that has to be returned, but the amount that is received. The amount that we will finally have to repay is the result of adding to the capital, interest, and commissions that have been included in the loan concession contract.
  • Commissions: Commissions are one of the aspects that must be taken into account, as they will largely mark the total price to pay for the credit. Thus, they are amounts that the lender charges to clients for certain procedures that are necessary throughout the process of granting and managing the credit. Among the most common we can find the following:
    • Study fees, derived from the work and management that the financial institution needs to develop before granting the loan to verify the client’s economic situation.
    • Opening fees, which respond to the formalities required for the formalization of the loan and the delivery of money to customers.
    • Commissions for modification of conditions, for the necessary procedures to change the clauses of the agreed contract.
    • Fees for early cancellation, in order to be able to collect, at least in part, the interest that is not received if the client returns the money before the agreement.
  • Term: The term is the period of time in which all amounts loaned to the borrowing entity must be returned. Within this agreed period, the commitment to return the money in a certain number of installments will have been included.
  • Amortization: Amortization is the payment of the amounts themselves. Therefore, in each installment that is paid, what is being done is to amortize a part of the initial capital.
  • TAE: These acronyms correspond to the initials of the Annual Equivalent Rate. This rate is used to compare 2 loans in the same period of time. In short, the APR is the interest rate associated with the credit, including the necessary commissions.

Where do I apply for my installment loan?

The time has arrived that many of us were waiting for, the big summer sales are already here. Because there is nothing like buying at a good price and with the good weather accompanying us. These rebates officially kick off on July 1, although some stores decide to start them a few days before to differentiate themselves from most since the well-known “liberalization of sales” stores can offer rebates at any time of the year and they are exempt from respecting official periods.

The opportunity of quick credits in sales

The sales are a very good opportunity to acquire products that we need or have been wanting for a long time at much more affordable prices than during the rest of the year. That’s why it’s worth not letting them pass. Therefore, if the sales have come and you do not have the money you need to buy those products you want, one of the best options you can take advantage of is to apply for a quick credit to pay for all those products that interest you. the rebate with which they count and, later, return the credit with more tranquility.

You can get up to € 900 to take advantage of the first few days of sales and get the best prices on your favorite products. For example, you can buy a bicycle to enjoy it during the summer, you can buy the new technological device that you have been waiting for so long, you can buy a tour package and get a sensational vacation or you can renew your wardrobe. There are countless opportunities and all you need is to apply for your quick credit and enjoy the money.

In addition, the rebates also apply to the online pages of brands, so if you do not have the time to go to stores you can always do so using a device with an internet connection. So, apart from money, you will also be saving time. As a curiosity is that, instead of the long queues and human avalanches to get the best bargains typical of rebates in physical stores, people now wait for them to give 00:00 to benefit from online sales and be the fastest from home.

If you are interested in getting a quick credit to take advantage of summer discounts, all you need is a device with internet access. From there you can access our website, which is where the entire application process takes place. You can request your hopefully installment loan in just 15 minutes and if the application is approved, you will have the money in your bank account in just 10 minutes, so you can enjoy it and start buying the best items of the sales. For more information, follow these 5 steps to request a loan online.

Enjoy the summer sales without impediments!

Get payday loans from 6.08% APR

The great variety of personal loans that exist in the market is growing. In recent years, the number of entities granting financing has increased, which is an opportunity for the consumer. In addition, the improvement of the economic situation has resulted in us finding cheap personal loans.

What is considered cheap personal loans?

In the market, we can find a wide variety of consumer loans. However, not all have good conditions. For this reason, to label a product as a cheap personal loan, it must have a cost lower than the average of the type of credit that we hire.

  • If we talk about mini-credits, your average interest is 1.1% per day, that is, for a loan of 100 euros to be repaid in 30 days we will have to add a cost of 33 euros. Therefore, any price below the average could be considered cheap, like any credit with discounts and offers that make a loan even free.

  • Spanish consumer loans tend to have an APR that ranges between 7 and 8%. Therefore, any product whose interest is below this figure will be considered as a cheap personal loan.

In addition, one of the advantages that we find as consumers are that there are specific payday loans to carry out a project- Payday Loan Online Application- Same Day Payday Loans Instant … Therefore, we can request it if we plan to reform our home, hold a celebration or go on a trip for a few days. Contrary to what may seem, we will not find worse conditions in these cases.

How do I identify a cheap personal loan?

If we are looking for cheap personal loans, the first thing we need to know is in what situation the current credit market is. Knowing the average APR established by the Bank of Spain can be a good way to start. This indicator will allow us to discard those products that, although at first, we may have found them interesting, have a much higher percentage.

From here, the time has come to look for easy and quick personal loans. One way to identify consumer loans with good conditions is by accessing comparators such as HelpMyCash. In these websites, we will find a wide variety of products that are marketed in the market, which will help us access those that best suit what we are looking for. In addition, we can obtain a detailed report of the cost of several of them if we enter the amount we need, the term or the interest we are willing to pay.

Depending on the conditions, we can select the most appropriate options and with the lowest possible interest. Then, the time has come to request information from various entities to know whether or not they grant us the money we need and what is the cost that we will have to pay. Making numbers is essential to make sure we are making the best decision.

Beware of hiring a cheap consumer credit

Before hiring personal loans online, it is not superfluous to have very clear the steps that are detailed in the following infographic, which will help us find the cheapest loans and with the most suitable conditions for us.

However, the key to finding the best financial product is always to compare and keep in mind what our financial situation is. The action of comparing can be done finally through the free tools that make HelpMyCash available to all users and that allow analyzing the different credits off the market quickly.

What expenses can a cheap personal loan have?

Cheap personal loans are those that do not include commissions or linked products. If we want to ensure that the product for which we have decided will not increase in the future, it is advisable to read the fine print of the contract before signing. Normally, these added expenses will also depend on the way we go to obtain financing. Consumer loans that commercialize entities usually include aspects of this type. However, the same is not true if we go to private companies.

If we know what are the aspects that can make us end up returning more money than we had calculated with the capital and interest, here are some expenses that can make a cheap personal loan less so :

  1. Commission study. Although it is unusual, we may pay an amount for the entity to study our financial profile to decide if we are eligible or not to receive credit. Only and exclusively we will have to face this expense if we finally hire the credit that we have requested.

  2. Opening commission. It is one of the most common commissions and is applied to cover the expenses incurred by the entity when granting the credit, for example, administrative ones. If the entity applies this commission, you can try to negotiate with it its elimination or, if this is not possible, a reduction, although probably ask for something in return, such as a greater link.

  3. Commission for early repayment. We will only pay this penalty in the event that we have enough money to repay the credit before the term that appears in the contract. This commission is regulated and can not exceed a certain percentage that varies depending on the term remaining until the expiration.

  4. Notary costs. The obligation to sign the contract before a notary is usually typical of large personal loans. If this is our case, we will have to pay this additional expense or opt for another product from the market that does not include it.

Before applying for a personal loan without a guarantee, we must take into account the previous costs and how much the consumer credit for which we have decided will increase. To avoid that the numbers that we had calculated have nothing to do with those of reality, it is advisable to read the contract before signing it and make sure that we understand all the conditions that appear there.

Are there free personal loans?

Although 0% consumer loans may appear to be cheap personal loans, this is not always the case. If this figure corresponds to the TIN, it means that we will not have to pay interest. However, this does not mean that a product with these characteristics cannot include some type of commission or require contracting, for example, insurance.

If we really look for cheap personal loans, we should look at the APR. This percentage will give us an idea of the total cost that we will pay for a certain consumer credit. In the case of being zero, then we will be facing personal loans without commissions or interests. However, even if the APR is 0%, we must monitor whether they require the hiring of other related products of the company.

Let’s see an example

A loan of one thousand euros with a repayment term of one year and an interest of 5% would generate a total interest of 27.30 euros. Your APR would be 5.11%. Now suppose that the same loan has no interest, but has an opening commission of 2% and a study commission of 2%; In total, 40 euros of expenditure. In this case, the APR would be 7.86%. In other words, a 0% TIN loan is no guarantee that it will be free. Only if the APR is 0% will we know that the loan has no interest or commissions.