Did you know that not all payday loans in Belgium have the same value? After all, the rates and conditions for the grant and repayment may differ per bank or credit institution. That is why it is important to find the best conditions for your credit in order to obtain the best rate for your consumer credit. Fortunately to help you, to follow up on the best rates such as a sioux, our Fine Bank website offers you a comparison of the different payday loans available in Belgium. To help you choose your payday loan, we answer the most frequently asked questions below. see http://formica-nord.com/payday-loan-consolidation-check-us-if-you-want-to-consolidate-payday-loans/ for more notes
What is a payday loan?
A payday loan is a form of consumer credit, also known as a no-proof credit or an installment loan.
This is an unlimited type of credit, which means that it is not dedicated to a specific use and that you can freely use the borrowed money for both the purchase of a good and a service. This credit without proof does not require a personal contribution or proof of purchase, but to obtain it you must of course have a valid credit file with proof of income, proof of identity,…
The repayment of the credit takes place over a predetermined number of monthly installments. As with all loans, you must pay interest in addition to repaying the loan amount. The amount of this interest (APR) is determined by the credit institution based on the amount and the term of the credit. Since not all banks and organizations offer the same APR, it is important to carefully compare offers to repay as little interest as possible.
In short, the payday loan is a credit that you can use as you wish and for the purchases you wish. As with any credit, you must repay the loan amount plus interest.
Payday loan, what are the benefits?
The payday loan in Belgium has only one advantage, but not the least, since its use does not need to be justified. This allows you to use the borrowed money at your discretion without having to justify anything.
The only condition to take advantage of this benefit is that you have to repay your loan when it is due, under the conditions established when the contract was signed.
However, a payday loan without proof means “without proof of use” and not without proof of income. For this consumer credit, as with any other credit, you must always prove your creditworthiness to reassure the bank about your repayment capacity.
WHAT ARE THE DISADVANTAGES?
While personal credit is the best solution for a person who wants to borrow money without having to justify using it, it is not the cheapest of them all. Therefore, if you intend to use your credit for a specific use that you can justify (buying a car, work, buying a house, etc.), we recommend that you use an allocated credit, such as a car loan, a mortgage loan or a work loan.
How much can I borrow for a payday loan?
The amount you can borrow varies depending on the organization where you will take out your financing, the minimum and maximum amounts that you can borrow can be freely determined by the lending organizations, but generally vary between 1000 and 75000 dollars.
Depending on the amount you want to borrow, you have to compare the payday loans of the different organizations to see if they allow you to.
However, the criterion that has the biggest influence on the amount you can borrow is your financial situation. Indeed, depending on your income and your outstanding debts, banks and other organizations will give you a maximum loan amount they deem consistent to avoid getting into a delicate financial situation and avoiding excessive debt. Since every file is different, no comparative personal credit can predetermine the maximum amount a bank will grant you, so you should apply for a credit and see if it is accepted or not.
Although the calculation of the maximum amount that you can borrow differs from bank to bank, the calculation of the maximum amount is generally as follows:
By subtracting the monthly payment (s) from your earnings from your outstanding debts and support payments, the bank determines how much money you have left. On the basis of this amount, it determines whether you can still live decently, ie live in a house, eat, etc. by adding a repayable credit. In general, the banks estimate that you should have about 900 dollars left when you have deducted your debts from your income. This amount of 900 dollars is called “reste à vivre”. If by adding an extra credit your residual income falls below 900 dollars, there is a good chance that your payday loan will be refused.
How much does a payday loan cost?
You probably know the saying, “Borrowing money also costs money.” You will understand that even though it can be very helpful, a payday loan costs money. It is generally the interest on the credit, even if in some cases the lending organization applies an application fee that you should consider when comparing the best payday loans. The cost of a loan is expressed by the total effective interest rate (APR), which includes the borrowing rate and administrative costs. The APR thus makes it possible to compare credits accurately and objectively.
The interest on a payday loan is fixed when the loan is signed and cannot be changed later, so it is a fixed interest over the entire term of the loan. During the simulation of a payday loan and thus before signing the contract, you know the total costs of your loan.
Good to know:
The APR varies widely from bank to bank, depending on the amount borrowed and the repayment term. That is why it is important to make a good comparative payday loan to find the best rate for your credit and make sure it costs you as little money as possible.
Who can ask for it?
Can I apply for a payday loan as an unemployed person?
We will not lie to each other, get credit while the unemployed are often part of the warrior’s path, but it is not that it is an impossible mission. This again depends on your situation.
- Have you recently lost your job?
- How much do you earn per month?
- Do you own your home?
- Do you have a guarantor?
These are some of the questions that the bank can ask you to check whether your file is admissible to receive a payday loan for the unemployed. You need to understand that in order to grant you a payday loan, a bank needs to check whether you can repay it and review the color of the money it lent you, so it will pay more attention to the file unemployed, as he represents a risk profile for the lender.
Can I request a payday loan by being in the file?
Getting credit by being “forbidden to bank” is a very complex matter. Indeed, when you are registered with the Belgian national bank, it is very rare to get a loan. Before granting you funding, an organization checks whether you are on the file, because even though there is no law prohibiting you from providing a payday loan to a person in the file, it is still considered a risk profile. The ideal is, of course, to leave the file before applying for another loan, but if you have no other solution, we recommend submitting different applications to different companies to maximize your chances of a loan.
CAN I APPLY FOR A PERSONAL CREDIT AS A STUDENT?
Education is expensive and if you don’t have an income it is quite difficult to claim a credit to fund these studies because you have to have enough to pay it back. If you want to borrow money to finance your studies, you have 2 solutions, you must either work and have pay slips to present to the bank or have a person who
can i apply for a personal credit if i am over 60 years old?
It used to be difficult to borrow after the age of 60, as life expectancy rises, organizations adapt and are much less likely to take out payday loans for seniors. However, you will need to provide sufficient guarantees to enable the organization to lend you money.
What is credit without proof between individuals?
Credit between individuals, or credit without a bank, has become increasingly common lately. This form of financing was born from the outburst of a shared economy based on exchanges between individuals. This collaborative financing is moving away from the banking system methods that we have always known and making way for a simplified, more accessible and faster financing method, some of which cannot be justified.
Unlike the loan granted, credit without a receipt between private individuals is a payday loan. It is not necessary to justify the destination of the credit obtained. Whatever project you want to finance, be it a car purchase, home renovation, travel financing, etc., you can call on a private lender who will inform you in advance about the amount he can give you on credit, in exchange, of course, for interest. For this type of credit, the borrower obtains money quickly and uses it discreetly, with full respect for his or her privacy.
The operation of the loan without proof between individuals is simple. The borrower goes to the lender’s online platform and performs a loan simulation and then signs up. All he has to do is provide a well-composed credit report. In general, private investors are responsible for financing loans between private individuals. The interest rate is highly variable, depending on the amount released and the repayment period.
Until now, Belgian law does not regulate credit between private individuals. However, a credit without a receipt should not be confused with a credit without a receipt. The financier has the right to systematically request his pay slips or a tax assessment from the borrower to ensure his solvency.
What to do if a payday loan is refused?
You wish to finance personal projects (purchase of a car, renovation of the kitchen, wedding in sight, …), you have approached a financial institution, but you have been refused? It is not without a solution.
The first thing to do is understand the reason (s) for rejecting your request so that you can bounce back and put all the chances at your side when the new request is made. It should be noted that credit institutions each have their own policy of whether or not to grant personal credit. Fortunately, the personal credit does not depend on proof of a loan. On the other hand, organizations analyze certain factors to assess your repayment ability. For example, there is your age, your age, your indictment, your marital status, your lifestyle, your source of income and stability, your financial history, etc. If they believe that one of the criteria may compromise your creditworthiness, the loan is automatically refused.
Once you are notified of the refusal, ask for the reasons. Maybe you are blacklisted? Is the amount requested too high compared to your income? Are you not of the required age 25 years and older? Are you in the public eye too often? Depending on the response from the financial institution, you can correct your shortcomings.
You can repeat your subscription to a payday loan by asking to check your application. To do this, you can contact the manager in charge of your file and add new supporting documents that will solve your initial problems. You can back it up with guarantees or securities that maximize your chances. If the amount is too high, reduce it.
Afterwards it is also possible to appeal to another financial institution or why not a payday loan between private individuals? But before starting a new application, it is advisable to perform a comparative analysis of the different credit institutions to ensure a validation of your loan.
How do i get a quick payday loan?
To bring your projects to life, a payday loan is the best solution if you have cash flow problems. Need it quickly? You have to have the right gestures and apply the right tricks.
To avoid wasting time one by one analyzing banks, you can enlist the help of an online personal credit comparator. It will be responsible for comparing all offers that credit institutions have to offer. The advantage is that you save time and that no information is left to chance. In a few clicks you have a selection of all your options. The site compares the taeg, the application fee, the duration of the refund, the amount of the refund or compensation in the event of early repayment, etc.
Have you found the financial institution that suits you? Do not rush to submit your request immediately. You may be refused due to negligence or inability to pay. Conduct a payday loan simulation online, it is easier to calculate the total amount of the loan, the monthly repayable payments, as well as the term. Moreover, you are not doing anything by running the simulation.
Finally, all you have to do is submit a specific financing application. Consult the website of the lending organization for an overview of the parts to be provided, but also to closely follow the various specific features of the offer.
Do i have to take out insurance?
By accepting a loan application, a credit institution always takes the risk of having to deal with the bankruptcy of the borrower. To insure his back, he systematically offers the borrower to insure himself. Is that a good idea or not?
In short, credit insurance guarantees the assumption of responsibility for the repayment terms of a loan. This is because accidents or events that endanger the repayment of the loan, such as death, unemployment or temporary incapacity, may occur. The borrower insurance protects you in case of unforeseen circumstances.
Legally, it is not mandatory to take out insurance when applying for a payday loan. On the other hand, since it is a guarantee for the credit institution, you may think that the refusal to take out insurance may be a reason not to grant the loan, because it is a guarantee for the credit institution when it requires it.
The credit insurance also protects you and your family. She takes care of the monthly payment and covers you daily in case of a change in your personal situation. There are different types of payday loan insurance:
- Life insurance covers everything when you die. This prevents your loved ones from getting into debt.
- The disability insurance covers you in the event of an accident or illness resulting in temporary or permanent disability.
- Health insurance helps you to honor your payday loan if you are on sick leave.
- Disability insurance allows you to pay the monthly credit payments if you turn out to be unemployed.
Why use our comparative payday loan?
Do you want to travel, buy a new car or do some home improvement work? Thanks to Fine Bank you will quickly discover the payday loan that meets all your needs to carry out the projects that are close to your heart.
Save time and money, in a few clicks you have all payday loan offers, and this for free. We compare all offers from credit institutions and the amount that a personal credit can cost you. A few minutes are enough to guide you around the loan facilities, without moving from your seat and saving you valuable time. By using our payday loan comparison you save extra money because we find you personalized offers that take into account your profile, but also your interests.
Easy and fast, we use a credit comparator that performs well in both selections and counts. Fine Bank is your best ally for taking out a payday loan. We provide you with more than ten financial institutions in Belgium with which we work closely together. All you have to do is do a credit simulation and check your repayment capacity before you even make a commitment.