A payday loan is a loan where you can use the loan amount for any purpose. No questions are asked, so you can do whatever you want with it, for example: going on vacation, organizing a wedding party or starting a business. Less pleasant unexpected costs can also be paid for: funeral costs, hospitalization, expensive repairs, debts to family / friends, etc.
Do you want to buy a car? Renovate house? Then compare the interest rates for a car loan or a renovation loan.
The cheapest payday loan:
The payday loan from Bankate is the most chosen loan by visitors to this site.
This loan has one of the lowest APRs – Bankate is also very flexible and offers a smooth settlement. No questions are asked and you have the money in your account quickly.
Then there is Viloan. The APR is lower (4.49%), you can already contact them to borrow € 501, while you can also borrow up to a fairly high amount of € 50,000 if necessary.
Do you need a small amount? Then maybe you can just take a credit card. Then you have a revolving credit every month. You can repay the full amount every month, then you pay no interest. You can also spread the payments, then pay back a small amount each month, just like with a payday loan. Moreover, with a credit card you also save points that give you free purchase vouchers, or discounts at Neckermann and other stores.
If you take out a payday loan, the loan amount will be deposited directly into your account. You can immediately have the money. You must then start paying off a month later.
A payday loan is – the name says it all – a loan in the name of your person. The biggest advantage of the payday loan is that you can use the money at your own discretion. The lending institution will not ask questions about the underlying purpose of the payday loan. Another added advantage is that a payday loan often has very clear conditions. The amount to be borrowed, as well as the interest rate and the repayment conditions are fixed in advance. With a payday loan you will not be faced with unpleasant surprises! Making a good planning is important in this.
Why a payday loan?
Taking out a loan almost always has the main purpose of raising cash. In other words: money is needed to make a certain purchase. Certainly in the case of purchases with a substantial price tag, a loan can really offer a solution. Not all people – or indeed most of them – have a pot of money available for the purchase of a kitchen or vacation, for example. You may have wedding plans, but not the money to finance the entire wedding day. By borrowing money, you can nevertheless ensure that you can manage. Of course you will pay back the loan amount. This is done on the basis of clear payment conditions and in a period that fits the relevant expenditure. There can be various reasons for taking out a payday loan.
Start a business
Have you discovered the entrepreneur in yourself? Own entrepreneurship offers many benefits. The most important advantage of having your own business is that you set your own agenda. That means that you literally determine when you work, but above all that you determine the vision and mission of the company. You can set up your company at your own discretion. Of course, starting money is required to set up your own business.
You can obtain the necessary financial scope through a payday loan. If you invest the money smartly and ensure a profitable own business, the payday loan is a good investment. By borrowing money, you obtain the starting capital to get your business off the ground. If you have a well-considered plan of action, you take into account the repayment terms of the loan, so that you will never be confronted with surprises.
Book a vacation
Have you had a busy period? Did you get busy at work or a hectic period in your private life? Then a holiday can certainly be good! But it may be that your financial situation offers little room for that much-needed vacation. In that case, taking out a payday loan is a good option.
The advantage of a payday loan is that you do not have to account for the money spent. If you want to enjoy the summer sun with the borrowed money, or if you want to make that wonderful trip that you have been dreaming of for years, then that is possible! The conditions for reimbursement (interest rate and installments) are determined in advance. So you know in advance where you stand.
Paying unexpected costs
The underlying reasons for taking out a loan are not always positive. After all, a payday loan can also be a necessity if fate presents itself. Unexpected costs, of course nobody is waiting for that. But sooner or later everyone will probably have to deal with it.
Sometimes the technology lets us down. A broken washing machine or dishwasher, for example, causes a hefty unforeseen cost item. In such cases, not everyone is financially able to pay for the repair or new purchase. A payday loan offers a solution.
This can also be the case in the event of hospital costs. Your health is paramount! If it is necessary to take out a loan for this, then it is certainly worth the investment. A payday loan can also be useful in the event of a death. Saying goodbye to a dear person is, after all, a great thing, where money plays a role in the second plan. Nevertheless, financial scope is a condition. Clear reimbursement conditions ensure that you are offered the option.
Realize your wedding
Your wedding day is the most beautiful day of your life. On this day you seal the love, and for that reason alone money cannot play a role. But of course, organizing a wedding costs money. In fact, to make your wedding plans come true, a considerable sum of money is probably necessary. Not everyone has the financial decisiveness to fully finance a wedding day out of their own pocket.
By taking out a payday loan, you immediately receive the money you need to arrange your wedding day down to the last detail. Of course your honeymoon cannot be missed! Because of the clear conditions of a payday loan, you know in advance where you stand. The amount of interest and the repayment terms are fixed in advance.
Advantages and disadvantages
As stated, a payday loan has the great advantage that the conditions are very clear. The required money is immediately available in your account, and the repayment conditions (interest rate, repayment terms) are clear. The cost tag is therefore fixed and does not depend on market fluctuations. You have no residual debt after the final term, and above all you do not have to give reasons for taking out the loan. The money can therefore be spent at your discretion.
Of course, a payday loan also has disadvantages. Borrowing money costs money, in the form of interest. When borrowing money, this is always something that needs to be taken into account. With a payday loan, the options for early repayment are often limited. You must adhere to the previously agreed agreements. Borrowing money is also often not possible. However, these disadvantages can be identified in advance. Good planning therefore prevents surprises.