Easy online payday loans: Get Started Now
An online payday loan is ideal if you like security, look at here. Because of the fixed interest rate, duration and the monthly period you know where you stand when you choose this form of borrowing money. This makes it a suitable form of borrowing if you purchase something with a limited lifespan. Due to the fixed nature of the loan, you can properly match the term of the loan with the expected life of what you purchase. Taking out a loan in this form is, therefore, borrowing money with certainty.
Where can you take out an advantageous payday loan?
You can, of course, take out a payday loan with your own bank, where you also have your checking account. Yet this is certainly not the most advantageous form of taking out a payday loan. If we compare the interest rates of the payday loan with the major banks, such as SFT Gro, Memobank and the like with the interest rates with the direct writers or the professional credit brokers, we see a considerable difference. The interest at the banks is up to 1%, and at some banks even more, higher than with the direct writers or the credit intermediaries. We, therefore, advise you, if you choose a payday loan, to first request the quotation from the direct writers and the credit intermediaries, before you request the quotation from your own bank.
Benefits of a payday loan
To get a clear overview of the benefits of the payday loan:
- Borrow money with a fixed interest rate
- Borrow money with certainty regarding the duration
- In some cases, the interest is tax-deductible
The latter requires a small explanation. If you take out a payday loan for home improvement, you may be able to set off the interest with the tax authorities.
Disadvantages of a payday loan
In addition to benefits, there are also some disadvantages with the payday loan. Here is a clear overview:
- Possibly a fine for early redemption
- No possibilities for re-admission
Here too, the latter may need some explanation. If you have a payday loan, and you unexpectedly have a need for money again, you must take out a new loan again. This is not always desirable.