People are becoming more aware of borrowing, which also confirms that they are increasingly conscious of using loans. Payday loan interest rates are very low and may therefore be one of the most popular types of loans. Use the Inspector Bucket Payday loan Calculator to choose the best Payday loan. There is no obligation to register. After entering your information, the system will list the credit institutions that you have a chance to borrow. This saves you a lot of time by not having to go through the bank branches personally. Before borrowing, it’s a good idea to find out about the type of loan you have, so we’ve put together these things in our Payday loan, Important Information in One Place article.
Payday loan, important information: Benefits
- in the current interest environment, you can borrow a Payday loan at a low cost
- it offers a wide freedom of use
- Your APR is low
- claiming is easy
- its conditions are simple
- the Payday loan has a short lead time
- can help you make progress toward your goals
- solve a sudden financial challenge
Payday loan, important information: Income
A Payday loan is income-based, so your credit institution will look closely at your certified monthly net salary because this will be the cover for the loan. This will allow the bank to determine the amount of credit it will receive and will be able to repay it in the future. Banks primarily accept income from work, this source of income is called primary income. However, we can also accept additional income from the credit institution, which is called supplemental or secondary income.
As an Employee : Usually you need a bank statement and / or an employer certificate of no less than 30 days issued by your employer. The set of rules set up by a credit institution is different, so the basic requirements of a bank vary according to what the bank asks for when applying for a loan. Most credit institutions require a bank statement that includes wages, along with your employer’s certificate. If the employee’s salary is not paid to a bank account, he or she can also provide proof of regular income through a certificate issued by the NAV if the bank needs it in addition to the employer’s certificate or other income that the bank accepts. These documents will tell you whether you are working somewhere, are not on probation and notice, and are paid regularly. So there is a need to justify the income in some form.
As an entrepreneur: The National Tax and Customs Board issues a certificate of income on the basis of the balance sheet or annual report of the previous business year of an enterprise maintained for at least one year. This should be accompanied by a certificate stating that the contractor has no debt to the NAV. In addition, the bank may require the corporate entrepreneur to complete the employer’s certificate. Depending on the type of company, financial institutions may also request a report, balance sheet or ledger statement to approve the loan.
As a pensioner: As a pensioner, the primary income is retirement. Eligibility for an old-age pension can be proved by a pensioner card and pension voucher. Disabled pensioners must also submit a certificate of invalidity.
As a foreign worker: You can also take out a Payday loan abroad. In this case too, you must have a proof of income from the employer in German or English, or a document issued by the tax authority, or you will need a valid Hungarian ID. 6-12 months employment is required.
Secondary or ancillary income alone cannot be used as a cover for a loan, so you will definitely need some sort of regular income if you want to borrow. By taking into account secondary income, the bank may allow a larger loan. Additional income can be, for example, GYES, GYED, social benefits, family allowances, scholarships, dividends, securities, artwork, etc. However, these extra receipts must be supported by an official document such as an invoice or check.
Payday loan, important information: Debtor, guarantor
You may need a loan, but you can’t justify your income. In this case, you can involve a debtor or guarantor in the credit transaction. The extent to which the debtor and the guarantor increase the amount of credit that can be borrowed depends greatly on the debtor’s earnings and the amount of collateral offered. The involvement of a debtor or guarantor is often mandatory if the credit institution does not consider it insured that it will repay the loan in a timely and orderly manner. In the case of multiple uses of the credit target, the bank often makes it compulsory to involve the entire household in the credit transaction, thereby ensuring repayment. In this case, the financial institution examines the total wealth and expenditure of the entire household.
Debtor: A natural person who benefits from the credit objective in the same way as you. The debtor is fully liable for the loan repayment. The debtor is usually a spouse or a close relative. The debtor’s creditworthiness is examined by the bank in the same way as the debtor’s, so a larger loan can be made based on the debtor’s combined income.
Guarantor: A guarantor is a great help in borrowing if you do not have enough income or cover to take out a loan. The guarantor undertakes, with all his assets, to repay the debt if the borrower is unable to pay. There is a guarantor who is responsible for repayment if the bank determines that it is not recoverable from the debtor. The guarantor may be obliged at any time to pay if the debtor cannot obtain money.
Payday loan, important information: Reasons for exclusion
- no verified income
- KHR is listed
- probation, notice period
- the lack of valid Hungarian identification documents
- no employment