What to check when comparing payday loan agreements?
Taking out a payday loan should always be a well-thought-out act.
Currently, we find a lot of attractive payday loan offers in banks and non-bank companies. When we want to borrow money, we should also carefully compare the contract. It is in them that we find key information!
Finding a good payday loan or bank loan is not very complicated today. We can compare offers via the Internet, use special calculators or rankings. However, we should not decide on a specific one without looking into the contract. By signing it without reading it, we agree to all subscriptions at the same time. What to check when comparing loan agreements?
In a credit or payday loan agreement you will find information such as:
• parties to the contract – the lender and the borrower
• date and place of the contract
• payday loan or credit amount together with the total amount to be repaid
• repayment time of the payday loan or credit with set exact dates
• payday loan repayment rules
• interest rate and other fees, for example, preparation fee, margin
• terms of withdrawal from the contract
• consequences of not repaying the payday loan
Of course, these are only selected information, because in reality there are many more. That is why contracts usually have a few pages written in a small print. They may deter, but in fact the lack of familiarization with the terms of the contract will work to our disadvantage. If we have any difficulties in reading the contract, it is worth asking other people. You can also contact the lender for additional information.
What to pay special attention to when reading the contract?
Above all, we should look at issues related to payments. Let’s check the exact amount of the payday loan and the amount to be repaid. Please note what payday loan costs were included in the contract. Then we can see which payday loan will be more attractive to us.
We should also read the table of additional fees. It defines in what situations a financial institution can take them and what are they. This applies, for example, to the costs of extending the payday loan repayment period or debt collection.
It is also worth to look at repayment terms – when we decide to pay for money , then most often we pay the debt in one installment after 15, 30 or 60 days. On the other hand, in installment payday loan, we pay installments to the designated day of each month. Then we can spread a larger sum for more convenient payments for us.
Installment payday loan with a clear contract
In the payday loan company, we meet the expectations of customers – on our website you can see the payday loan model and its detailed records. Thanks to that our clients can get to know them immediately without having to fill in a payday loan application .
If there are any additional questions related to the offer, we are also available. Our consultants will answer exactly and present the terms of the payday loan so that they are understandable. You can call us, write an e-mail or use the on-line chat.