Compare Payday Loan?
You can easily compare payday loans via BankShopz. We try to inform you as completely as possible about the various options, customer service, tools, prices and promotions. On this page you will find a complete overview of all lenders offering a payday loan.
If you want to borrow, you can use the payday loan simulation on our site to find out after a few clicks with which lender you can take out the cheapest payday loans. The simulation takes your needs and preferences into account. You can also carry out such a simulation for a mortgage loan, among other things. In many cases you can send your application online to the lender.
What is a payday loan?
You can take out a payday loan for various purposes. From borrowing money for repairing a washing machine to purchasing a new television. Sometimes you just need extra money. You can often apply for a loan online. Once a lender has given you a payday loan, you must pay off your debt for the following months or years. Note: borrowing money also costs money. A repayment is therefore accompanied by an interest payment. That is the cost of a payday loan, but also of other loans, such as car loans .
The lender asks for interest to cover himself against the possible risks he takes by providing you with a payday loan. The interest rate depends on, among other things, the loan periods. Some banks raise interest when you opt for a longer repayment period.
The banks are free to determine which loan terms and rates they apply. Although they must meet a number of legal conditions when they give you a payday loan. The maximum repayment period for a loan up to and including 2,500 euros is 24 months. If you borrow more than 37,000 euros, the maximum repayment period is 240 months.
The annual percentage rate of charge, the total cost of a payday loan, may not exceed 18.5 percent for amounts up to and including 1,250 euros. For amounts higher than 5,000 euros, that percentage is a maximum of 10 percent. Certainly do not lose sight of those percentages. Not only when you take out a payday loan, but also when you take out a renovation loan, for example.
It is advisable not only to look at the annual percentage rate when you take out a payday loan. When calculating your payday loan, also take into account the repayment term. Through our payday loan simulation you will find out how large the monthly repayment is. The longer a loan runs, the smaller the repayable monthly repayment. Keep in mind that the annual percentage rate may or may not be higher.
Those who opt for a shorter repayment period will see the monthly repayment rise sharply. Although you pay less interest at the end of the ride. It is therefore important to consider for yourself how much you can pay each month. Use our payday loan simulation to work out various scenarios. This is the only way to ensure that you get the best payday loan with the cheapest interest. Please note: accept cookies do you want to compare a payday loan with our loan simulation. This is not only necessary to take into account your needs and preferences when performing the payday loan simulation, but also for simulations of, for example, merging loans .
Payday loan default
Banks can take various measures if you do not repay your payday loan in time. To start with, your name appears on the blacklist of the Central Credit Register for Individuals of the NBB. The banks can consult that list when you turn to them for a loan. This way they know if you are a correct payer. Once you are on the black list, the chances are very small that you can still get a loan from other banks.
Once you have met all your obligations, you will remain on that list for another year. But that does not mean that the banks will refuse you a payday loan or another loan. If you fail to pay off your debts within a year, you will remain on the list for 10 years.
If someone has acted as a guarantor, the bank can ask / require that person to pay off the debt. Although the bank will first send a few reminders so that you will still pay back your payday loan.
The bank can also terminate the credit agreement. In that case, the outstanding debt must be repaid. In addition, the bank can still charge default interest and compensation.
Concrete example: The fixed annual cost percentage (APR): 6.99% (fixed annual actuarial lending rate: 6.99%), for an installment loan of € 7,300 with a term of 42 months. The monthly repayment will be € 195.72 for a total repayable amount of € 8,220.24. The fixed annual cost percentage can vary depending on the credit amount, the duration of the credit contract, the withdrawal modalities or the chosen payment modalities. Installment loan for private individuals, subject to acceptance of your file and mutual agreement. Interest rates and product conditions change regularly. Because reliable comparisons are only possible on the basis of current data, the product information (such as interest data) that we provide is often updated daily, or as often as necessary. BankShopz is neither a credit broker nor a lender.