Personal Payday Loan Repayment
You can repay all or part of your loan before the end of the contract. However, banks may charge you additional fees, called re-employment fees. This cost of compensation is limited by law and varies if the refund is full or partial.
Advantages of a personal payday loan?
The main advantage of the personal payday loan in Belgium is that it does not require any justification . You can use the borrowed money as you wish as long as you can repay the fixed monthly installments over the period of time determined. Do not confuse this type of loan with the so-called “personal payday loan without proof”, which does not refer to a credit agreement for which no proof of income is requested, but rather to the fact that the acquisition you wish to finance is not to be justified by the bank, you will always be required to provide proof of your income.
Note, however, that a credit granted to a bank or credit institution is a reliable source of funding. In advance, you know exactly how much money you will receive. No surprise either on the monthly amount and the total amount to be refunded. The interest rate (APR) is also known from the outset and is fixed in time.
Disadvantages of a personal credit?
The main disadvantage of a personal payday loan is its higher rate. Since the requested financing does not require any supporting documentation and therefore can create more risk for the banks, the interest rate of an installment loan will generally be higher than for an affected loan such as mortgages, auto loans for new or used car, motorcycle or works.
Personal payday loan,how to find it?
The Borrowers allows you to simulate and compare interest rates, monthly repayments and the total repayment of more than 40 banks in Belgium. Our online comparator is private and 100% free. Very easy to use, it informs you in a clear and transparent way about the conditions, advantages, disadvantages and offers of each bank. We also show you all the loans for which you qualify.
In order to find the personal payday loan at the best rate , it is essential to compare the offers of the banks according to the desired amount. To do this, go to our comparison table of personal payday loans here. Comparing the credits, you will see for example that for an amount of € 10,000 and a repayment period spanning 36 months, Belfius offers an interest rate of 6.5%, while the Savedirect Bank personal payday loan has an APR of 4.9. %.
Keep in mind, however, that borrowing money also costs money and you need to choose an amount based on your needs and finances. In just 30 seconds, The Borrowers lets you find the cheapest personal payday loan in Belgium. Do not wait any longer to compare all the banks and save up to € 1,000 on your personal credit!