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Payday Loans

Make your project a reality with a payday loan

Adequate funding for each project. Whether you want to buy a new car, carry out development work or finance a family event, your budget must be substantial for its realization. Make your project a reality!

What is a payday loan?

Fortunately, thanks to the payday loan, it is quite possible to realize your dreams and projects. Whether you want full financing or partial financing, this alternative is the best, especially if you have insufficient cash.

Make your project a reality with a payday loan!

Make your project a reality with a payday loan!

The payday loan is a type of loan which is more and more popular these days. This credit contract is spread over a fixed term from the start. This can span a few months or even several years. Anyway, the contract never exceeds 7 years. As it is a payday loan, the borrower can use the borrowed amount only for the realization of a personal project, ie for the projects of a natural person only. Depending on the current project, the person wishing to have the credit can have a car loan, a work loan or even a travel loan.

This means that the amount obtained will depend solely on the project to be funded. When you subscribe, you and the financial institution (or the bank) define the monthly payments to be paid from the start. However, it is possible to repay the loan in advance if your means allow you to do so. But beware, early repayment may involve additional costs.

Payday loan for the realization of your projects

Payday loan for the realization of your projects

The payday loan can be granted for several types of projects, whether vacation, work, marriage, or to improve the well-being of your family. When subscribing, the borrower will not even have to specify the reason why he wishes to borrow the money. But, before passing the course, it would be smarter to go through a loan comparison. Why ? Because, it is thanks to this calculator that you will be able to know the costs incurred by this loan, the duration of the repayment, the monthly payments and the borrowing rate.

In addition to the loan comparison, there is also a amortization table that identifies interest, monthly payments, principal remaining outstanding, etc. But the comparison is also the best way to know beforehand, all the costs of the credit file of several companies as well as the details of each credit offer to which you would like to subscribe.

What are the formalities for obtaining a payday loan?

What are the formalities for obtaining a payday loan?

Obviously, the payday loan is only obtained after a file review. This is why before making an offer, the bank will ask you to provide specific information:

  • proof of income (like tax returns for workers and tax notices for employees and retirees, etc.)
  • personal information about your current situation (your identity, your home, your marital status, etc.)
  • information about your co-borrower, if there is one
  • supporting documents on your financial charges as well as on your current credits

What are the important points in the credit agreement?

What are the important points in the credit agreement?

Once your file is complete, the bank will send you a credit agreement. This credit contract offer must contain:

  • lender and borrower information
  • the type of credit (here, it will be a personal credit)
  • the amount of the credit
  • the conditions for making the borrowed amount available
  • the duration of the credit
  • the amount, the number and the frequency of the installments
  • the overall effective annual rate
  • the rights of withdrawal, if any
  • terms and conditions of reimbursement

Loan from Switzerland for self-employed

Switzerland is known for being happy to grant a loan to German citizens who do not live in Switzerland. It is only a small loan. But for many consumers this is completely sufficient, as they might not get any credit in Germany. And a small loan from abroad is certainly a good alternative.

Now many people dream of such a loan. But this is not for everyone. Because, as with any bank, Swiss banks also have very specific conditions for lending. For this reason, a loan from Switzerland is unfortunately not possible for the self-employed. The Swiss banks only grant loans to employees with a fixed and very high income.

Why a loan from Switzerland does not work for the self-employed

Why a loan from Switzerland does not work for the self-employed

Every bank needs collateral if it wants to grant a loan. In Germany, the Credit bureau is asked for this, which shows exactly how good or how bad the creditworthiness of the applicant is. If you apply for a loan in Switzerland, Credit bureau cannot be queried, as the data is only made available to German companies.

This means that the Swiss bank has to protect itself differently. And this is best done through income. If the bank can be sure that the income is safe and high, it can also count on the loan being serviced regularly. If this is not the case, the bank can seize the income. This is not possible with a self-employed person. It is not possible to say exactly how high the income is here, as it is generally impossible to estimate how the business will develop. What goes well for a month, you can no longer work next month. Thus, the income cannot be seen as security and the bank does not grant a Swiss loan to the self-employed.

What can be done

What can be done

In order to still be able to use a loan from Switzerland, you can only take another applicant for the loan. A person who is employed and has a solid income. Perhaps the life partner is not independent and could take over this part. If the bank is satisfied with the applicant, the desired loan can be approved. However, here too the bank will examine very carefully and consider whether a loan is possible. An employment relationship does not automatically mean that you get a loan. Because every decision is made individually.

Loan for marginal employees

Why not put some more money in your account for your extra needs or as a financial buffer.

Even with a small income

Even with a small income

  • Start your credit request now (this does not result in a contract).
  • After checking your request, the money will be in your account after 4 days.
  • All you have to do is accept our offer. If not, then not. No catch, no upfront costs.

A loan for marginally employed people does not have to remain a pious wish. Nevertheless, there are only very limited credit opportunities. The contribution deals with the possibilities that can be used, requirements and restrictions.

Loans for marginalized workers – when is it easy to lend?

Loans for marginalized workers - when is it easy to lend?

The loan for marginally employed people, or popularly credit for mini-jobbers, can easily be granted. The prerequisite for this: marginal employment is only a sideline and is not practiced on an independent basis. In this case, the focus for lending is initially on the main income. If it already clearly exceeds the garnishment exemption limit, a loan could only be applied for with this income.

In this case, the additional income could even disappear or be used to improve creditworthiness. For example, income could have a positive impact on the credit-related interest rate. Practically all credit opportunities offered on the credit market can be easily used under these conditions.

A loan with poorer income

A loan with poorer income

The main income is not always suitable to jump over the attachment limits. Particularly with families with several children and the main earner, creditworthiness problems can arise. In this case, it is the additional income that can create creditworthiness in the first place. The loan for marginally employed people with insufficient main income does not necessarily have to be made possible by the main earner alone. For married couples, the common income can be taken as a basis. Here is an example:

The net income of the main earner with three dependent persons is 1,879.99 euros. This would make the income in accordance with Section 850c of the Code of Civil Procedure (ZPO) (as of 01.07.2013) attachable. A dependent has a 400 USD job. Both jointly submit the loan application. The income from the sideline is now added to the main income. With a net income of 2279.99, the family now clearly exceeds the tie-in threshold. In turn, credit is possible for all potential lenders.

In the aforementioned constellation, you should still look for offers that are independent of creditworthiness. If two earnings have to be combined in order to prove creditworthiness, this means a risk for the lender. Interest rate offers that depend on creditworthiness react with clear risk premiums.

Credit as a 400 USD jobber

credit and money

Just wanting to derive creditworthiness from the income of a low earner is not possible. Nevertheless, “normal” credit channels can still be used. There are opportunities for credit approval if a solvent guarantor or high-quality property security enters into credit liability. Most credit institutions prefer the guarantee. If there are repayment problems, it is easy to collect the debt from the guarantor. The realization of property security is often associated with a significant additional effort for the lender.

Even without collateral, the loan request for low-income earners does not necessarily have to remain unfulfilled. However, the normal credit route via banks and savings banks must be abandoned. It is still possible to present the loan request to private donors. Various portals for personal loans offer the possibility. In a very modest framework, the loan can be approved for marginally employed people. Whether it really works is a question of the loan amount, some luck and a well-presented loan request.