Classic payday loans or payday loans generally mean unsecured loans, which are usually paid out with proof of employment and income, free use, and relatively fast administration.
The customer walks into the bank holding the account, the savings cooperative, and if all the conditions are met (the payer examines the income, the regularity of the accounts, ie the general financial situation), after a very quick review, he will know the money in his account. Eligible amounts vary by financial institution, ranging from a few tens of thousands of forints to a few millions of forints, and elsewhere they maximize the amount of payday loan that can be taken up each time. The terms and conditions of employment also vary, and generally speaking, we can obtain a payday loan if we have a continuous employment of at least six months. Recruitment requires personal documents, a bank statement (where regular income comes), paid utility bills, and proof of income. You can increase the amount of payday loan taken out by involving a guarantor.
What happens if you don’t meet one of the conditions?
For example, have you been unemployed for a while and only been working at your new job for 4 months? Or is your net income too low and would you say you would need eight times your net income while the bank would only give you three times that? And then we haven’t even talked about the rather high interest rates on traditional payday loans. Or if you are on the BAR list, you will find it very difficult to get a payday loan.
A car-covered quick loan can help you rather than a payday loan
If you own a motor vehicle (truck, truck, motor, or even truck) that is under 12 years old, you can take out a low-interest instant mortgage. The speed of disbursement is not much lower than your personal credit, and it takes 3-5 days. The minimum amount of a quick loan is three hundred thousand forints, so it is ideal for taking smaller amounts. You remain the owner of the vehicle, you can use it without restrictions, except that you cannot sell your car, engine, truck, etc. until you repay the loan. It is important to know that you can take out a loan created in lieu of a payday loan for a term of one to eight years (about 80% of your car’s Eurotax value). Use our online quick loan calculator to make a preliminary estimate of expected installments.