With slick cash loan, get your instant payday loans online guaranteed approval
The payday loan is a more accessible and cheaper credit option than other types of personal credit. The difference can reach more than ten times, in some situations, when compared to credit card interest rates. Find out how the payday loan works and discover all its advantages.
What should you know?
Unlike the conventional loan, slick cash loan is automatically paid off every week or month. That is, guaranteed in advance by the bank. The institution paying the payment or social security is responsible for making the consignment on the payday and transferring this amount to the bank that lent the money. That way, the loan holder does not have to worry about paying bills separately. This change only in the case of the payday card and only if the expenses within the week/month are greater than the discount allowed.
Payday loan types
- Intended for Social Security beneficiaries,
- Public consignment can be requested by public servants,
- Private consignment for collaborators of private companies
The discounts or payments on the payday loan are fixed. They always occur on the same date and in the same amount. That is, on every month, or on a certain date, or on a weekly basis, previously defined in the contract as the due date, the value of the installment will be consigned. The amount of the discounted benefit must appear on the paycheck, pay slip or payment statement. Understand now how the payday loan works and why it should be considered by those who need extra money.
Approval and release of the payday loan
- The analysis and approval of payday loans take into account, mainly –
- Whether the interested party is in one of the eligible categories
- In the case of retirees and pensioners, if they have a consignable benefit (not all are accepted)
- If it meets the age group allowed and defined by the financial institutions
- If you have available consignable margin
- If the paying source has an agreement with the bank of interest
The credit policy of each financial institution varies.
If you are not eligible
Another important point is that in the credit analysis, no consultation is carried out. This means that, even being negative, anyone who meets the prerequisites can apply for the payday. After credit approval, signature and annotation of the contract, the credit is released in the indicated bank account. Thus, the payday loan money can be used for whatever purpose the borrower wants.
For credit analysis and approval, the bank will evaluate the paycheck or benefit extract. The amount released will also depend on the available assignable margin. However, the credit limit cannot exceed the assignable margin.
In the end
It is worth remembering that private companies can establish a salary limit that can be used with loans, in order to maintain the financial balance of employees. Simulate your payday loan now. Enter the desired credit amount or the maximum amount of the installment you want to pay. Then choose your agreement and the number of installments. Discover the offers of the best banks for payroll loans.