Payday loans are extremely popular these days due to low interest rates and not the least of which is that access to Payday loans is very simple. A Payday loan is free to use, so you can spend whatever you want. You can apply for a Payday loan without a bank account, but you can’t do it with every financial institution. It is important to know that income must be verified at the time of taking out a Payday loan as this will be the cover for the loan. The bank must assure itself that the loan will be repaid in the future. A Payday loan usually has a lead time of a few days, but you can get a credit on the day you apply for it if you apply at your own bank.
Use the Titus Groan Payday loan calculator to select the best Payday loan. Find offers from multiple banks in one place. Once you have entered the appropriate information, the system will list the financial institutions where you have a chance to borrow. This saves you a lot of time because you don’t have to go through the bank branches personally.
Payday loan Turnaround Time – Credit Review Procedure
- sending and checking the signed documents and other necessary forms to the bank
- KHR query
- salary check (3 or 6 months employment)
- debt rating / review
- contracting / disbursement
Banks will have to review the documents in accordance with a legal provision, ie they will have to decide whether the money they issue will be repaid in the future. Credit institutions examine the loan not only under the general rule of law, but also under their own credit assessment rules.
One of the great benefits of a quick Payday loan, as the name implies, is that the credit assessment does not take much time, so you can get the amount you claim much sooner than a mortgage loan, which requires collateral, such as valuation and other processes.. It provides a solution to finance the smaller expenses of a Payday loan, an amount that cannot be borrowed from a mortgage. If the applicant’s financial and income situation is OK during the investigation, they will determine the amount of the loan, sign the loan agreement, and already pay out the amount of the requested quick loan. Under current regulations, banks allow up to 50% repayment of a loan for less than HUF 400,000 and above 60%.
Payday loan turnaround time – Documents
It’s a good idea to know in advance what documents are needed to take out a Payday loan, as this can speed things up as well. If you come to the bank with complete documentation, administration can begin immediately. Necessary documents:
- identity card (or passport, driving license)
- address card
- tax card
- employer certificate (in case of sole proprietor, in case of KATA, EVA NAV certificate and zero certificate both for the company and the individual; in case of pensioner pension certificate and pensioner certificate)
- bank statement (last 2-6 months) if you are not seeking credit from the account keeping bank
- certificates of existing loans (proof of principal)