In order to obtain the best possible conditions in the payday loans that you request, it is necessary to follow a series of steps that will make your application orderly and have everything under control. You will also make sure that you have selected the type of payday loan that is adapted to your financial needs and you have requested it in the entity that offers it to the best conditions for you.
Here are the 7 steps to apply for payday loans and obtain the best possible conditions.
1. Identify the type of loan you need
The first and most important step is to identify the type of loan you need. To do this, check if there is any type of payday loan designed for the purpose that you are going to give the money of the same. It also checks the urgency of the same, the amount to request and the return period to identify the type of loan to request.
2. Compare different payday loans
Once you have identified the type of payday loan, use a payday loan comparator to search and compare the different loans offered by banks. It is very important to compare all aspects of the credit and read the fine print of the loan to avoid surprises at the last minute.
3. Check interest rates
One of the most important characteristics of payday loans are the interest rates of the same, which will cause you to pay more or less at the end of the month. That is why it is important to request the one that has lower interest rates, although not the fundamental thing.
4. Check the commissions
Another very important aspect is the commissions that may come to have, among which are the study, opening, amortization and even cancellation fees. The fewer commissions the loan has the better, but the most important thing is that the loan does not have study fees, since you will have to pay them even if they do not grant it.
5. Check the link with the financial institution
There are payday loans that have better conditions if you have a relationship with the bank, so before requesting, check if you have them and if so, become a customer and link to the entity hiring the products that are needed. You will get better conditions and also access products that you could not without links, for example pre-granted loans .
6. Perform a payday loan simulation
Finally, before hiring the payday loan, perform a simulation of it, checking how much you have to pay in each installment and even when you will have to pay them. It will help you to have an idea of whether you can pay the loan and the duration of it with the date of the last installment. We leave you the link of a payday loan simulator online.