The cheapest payday loan
Did you know that the costs for a payday loan depend on the term you choose? To be able to find the cheapest payday loan, you must therefore pay particular attention to the number of payment terms. Comparing providers can certainly make sense. So keep doing that. But you save the most money by choosing a term that best suits your situation and preferably as short as possible. We explain below the duration for which the payday loan is most beneficial.
Save hundreds of euros on your payday loan
It is best to take out a payday loan for an expense whose total costs are already known. This is the case, for example, with the purchase of a new or used car, a holiday (although the chance that you can borrow money for this is small nowadays) or for making your home more sustainable. If you are going to renovate or renovate your home yourself, it is best to take out a loan without a fixed term. Have your payday loan made to measure. In that case you can often save up to hundreds of euros. With larger loan amounts (for example up to 50,000 euros) you can even save up to 1,000 euros or more. How? Among others through….
Provide sufficient security to the bank
Banks love security. When you request a quote for a payday loan, you always provide as many documents as possible from which the bank can conclude that you will be a reliable payer. Have you always paid your previous loans properly? Then show this! If you have your own savings, it is important to also indicate this. This gives the bank even more certainty and you will be rewarded for this in the form of a more favorable interest rate. Borrowing money for expenses with a fixed cost is always cheaper than borrowing money for something whose total costs are unknown. So – if possible – always submit an invoice or quotation to them.
The sooner a bank has its money back, the more you will be rewarded! Do you opt for your payday loan for a short term of, for example, 48 months? A lower interest rate is then applied for this than for a payday loan with a longer term of 72 months or more. This is the case with just about half the lenders. This also applies to loan amounts from 20,000 euros. In that case, reducing the duration by 12 months can already save 1000 euros per month!