Before you can actually compare payday loan offers , you should have some basic information ready. These include, on the one hand of course, the exact determination of the necessary payday loan amount as well as a clear idea about the use of the payday loan. If the payday loan is used for specific purposes, you should first of all also get a rough idea of the economic useful life of the object to be financed. Information on this can be found, for example, in one of the reputable payday loan comparison portals . Furthermore, you should calculate a personal monthly limit to avoid the risk of over-indebtedness. You can determine this debit limit by deducting monthly payments such as rent and standing orders from your monthly incoming payments. In order to calculate the cost of living, you should base your own experience on flat-rate items for categories such as food, clothing or leisure and deduct them as well. The remainder then represents your monthly limit.
Once you have all the information, you can conduct a payday loan comparison on one of the reputable payday loan comparison portals. Often on the Online platform only required the entry of the desired amount of payday loan, and the payday loan calculator uses this information to find the cheapest online payday loan. By choosing the term, you have the option of adjusting the monthly payday loan of the online payday loan. The term of the installment payday loan should be chosen so that it is in any case below the monthly limit. In any case, if the online payday loan is earmarked, care should be taken to ensure that the term does not exceed its economic life. If this is not possible without exceeding the monthly load limit, you can theoretically not afford the desired object. After setting the parameters, the payday loan comparison portals list the payday loan offers sorted according to the total payday loan costs. Since a comparison of the total payday loan costs a comparison of the online payday loans can be performed runtime independent, this size should be selected for a comparison.
In the calculation of the total payday loan costs, however, a comparison of the online payday loans always uses the objectively most favorable lending rate. The providers themselves, however, always offer an effective interest margin, because before a payday loan offer is always preceded by a payday loan check on an online payday loan. This is usually done on the basis of a query and the wages and salaries of the applicant. Following this check, the direct bank sends the applicant a binding payday loan offer. This now contains an individual interest rate, which is usually slightly above the lowest effective interest rate. However, as online banks use different methods of payday loan check , the individual interest rate may vary. It is therefore worthwhile for the customer to obtain various offers.
If you have now found the cheapest offer for an online payday loan, you must send the payday loan offer received by the direct bank together with all requested documents. The direct bank subjects these formalities to a further examination and in the case of a positive decision, they are faced with the payment of their online payday loan within a few days .