The characteristics of a perfect personal payday loan

In this website, we compare the different products and alternatives of the market in terms of various loan categories: fast, microcredits and much more. One of the star products is, however, personal payday loans.

Today we want to dig a little deeper and evaluate what makes a perfect loan ideal and what to look for in order to detect it among the wide range of current offers.



An ideal loan would be one that did not have commissions or interest, at 0% APR. However, this does not usually occur for personal payday loans of medium or high amounts. That said, there are many entities that lower interest and offer competitive loans , through promotions, specific offers at different times of the year or sales.

Since interest represents the main cost of financing that we are going to hire, we want it to be as low as possible. The market average ranges from a TIN of 5% to 8%, also depending on financial trends and the guidelines of the bank.

The commissions

Many online personal payday loans do not include commissions, because their paperless application makes them easy to process and at a very low cost for the entity. Other banks, however, charge an opening or study fee, which is usually a small percentage of the total amount (approximately 1% to 2%).

The commissions that we are interested in knowing are also those of early payment or cancellation : we have spoken on other occasions of the advantages of canceling loans in advance even if there is a cost in the form of commission. Many entities allow you to pay off the loan before the term expires at no cost, you just have to find them.

Additional services

For example, some banks reduce 1% in percentage if the client, in addition to contracting a loan, opens an account. The best personal payday loans are characterized by simplicity , since sometimes the cost of these associated products ends up exceeding the savings that they apparently promise in exchange for hiring them. This also applies to insurance, a classic of loans and credits, which is neither mandatory nor, in many cases, recommended.

In addition, hiring additional services also implies one or more extra bureaucratic procedures, with the corresponding delays in the contract and receiving the money that is needed.

In conclusion

Who meets these requirements? Which entities offer loans at low or competitive interest, with hardly any commissions, and without the obligation to contract additional products?

The answer is good news: many! Once you know your profile and the type of personal payday loan you need, compare and use a financial alternative that fits perfectly and makes you feel as if you had chosen the perfect personal payday loan.

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