The payday loan is a flexible loan, because it is a loan that allows you to use the sums required to realize your dreams and projects, with a wide possibility to customize payment and duration.
To find out if the payday loan is the type of financing you are looking for, here are 5 things to know before going to the bank or to the financial intermediary to request it.
Age: not under 18, not above 70
The payday loan applicant must be between 18 and 70 years of age at the time the loan application is made.
If to request it is a foreigner
The foreigner must be resident in Italy for at least one year and must be able to produce a valid residence permit.
The sum immediately at your disposal
The most obvious characteristics that distinguish the payday loan from a loan aimed at:
- The usage constraint – The sum of a finalized loan is not available to the applicant for uses other than those for which it was requested. In the payday loan there is no such constraint, nor the obligation to declare the use of the sum requested.
- Payment – In the payday loan the sum disbursed by the bank is immediately put at the customer’s disposal. In the finalized loan the sum is paid directly to the retailer whose goods or services are financed.
The limits of payday loans: how much can you ask? How long can it last?
The amount of the payday loan can amount to a minimum of € 2,000 and reach up to € 60,000. The repayment term can range from a minimum of 12 months to a maximum of 120 months.
Payday loan without guarantees: is it possible?
The granting of a payday loan is subject to the demonstration of the ability to repay, through the presentation of a certificate of income (salary, pension or income tax return). If this is not possible, the loan can be assessed on the basis of the presentation of the personal guarantee of a third party who must undertake to repay the debt in case of default of the applicant.