Payday loans can be granted through verbal agreements, or through private contracts. It is advisable, for both parties, to establish a contract with clear clauses , since this type of loans can be of a small amount of money up to higher amounts.
There are private mortgages or loans to carry out a business, the return of this money may require a longer time to deal with the debt and it is not possible to know what will happen in the lives of people or what situations they can cause a default or a delay in payment.
It is advisable to go to payday loans when there is no other solution and when the bank denies the request. payday loans can be granted easily and quickly, however, it is necessary to use them in a responsible manner. The interests of payday loans are higher and linking loan is not a good solution to get out of a punctual hurry.
Payday loans are usually requested when it is necessary to pay a debt urgently, when there is no payroll, but with a monthly income that allows to pay the debt, when you want to start a business and you do not have enough money to do it and you can even apply for a private mortgage when the bank does not grant it.
Banks can also refuse a loan if the applicant is included in a list of defaulters , some private lenders and private equity companies do not take this condition into account.
It is important to bear in mind that private equity companies that offer loans even if they are on a list of defaulters , do take into account that the debt is not contracted by a financial product of any kind and that it is not greater than 1,000 euros, in some cases. cases.
In the case of private lenders, each of them will impose their conditions to grant a loan to a person, in the case of private equity companies, formed by lenders who offer their money through the company and in exchange for collecting a amount for it, the general requirements are usually:
The capacity of indebtedness is calculated based on the money that the client can have after having faced all his fixed expenses, he must not exceed 35 or 40% of that amount.