What is the real cost of a personal payday loan?

A project in mind, but not the means to finance it? A bank account in bad shape? The personal payday loan can meet your most diverse needs! But like all credit, it has a certain cost. And it is essential to properly evaluate the latter before signing any contract, and therefore to commit. Specialized in consumer credit between individuals, Creditstair tells you what you need to determine the cost of a personal payday loan.

How does a personal payday loan work?

How does a personal loan work?

A personal payday loan is a type of consumer credit. His particuliarity ? It offers some flexibility to the borrower. The latter can actually use the amount lent at leisure, without having to provide proof of purchase to the bank or the credit institution. The money can be used to cover the purchase of goods (furniture, appliances …) or services (improvement work, travel, marriage, etc.). It may also allow the borrower to face a difficult financial situation, for example following unforeseen expenses (vehicle repair, health costs …).

The cost of a personal payday loan can vary greatly depending on the funding agencies. This is why, at first, the borrower has every interest in putting different institutions in competition. In a second time, it is advisable to peel each offer well and to compare them.

How to estimate the cost of a personal payday loan?

How to estimate the cost of a personal loan?

When receiving a loan offer, the borrower should pay attention to the APR, or annual percentage rate of charge.

Please note: the APR, a mandatory mention
In accordance with the Lagarde Act of 2010, relating to the reform of consumer credit, all credit institutions are required to include the APRC on their offers, regardless of whether it is a bank or a bank. an institution specializing in consumer credit.

The APR is expressed as a percentage of the amount borrowed. It is this famous rate that defines the total cost of the loan. Why ? Simply because it includes all the costs incurred by the subscription of a credit. For the borrower, it is thus an excellent element of comparison.

In the APR, we find:

  • the application fees (opening and processing);
  • the nominal interest rate (or bank interest or debit interest rate);
  • the cost of borrower insurance (this insurance is optional and can be purchased from a bank or third-party financing organization);
  • warranty fees;
  • other fees charged for obtaining the credit (opening and account maintenance fees, use of a means of payment, costs in the event of intervention by a third party for the granting of the loan, in particular ).

To summarize, the APR represents the actual rate charged by the lending institutions, unlike the lending rate, which is in fact only the base rate. We must make a difference.

Cost of a personal payday loan: pay attention to ancillary costs

Cost of a personal loan: pay attention to ancillary costs

To the TAEG may be added costs referred to as annexes. In banking jargon, they are called penalties. These intervene only in the course of credit. In the end, they potentially increase the cost of the personal payday loan. We distinguish :

  • penalties for late payment;
  • prepayment penalties.

Again, the amount differs according to the credit agencies. The borrower can refer to the contract to become acquainted. In order to avoid late payment penalties, it is better to choose the repayment period that best suits your financial situation. Because this duration will directly define the amount of monthly payments. The shorter it will be, the more the monthly payments will be important, and vice versa.

Good to know: prepayment penalties are not systematic!
Some lenders do not apply penalties for early repayment. This is the case of Creditstair! At home, the borrower can make a refund for free, regardless of the amount borrowed! Thus, if his financial situation evolves (winning games, donation, inheritance …), he can pay off his consumer credit with confidence.

Estimate the cost of your personal payday loan in a few clicks

Estimate the cost of your personal loan in a few clicks

Nowadays, there is no need to make clever calculations or run the different credit agencies to gauge the cost of a personal payday loan. In general, each bank or credit institution offers a simulator on its website. This allows the borrower to know almost instantly the amount he will have to pay for his credit. To save even more time, the borrower can also use an online comparator.

personal payday loan offer: what are the mandatory details?

Personal loan offer: what are the mandatory details?

Before signing a contract, the bank or credit institution is obliged to send the borrower a lot of information. These will enable him to know if the loan is adapted to his financial situation. In a personal payday loan offer, must appear (exhaustive list):

  • the identity and address of the lender;
  • the loan amount;
  • the type of credit;
  • the cost of the personal payday loan (total amount due);
  • the conditions for making the amount borrowed available;
  • the duration of the contract and the number of monthly payments, with a schedule of repayments (per month, every two months …);
  • APR (annual percentage rate of charge) and method of calculation;
  • the total cost of the costs (expressed as a specific amount);
  • the existence of a withdrawal period (the borrower has a statutory period of 14 calendar days to give up his loan after signing the contract);
  • the articles of the Consumer Code concerning the period of validity of the offer, as well as the minimum period of reflection;
  • the right of the borrower to obtain a copy of the credit agreement offer on request and free of charge.

personal payday loan: what happens if my project does not succeed?

Personal loan: what happens if my project does not succeed?

Apart from the cost of a personal payday loan, the borrower must know the future of such a loan if his project does not succeed. As we have seen, the personal payday loan is not assigned to any specific purchase. The borrower is therefore not covered by the bank or credit institution if the sale is not made or if the property has a default. As a result, the credit can not be canceled and the borrower will be required to honor his monthly payments as stipulated in the contract. This is the big difference between the personal payday loan and the assigned loan (auto loan, for example).

Creditstair revolutionizes personal payday loan codes

Creditstair revolutionizes personal loan codes

Unlike all banks and credit organizations, Creditstair returns to the origins of the traditional mutual banking model. The concept is simple: savings come from professional investors (individuals, foundations, insurers, companies, pension funds, etc.) and is granted directly to borrowers. It undergoes no transformation operation, risky for both parties.

This financing model allows the borrower to benefit from preferential rates up to € 3,000. It’s the insurance to reduce the total cost of your personal payday loan!

Creditstair is also:

A 100% digital platform
Everything is done online. From the sending of supporting documents to the signing of the contract, through file tracking. The borrower thus earns valuable time.

One type of credit
We only offer the amortisable loan at fixed APR. This rate remains stable throughout the duration of the loan. Which means that monthly payments are constant.

Clearly displayed fees
On the one hand, there is the service charge, which pays for the platform for its work, and on the other hand, the interest calculated on the basis of the APRC, which ensures the remuneration of the investors who entrust us with a part of their capital. That’s all ! No bad surprises for the borrower, so!

Flawless availability
E-mail, chat, phone, these are all ways to contact us. And this, since your prospection until the end of your credit agreement!

A safe and reliable credit institution
Creditstair is the only retail credit platform in Europe to be licensed as a credit institution. We have two accreditations in France. One emanates from the Autorité de contrôle prudentiel et de resolution (ACPR), the other from the Autorité des marchés financiers (AMF).

Unmatched reactivity
After receipt of the signed credit agreement and all the supporting documents, a definitive answer is provided within 24 hours, not one more. If this is negative, the borrower is informed immediately. He can then prospect without delay with other credit agencies.

Comparing different credit contract offers is an essential step in the borrowing process. This is the insurance for the borrower to benefit from the best rate, and therefore to review the cost of his personal payday loan down. For your consumer loan, do not hesitate to make a simulation on Creditstair. A few minutes are enough! If your application is pre-accepted, you have the option of obtaining an immediate policy response. Creditstair is simple, cheaper and without constraints!

The three key points to remember about the cost of a personal payday loan

The three key points to remember about the cost of a personal loan

  • It is the APR (annual percentage rate of charge) that defines the total amount of this consumer loan;
  • The APR includes all the costs related to the credit (administrative and guarantee fees, nominal interest rate, cost of the borrower’s insurance, and any other fees charged for the granting of the loan);
  • This rate is a key element of comparison between credit contract offers.


Installment of traffic tickets on credit card

Parceling of traffic tickets on credit card is released by the Government.

To reduce the default rate and the number of irregular vehicles, the National Traffic Council (CONTRAN) has recently released a resolution that allows the payment of fines on the credit card and payment on the debit card.

According to information from the Federal Government, the resolution also applies to other debts related to the vehicle, such as IPVA, and is already in effect throughout the country. Implementation depends on each agency (such as Detran and prefectures).

In the case of the city of São Paulo, the mayor João Doria (PSDB) has already published the law that authorizes payment in installments up to 12 times. The city hall of SP must launch a website, until 1/15/18, for the drivers to carry out the installment. Because it is a resolution – not a measure – transit agencies are not required to offer the service.

It is important to clarify that the installment of fines and debits without the option of credit card is already offered in several states, such as Rio de Janeiro and the Federal District, with interest added.

Credit Lender advises: Escape the companies that promise to pay the debts of your vehicle. Look directly to your state body or the city hall for clarification.


Suspension of the portfolio: new rules

Suspension of the portfolio: new rules

Another news released by Contran was the new rules on suspension and revocation of driver’s licenses. Beginning in November 2017, drivers who reach 20 points on the CNH (in the 12-month period, valid from November 2016) may be suspended for at least six months. Before, the minimum punishment was one month. If there is a repeat offense, the suspension increases to at least eight months, and can be as long as two years.

If the driver is caught driving with the suspension suspended, the penalty is the withdrawal of the license. The driver’s license may also be revoked in the following situations: not to be qualified in the category of the vehicle; race dispute (gusts); and dangerous maneuvers (wooden horses).

Cyclists and pedestrians to be fined 2018

Cyclists and pedestrians to be fined 2018

The National Department of Traffic (Denatran) also announced in November that regulations that allow the application of fines to pedestrians who violate traffic laws, such as signaling and crossing pedestrians. The rules will be valid at 180, therefore, in 2018.

Cyclists who ride off cycle paths or sidewalks may also be fined. The value of the pedestrian infraction will be R $ 44.19. Cyclists will have to pay up to R $ 136.16.


How to apply for traffic tickets?

How to apply for traffic tickets?

If you received a traffic ticket and you do not agree, you can appeal and contest the notice of infringement. Stay tuned because there is a specific time frame for each situation. Look for the service on the website of the agency that issued the notification (state or municipal) and follow the steps.

The DMV clarifies the situations in which the driver of the vehicle may use the traffic ticket:

  • Defense of the notice : must be presented when there is a divergence in the mark, color, model or license plate of the vehicle, or even time and wrong address. Deadline: 30 days.
  • Appeal of the fine to Jari : must be presented to challenge the reason for the infraction or rejection of the defense of assessment. Deadline: payment of the fine.
  • Appeal of the fine to the Cetran : must be presented when the driver wants to contest the rejection of the appeal previously sent to Jari. Deadline: 30 days.


How to change traffic ticket by warning?

How to change traffic ticket by warning?

Still according to the Detran, although the written warning is not considered an appeal against a traffic ticket, it is possible to convert the fine into a warning. The warning may be required for light or medium infraction, provided that the offender is not a repeat offender in the same infraction in the previous 12 months.

Detran emphasizes that the exchange of a warning fine is optional to the competent transit authority, if it understands that the measure is educational. This means that the warning will not always be granted and will depend even on the driver’s history. When granted, the warning does not generate points in the national driver’s license and the fine is not enforced.

Indication of driver: how to apply?

You were fined, but were not you the one driving? Know that the “driver indication” or “real offender” feature can be requested so that the points in the portfolio are assigned to whoever was driving at the time of the infraction. Nevertheless, the fine will continue to be linked to the registration of the vehicle and must be paid. The service is offered on the internet by most traffic regulators.

Debt Trading and Portability

Consumers who own finance can now transfer their debt from one bank to another in search of better rates. The so-called Credit Portability is guaranteed by Resolution No. 4,292 of the National Monetary Council.

Debt Trading and Portability

Debt Trading and Portability

That’s right. If you have a real estate or vehicle financing, payroll loan or personal and are interested in getting proposals from other banks, contact your financial institution by reporting this.

Under the new rule, within one business day, your bank must pass you a consolidated debt with information on the interest rate, outstanding balance, and contract number. With this information in hand, you can contact other banks for more advantageous rates searches.


What is debt portability?


The portability of credit is the option of a debtor (individual or legal entity) to transfer their debt from one financial institution to another.

With it, the consumer has the possibility to negotiate lower interest rates. But know that the Central Bank does not oblige the financial institution to accept the transfer of debt from another, so if you have an interest in portability, you need to check with the bank you choose if it is possible to make the transfer.


Is it possible to make portability for any type of debt?

Portability is allowed for any type of loan. See examples of physical lines of credit that are available for portability:

  • Credit card;
  • Overdraft;
  • Vehicle financing;
  • Real estate credit;
  • Personal credit;
  • Payroll loans.


What are the advantages of debt swapping and portability?

What are the advantages of debt swapping and portability?

One of the main advantages is the opportunity to renegotiate the debt for a lower interest rate using the payroll loan for civil servants and INSS beneficiaries or even other credit alternatives that fit in your pocket.

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