How to do a Payday Loan simulation?

If your spending got out of control, unforeseen events arose and are It difficult to close hands, a solution borrow money. However, before hiring the first option that appears ahead, it is good to check your financial situation, do the math and, above all, carry out a Payday Loan simulation.

The interest charged on this type of credit is less than that of the overdraft or credit card and offers more time for payment, which may be essential for you. rebalance your accounts. In this post, we will explain everything you do need to know about it.

Why do a Payday Loan simulation

Why do a Payday Loan simulation

As bad as your financial situation is, It is necessary to remain calm in this difficult time, to ponder among the options available in the market and to have clear objectives to know what to do with the borrowed money. Two of the main mistakes made when applying for a loan are not to consult the interest of different banks and not to consider the impact of the installment on your budget. The simulation helps to solve these problems: does it provide information about the fees charged that can vary considerably from one bank to another and how much are you  to pay for months ?. 

The ideal that the benefit does not compromise more than 20% of your income.Also evaluate the Total Effective Cost (CET), which includes, in addition to interest, the taxes, administrative fees and insurance involved in the financial operation. Besides doing the simulation and comparing options, also Is it important to know where your money is going and reviewing your spending to accommodate that new expense. A personal finance application can help with this task.


How to do a simulation in your bank

Payday Loan

The bank you own has your current account allows you to do a simulation  to an ATM or access internet banking and look for the option Loans or “Credit”. There, there must be a link to the credit simulation service. Enter the required amount and the desired term and then check the conditions for payment, the interest rate and the amount of the installments.


How to compare bank and financial options

bank loan

To borrow from the bank where you live. account can be practical and quick, but hardly be the cheapest option on the market. Large banks tend to charge very high rates. To compare alternatives, the ideal check the different rates and costs charged by banks, financial institutions and lending platforms. A good solution to do this use the Good Lenders app. With him, are you can simulate s at once how much would you pay for the loan at each of the institutions, according to how much you need and with the term in which you Analyze your situation and the options available and use this solution with awareness want to pay.

Now you know the importance of doing a Payday Loan simulation before resorting to this form of credit. Did you know that tooIt is possible to hire a loan directly over the internet, without having to travel to an agency