Microfinance organizations differ from banks in that they approach each client individually. From this, the percentage of payday loans, as a rule, is not clearly indicated. For example, banks, recently, do not change, stated in advertising, the interest on the loan, but they can add additional fees, both one-time and monthly. The most common “markup” with banks is credit insurance.
Microfinance institutions are highly at risk
But, if in banks the amount of loan payment can grow due to various additional services, then in Payday Loans the interest on payday loans depends mainly on the borrower himself. Microfinance institutions are highly at risk by offering loans with minimum client requirements. Also, in order to compete with banks, all Payday Loans need to examine a person in as much detail as possible in the shortest possible time before approving his application.
Know exactly the percentage of payday loans
Therefore, in order to know exactly the percentage of payday loans, it is best to submit an application to the Payday Loan, with your passport details, the manager will evaluate your candidacy and will contact you, usually within an hour. In any case, the rate among many companies ranges from 1.2% to 2% per day. To recalculate in annual interest, the figure may seem quite big. But a payday loan, as a rule, is taken for a short time – from 7 days, so you will have to pay a not so large amount.
Also, large microfinance companies have specific loan products for bona fide citizens. Regular customers and those borrowers who can clearly confirm their reliability can consider themselves as such.
Read more about the products, offers and payday loans in St. Petersburg.