Let’s count on a personal payday loan!

Since the emergence of the banking system, loans have always been needed. Contrary to popular belief, banks were created not for the sake of money preservation and interest, but for lending. There are several types of this, one of them is a personal payday loan. As with other loans, there are differences between specific offers. Let’s count!

Personal payday loan funds

Personal loan funds

Here are some things to know about this contract before going into the details. We cannot talk about coverage as such here. Here, just look at our earnings at the bank and our previous payment habits. Therefore, it is important that we do not fall behind.

Since this is a higher risk for a bank than a mortgage (there is real estate collateral there), these loans have higher interest rates than a home loan.

Here, too, there is an interest period , that is, a period during which the interest rate of our loan, and thus our monthly repayment, does not change.

One more important info, a personal payday loan is completely free to use, so you don’t have to prove to the bank what you spent the money on. And then come the numbers!

The calculator

As we have written before, the personal payday loan calculator is a great way to compare different specific offers. This is what we will use now. Let’s take a 1 million HUF 6 year personal payday loan and let us keep our income at 150 000 HUF!

The highest offer is the MKB Smile Personal payday loan

The highest offer is the MKB Smile Personal Loan

We have to pay HUF 19,028 monthly, the interest period is 3 years and the APR is 11.56%. We will refund you a total of HUF 1,380,084. By contrast, Raiffeisen Bank’s bid is about $ 22,779. We have to pay back a total of $ 1,663,526, which is almost $ 300,000 more than the credit shown above.

We created this personal payday loan calculator so that these money, which comes out as a difference, will add to your wallet, not the bank. That’s why you should contact us! We’re here to help you get the most out of it.