The path that leads to the disbursement of a payday loan is unfortunately often punctuated by a lack of clarity, which on the one hand makes it really difficult to be able to make a choice in a perfectly aware way (on the convenience, opportunity, and sustainability of the loan).
The other can cause quite a few problems especially when it comes to financing that has already been committed in some way by a pressing need. Some problems can be overcome, or even avoided, if useful information is known, and which are mostly kept silent.
Payday loan delivery times
Bank and financial employees often indicate too ‘optimistically’ what the loan disbursement times will be, but the information sheets indicate more certain times, which are always much greater.
In addition, the maximum expected time should be calculated not from the moment the file is started, but since the request was signed and all the related documentation has been attached. This is an aspect that becomes very important especially when making a request for an online quote, with consequent forwarding of the request.
An unsecured payday loan remains in the system for one month
Even when a request for funding is refused it remains temporarily within the system, so that one’s income capacity is compromised (at least apparently) regardless of whether the sum has been granted or not. So if you go to apply for another payday loan, the chances of it being refused further increase.
If there is no particular urgency, it is preferable to wait for a month (better 40 days) to pass before the previous request is no longer in the system. Otherwise, it is necessary to point out the previous refusal (which is not a nice business card) and attach the documentation that proves it.
In case of refusal, the applicant must be given the reasons
In most cases, in front of refusal you are faced with a wall of silence on the reasons. Instead, it is the applicant’s right to know why the payday loan was refused, as well as to have a copy of the documentation and the signed contract back.
Banks and financial companies often do not comply with this obligation but, strengthened by their own rights, it is worth stumbling, also because this documentation can be important for being able to instruct a new financing practice. This applies to both online and traditional loans.
For the certainty of delivery, wait for the official communication
It is not uncommon that the certainty of approval of the practice is verbally given, and then finds themselves displaced by the subsequent refusal.
Unfortunately, in these situations, there is no need to complain, given that a practice passes through many phases and many offices, so the judgment can be positive until the moment of the last approval, and here you can find the refusal.
Before unbalancing on making purchases, it is better to wait for the official OK, which is usually anticipated by the receipt of an email.
You have the right to second thoughts
Even if a loan has been disbursed, complete with a bank transfer credit, you have 14 days to withdraw without costs and 30 days with a slight penalty.
The online or normal quote must be dated
Before making a request, you must have a written quote left, which contains all the useful information including the rates (APR and Tan) and the date by which conditions cannot change.
This is to avoid that, after the necessary time for reflection, making the request, we feel that the best conditions were valid before and that they have now expired.
The extinction penalties are legal
Sometimes there is confusion about the elimination of penalties for extinguishing mortgages and loans. It is the faculty of the financial companies to decide whether to apply them or not, so it is necessary to evaluate their presence in the case of indecision among similar loans, and above all it is necessary to go and see in the specific item if they are present.
It is not uncommon that they are not removed, but only lightened, even when the financing has almost come to an end, so if you have the need, although not agreed, to eliminate the residual debt, you will face a weight not to be overlooked.
The repayment of other loans is not automatic
When you already have a loan with a financial or a bank, it may be natural to ask that a part of the sum of a new loan be used to pay off the loan in progress, looking for a verbal agreement, since it would be a simple good choice sense. However, the supply and extinction offices are not connected, and in fact it would be a courtesy that, in most cases, due to internal communication problems, is not done.
The safest choice is to pay off the loan in progress, have the release letter sent immediately and attach it to the request unless it is a consolidation loan plus liquidity which is structured differently and aims precisely at eliminating the previous loans.
Compulsory insurance must be returned in the event of early extinction
Especially in the transfer of the fifth, the incidence of the extinction penalty (linked above all to compulsory insurance) is far from negligible.
Care must be taken when requesting early repayment, that the insurance is not equally charged to the financed since the unused premiums must be returned and those relating to financed amounts, for which coverage will cease to exist, must not be paid.
Pay attention to the type of insurance
Taking out a policy that covers, in the face of unforeseen events that may affect the repayment capacity, is useful and does not require an excessively high investment.
However we must carefully look at the conditions, with a focus on the type of guaranteed activity (for example, atypical jobs may not be covered, etc.), and on the type of causes that could lead to economic difficulties (such as, for example, dismissal, aspect for the which there are so many restrictions, which often make these insurances useless).