Payday loan: characteristics,procedure & how to apply

Payday loan: characteristics,procedure & how to apply

How to apply for a payday loan

Payday loan are a particular form of consumer credit not aimed directly at the purchase of goods and services. It is possible to access the request for a personal loan, in an absolutely confidential and secure form, through the platform . Simply click on the “account and card” tab, enter the area reserved for loans and loans, and choose the payday loan option.

You then have access to a loan simulation at the end of which, once you have entered the amount and duration required, you can proceed with the online request.

The procedure, at this point, will require you to produce a certain number of documents. In addition to those necessary for personal identification, it will be necessary to insert an income document to certify the applicant’s financial capacity and the solvency of the applicant . You can then insert a copy of the last paycheck or the latest tax return. For pensioners it will be necessary to insert the last taxpay of your pension.

At the end a contract will be drawn up which, after careful examination, can be signed in digital form . At this point will have all the necessary elements to instruct the personal loan procedure and accept it or not. For all those who are unfamiliar with technology, it is possible to request a personal loan via the web platform by printing the contract that must be signed and sent together with the documentation requested by registered mail.

The request option is still open to all through your financial advisor.

Technical characteristics of a personal loan.

All the conditions and technical characteristics of a personal loan are contained in the information sheets relating to the product that makes available to its customers both in paper and digital form . The minimum amount that can be requested is € 2,000; the maximum is € 50,000 . Requisites needed to access the request are: to be a Fineco current account holder for more than three months and a balance equal to or greater than 500 euros.

The duration of the loan that can be requested is variable in relation to the amount . There are three possible bands; from 2,000 to 4,000 euros disbursed, an amortization period of 12 to 48 months can be chosen; from 5,000 to 10,000 the maximum duration is raised to 72 months; the last band up to 50,000 euros allows to extend further to 84 months.

The passive rate varies according to the market conditions and the client’s financial capacity. The latest available figure shows a 2.95% Tan reserved for Private customers (with assets invested of at least Euro 500,000); customers who have a salary or pension credit in the Fineco account enjoy a 3.95 Tan. The maximum rate applicable is 6.95%.

The loan disbursement and the installments are debited directly from the Fineco current account . The customer has the right to rethink within 14 days from the conclusion of the contract and can exercise withdrawal communicating it to the Bank by registered mail.

If the client decides to repay the loan in advance, he / she will be entitled to grant the Bank a penalty of 0.95% if the contract has a residual duration greater than one year and of 0.50% if the duration is less than 12 months. In the event that the residual debt is less than 10,000 euro, no penalty is payable for early repayment.