A payday loan helps to settle upcoming liabilities quickly and with little effort. You can apply for a payday loan free of charge.
In order to provide you with the best possible information, we have drawn up a payday loan comparison with our finance team and experienced experts for a good overview. If you would also like to read more about the topic or are interested in specific aspects, you can find a comprehensive guide under the comparison. Find the best payday loan for you in the test now and apply for it online!
What is a payday loan?
If you are planning an acquisition that cannot be financed with your own financial means, you have the opportunity to save and postpone the acquisition, or you can take out a loan. More and more consumers are opting for the second variant, since it quickly and easily creates the required liquidity, thus securing the purchase.
The so-called private loan is available for private purchases. This is a loan that is repaid to the bank or the savings banks using consistently high monthly installments. The payday loan is also known as an installment loan. The burden of the payday loan remains the same throughout the repayment phase. Interest rates do not change either.
As a rule, you can take out the payday loan directly from a local bank, or you can use one of the offers that you can find here on the Internet. Since the selection is quite large and laypeople in particular may have difficulty in getting the right overview, we recommend that you use our comparison for your selection, which shows you current offers around the loan.
By the way: A payday loan can also come from a private person. Such loans are called P2P loans. If you are interested in this type of loan, we recommend the comparison and test adviser we have created for it.
What can a payday loan be used for?
When using your payday loan, you are completely free to choose. Since this type of loan is a loan whose loan amount is freely available and is therefore paid out to you after approval of the loan, you can also decide freely and independently what the money from the loan should be used for.
Just make sure that you use the money for private purposes. However, if you need money for your company or the path to self-employment, then you have to take out a corresponding company loan or company loan.
Since the money from the payday loan is at your free disposal, the lender cannot ask you for details of how it is used. Despite all this, corresponding rough information is usually provided in the loan application. We recommend that you also provide this rough information. Let the bank know if you want to buy new furniture, technical equipment or a new car, if you want to invest in your next vacation or if you also want to pay for your driver’s license. All of these and many other reasons for borrowing are completely normal and are also happy to be supported by any bank with a good credit rating.
Is there a free payday loan?
Assume that you don’t get a loan for free. Because everyone who lends you money also wants something in return. And this is shown in the form of interest and fees that are charged to every loan.
However, you can always apply for a payday loan free of charge and without obligation. There are no costs for filling out the loan application, checking the application by the lender and providing and signing the loan contract, so this is usually always free of charge.
Costs only arise when the money from the loan is paid out and you start repaying the installments. The installments then include the effective interest rate, which includes all costs and fees relating to the loan, so that you automatically pay these to the lender every month. You don’t have to worry about anything as the lender will take care of everything.
The 5 most important criteria for the best payday loan
1. Transparent offer
Certainly you have no interest in taking out a payday loan, from which you do not know exactly what conditions come with it. When choosing the right loan offer, always make sure that you only use offers that are transparent and at the same time clear. You can see at a glance what conditions the offer has and what conditions you have to bring with you for the loan.
2. The borrowing
The loan should not only be available quickly, but should also be easy to borrow. If you opt for an online loan, the bank should have all the documents on the loan ready on your website. So you can apply for the payday loan at any time and are not tied to bank opening times or the like.
3. The loan amount
Look for a lender who can provide you with the loan amount that is suitable for your project. Even if this should cause fewer problems with a payday loan, it is worth taking a closer look at the selection.
4. The customer service
A good service provider is characterized by good customer service. This is no different with a bank or savings bank. In the best case, take out your payday loan from a bank, which you can also reach by phone, in order to be able to quickly clarify possible questions and problems. With an online loan, pay attention to encrypted and clear internet pages, a confidential handling of your customer data and a clear design.
5. The conditions
The conditions tell about each loan, how much effort it is for you to repay the borrowed money to the bank. With good conditions such as fair interest and few fees, you also have little effort with the repayment. The higher the additional costs of the loan, the more money you have to take in hand and the more effort you have.
Take out a payday loan – how it works
In order to take out a payday loan, you simply have to follow the offers that we have worked out for you in our comparison. Or you can search for other offers yourself using the comparison calculator.
In any case, you should have the following things ready to apply for the payday loan:
- proof of income
- bank statements
- identity card
- Bank details
If you apply for the payday loan here with us directly online, then simply follow the link of the lender that you have selected in our comparison or using the comparison calculator. You will then be forwarded directly to the lender, where you can fill in or download and print out the documents for applying for the loan.
Fill everything out consciously and enclose the necessary evidence. Sign the application and send it back to the sponsor. He will examine the application and approve it with a good credit rating.
Once this has been done, all you have to do is go through the posting procedure so that the money can be paid out. If the payday loan is a regular loan and not an instant loan, you will have access to the money from the loan within a few days.
Applying for a payday loan in the test – our conclusion
A payday loan makes it easy to restore your own liquidity and makes the money you need available with little effort. The application is completed with a few clicks and only requires a good credit rating. However, this is required for every loan, so that even the best payday loan does not stand out from other loan offers.