A personal payday loan can be used to finance any type of project and makes available to a borrower a sum of money that he can dispose of as he wishes, without having to justify its use. However, between different banks and credit agencies, it is not necessarily easy to make a choice and find an offer at the best rate.


The importance of a good record for a better rate

To obtain the best rate for your personal payday loan, it is first and foremost imperative to have a good record to apply for credit. The lender, whatever it may be, will first evaluate the borrower’s situation in order to get an idea of ​​his ability to repay. If the customer is in an advantageous situation, the bank or institution specializing in the credit to which it is addressed will have more reasons to propose an interesting rate.

The rate is revised according to the profile of the borrower, so the lower the risk of non-repayment that the lender incurs in granting the personal payday loan, the more likely the borrower will get a better rate.

If you want to get the best rate, first take stock of your situation. Make sure you have a stable work situation. A permanent job, for example, could work in your favor, especially if you have held a certain position for several years with the same company. It is also important that your salary is sufficient for you to meet your fixed monthly expenses while having a living rest (the key indicator of your home’s standard of living) important. This will give you more chances to get a better rate for your personal payday loan.


A stable financial situation, the key to getting a better rate

A stable financial situation

Make sure you do not have too many credits already in place when you apply for credit because a surplus of loans in progress will increase your debt ratio and thus the risk incurred by the financial institution that grants you the loan staff.

The lower your debt ratio, the more likely you are to get a better rate. It should be noted that if it exceeds 33%, you will have very little chance of getting a personal payday loan, regardless of which lender you are addressing. It will be the same if you are registered with the FICP (file of the incidents of payment of credit to individuals) or if you are prohibited banking.

If you ever have a banking history that does not work in your favor, it may make your credit application more difficult. On the other hand, if you find yourself in a stable financial situation and have not been in a situation of overdraft the few months preceding your application for a personal payday loan, it will be easier for you to obtain a better rate for your credit because this will make your application more attractive to the lender.


Use a comparator to find the best rate

best rate loan

There are many personal payday loan offers on the market. So, to find the best rate, it is necessary to compare them. For this, you can use an online credit comparator that will have the advantage of being completely free of use and without commitment.

This will allow you to do your research of the most interesting rate while having the opportunity to stay in the comfort of your home. You can then have a global view of the various offers in the market to find the one that will be the most advantageous for you. Note that personal payday loan proposals that can be found online often have more attractive rates than you could get by going directly to a bank or institution specializing in consumer credit.

In addition, using an online comparator saves a lot of time as you have the ability to access a range of credit offers that fit your needs within minutes.

All you need to do is fill in some necessary criteria so that the comparator can put forward the personal payday loan proposals corresponding to your expectations so that you can compare them and find the one with the most interesting rate. Remember to run several simulations by varying the duration as well as monthly payments of your credit because this will affect the APR (annual percentage rate of charge) of the credit.

The longer the duration of your personal payday loan, the higher the rate, increasing the cost of credit. However, the monthly payments will be lightened. On the other hand, if you opt for a shorter duration, you will be able to obtain a more interesting rate but then you will have to pay higher monthly payments. Thus, performing several simulations can be very useful to adapt your personal payday loan to your situation but also to find the best rate.

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