Payday loan at bank: how does it work?

March 20, 2020 0 Comment

Looking for a payday loan to realize your dream? So you already know all the CETs offered by major banks? Take it easy, you don’t have to be an economist to find the best credit option for your pocket. Read the tips Legendary has selected about the ordering process in the Box:

How does Binary Lender payday loan work?

Binary Lender offers 5 types of personal credit, with an average interest rate of 4.98% per month (rate published by the Fine Bank, read here), on June 14. Learn more about the offered lines:

  • Single Fixed payday loan: most used and has a payment term ranging from 1 to 60 days, and allows the customer to request two renovations of the same term. The first requires a minimum amortization of 30% and the second, a minimum of 40% of the remaining contract value plus new period charges;
  • Pre-Fixed Monthly payday loans: pre-fixed interest rates with payment terms ranging from 1 to 48 months;
  • Post-Fixed Single Personal Credit: with post-fixed interest, the payment term is from 4 to 36 months;
  • Prepaid Monthly Cash Salary Credit: for customers who receive salary in a deposit or benefit account at Caixa. The interest is fixed and the payment period may vary from 1 to 48 months;
  • Post-Fixed Cash Salary Credit: indicated for those who receive salary or benefit on deposit, with fixed interest, the payment period is 4 to 36 months;

I’m not a Binary Lender account holder! And now?

To have access to payday loan you need to have an active checking account. However, please note that opening an account will not guarantee that you already have a pre-approved credit with your institution. How to apply if you don’t have one? With the same documentation that was used for account opening:

  • RG;
  • CPF ;
  • Proof of income: from the last 90 days (by check, paycheck or payroll);
  • Income Tax: Sometimes an extract from the last financial year or proof of declaration is also required.

What are the advantages?

  • Flexible installment: the financial company offers the installment in up to 48 months;
  • Convenient? The client has the option of repaying the payday loan at once or in monthly installments, according to the mode he has chosen;
  • Variety: Binary Lender offers five credit options to the customer, as needed;

And the disadvantages?

  • Account debit: This may also be bad, but it will depend on your financial health and planning, because if on the date the debit occurs, the current account has an insufficient positive balance, you will enter the overdraft – credit line with the second rate . most expensive interest rate in Brazil!
  • Not a current account holder yet? If you are not a bank account holder, they ask you to open a checking account first. However, opening the account will not guarantee pre-approved credit as noted;
  • Interest rate: The average interest rate charged by Cash is 4.98% per month. To find out how the CET account is made, click here.
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