Payday loans are becoming increasingly popular, with 31% more borrowed last year than in 2013. According to statistics, this is no wonder, as banks are offering this relatively expensive loan at an ever-cheaper rate, with an average interest rate of 22.7 percent.

However, a Bankate Credit Monitor survey found that less than half of people would bother to compare credit offers at least online. It’s worth checking out, however, because there are several offers where you can take out a payday loan with interest below 20 percent or replace your old loan with up to 10 percent interest. At most banks, payday loans are the prime product, so they are constantly offering you one another, where you get a tablet next to the loan, elsewhere you have a fixed term interest rate, while you find a plan that has no upfront costs or need to transfer your income to the bank. We looked at the best deals for average income customers over a 5 year maturity for a $ 1 million loan.

Supply

Supply

One of the cheapest personal deals in the Bankery payday loan calculator is the Bankate dsec loan. This credit is designed for the more knowledgeable and online savvy customers who can earn at least $ 130K a month, have a bank account and email address, and pay by wire transfer or direct debit, as Bankate regularly penalizes those who try to pay by check ( $ 1.00 per occasion). One might wonder why an email address or why this is a condition – the reason is that this is probably a relatively serious filtering condition from which the customer’s “quality” can be inferred. In return, we get 16.66 percent interest, all upfront costs are released, and online credit assessment can tell you in a matter of minutes whether we are creditworthy. Many people may be sympathetic to this offer because Bankate does not have a bank account, so they do not expect us to open or transfer our income to them. As part of its current promotion, Bankate will transfer $ 10,000 to its first 500 applicants (who will receive the loan by the end of April).

 

Raisin AlwaysFix payday loan offers an interest rate of 18.95% for A1. As the name implies, interest is fixed for the entire term of the loan, which can be up to 7 years, so the installment will not change. The initial cost of $ 10,000, which is not prepaid, is deducted from the loan amount. Raisin also favors online customers because it offers a 2 percent discount on interest after registering online. In the bank’s current promotion, after the first month’s repayment, we are even giving away a Lenovo A7-40 tablet – which can be bought in stores for around $ 50. Here, as with any loan, we need to verify your bank account past, but do not expect us to transfer our payment to the bank. Otherwise, most people do not like it unless they get a significant discount on it.

With a Raisin Peak payday loan, you can get money at up to 13.99 percent interest. We need to have at least $ 280K in income and transfer the payment to the bank and make 4 monthly transactions in the bank account. Those who already have an account with the bank and strike down the terms will hardly find a better loan than another bank.

More options

More options

The FHB Premium payday loan is also available at a 13.99 percent interest rate, with no down payment now, plus a fixed term for the entire term. This is enough to justify your monthly income of 240,000 forints, although the bank expects your entire earnings to be credited to your bank account. With this type of transfer, FHB and Raisin can get the most favorable bank accounts, which are much more favorable than the other packages available with a credit of, for example, 150,000. If you do not earn that much, you can apply for a FHB Standard payday loan, with an interest rate of 18.49 percent and no initial cost and no fixed interest rate for the entire term. Transferring a monthly income of HUF 110,000 to our FHB bank account is enough, and as part of their new promotion, if we pay the installments exactly, they will refund the monthly installment to our bank account.

 

The CBN also entered into the competition with the Advance payday loan and 17.99 percent interest. The interest rate on the loan can change from year to year and all initial charges are released, which is one of the biggest benefits of CBN’s other loans. Unlike other banks, CBN offers are very transparent because they do not solicit income transfer or other terms and crypt their designs by offering different rates for different customer ratings or by borrowing for a certain amount of time. The only thing that is stipulated is that up to ten times the monthly net income can be taken up, which is common to other banks.

Superbbank has several payday loans with interest rates below 20 percent, with one of the best deals at 15.11 percent, but only for clients with a group payroll account. The Fair payday loan gives you an interest rate of 16.99 percent, if you transfer your income to the bank, you also release all upfront costs and the interest rate can change only annually. Here, not the online claimants, but the well-paying customers are given a gift (in our example, about HUF 70,000), because the bank repays 1/7 of the 10% of the loan amount each year in which the repayment installments were repaid without delay. If you are claiming more than $ 750,000, you will need to provide proof of at least $ 120,000 in monthly income. The Superbbank Fair Debt Relief Loan can only be applied for to replace a payday loan that has been in existence for at least 1 year, but at a record low rate of 9.99 (!) Percent. 

 

Mitibank has always been strong in payday loans, and we can get their payday loan A2 rating at 17.99 percent. The repayment installment is fixed throughout the term of the loan, but the initial cost is the immediate deduction of HUF 25,000 from the 1 million loan amount. As the only debtor, the bank requests proof of a net payment of at least HUF 125,000. If we are good debtors and get the A1 rating, the interest rate will be 1% lower, but it is impossible to say exactly in which category the bank will put us.