Advantages of Personal Bank Loan Over Payday Loan

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Nowadays, life on credit is a commonplace. Many people find it difficult to save enough money to buy a house, car or expensive equipment. Their wages can’t cover school fees or medical treatment.  Any reputable bank can help with cash or transfer money on bank card.

The easiest way to obtain a personal loan is to get a credit card in the nearest bank possessing solely your personal ID. The main advantage of credit cards in most banks is a free use of  the money up to 60 days from the moment of loan taking. If you pay off the debt during the grace period, you do not have to pay interests!

The credit limit is set for each client individually. The maximum loan size in cash on the card is usually about 50% of credit. The amount of the limit, issued without additional documents and information on income, can fluctuate and depends on currency rate or the economic situation in the country. The interest rate on the card is almost twice as low as the rate for a standard cash loan.

For Privileged Clients

Well-off customers who participate in Golden or Premium programs can get more cash loans, up to 70% of the credit. Their card account has monthly fee but priority service and reduced interest on credit.

Generally, good banks also provide a personal loan to wage and pension card holders. Such a loan is issued for a period of 6 months to 3 years. The interest rate is charged monthly at a rate up to 2% of credit. You may take a loan in cash allows both in the bank branch and online. You can register online directly on the official website of the bank in the section “Credits”. To do this, you need to select a needed loan program, get acquainted with all the terms and fill out an application that includes the customer’s name and surname, phone number and e-mail. The application will be reviewed in the shortest possible time, and the bank’s employees will contact the potential borrower to discuss the conditions for obtaining a loan. People, who have a bad credit history, do not expect to get an online loan.

Individuals who expect to take a large amount of cash loan in the bank should come to the bank personally, with documents confirming their identity.

Wise Decision

On the contrary, a payday loan is a short-term credit. According to its terms, an individual lends a small amount at a very high rate. It is barely what you need because it means more money to return and tough conditions.

If you are an intelligent and wise person, the bank loan is really for you.

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