What are personal payday loans or personal payday loans online

19 Dec

Personal payday loans online are the kings of all personal payday loans par excellence and as such they deserve an entire post with which we will say the definition or what they are or the meaning of the same but, above all, something that very few know: the time limitation and quantity of the same and what happens if it is exceeded . Well. The definition of personal financing or personal payday loan online is basically fluent: the personal term is equivalent to without justification about the amount spent. The meaning indicates all those loans in which the disbursement is perfected through liquid currency, that is, cash to be used freely. Online personal financing is also called as “not finalized”, ie the figure is, precisely, without a specific purpose.

After saying what they are, explained the meaning as well as given the definition of these loans as per the premise we move on to the limitations. Technically speaking, all personal payday loans or loans are classified in the consumer credit genus already dealt with and regulated by it. Our profane reader, surely the most curious one, will be able to read the law 142 1992 art. 18 to realize that the personal payday loan cannot (or better, could not) exceed the $ 30,000 disbursement: see personal payday loans of $ 30,000. So as long as we asked for 10000 20000 and in any case up to 30,000 dollars there were no problems.

But then because we saw many advertising sponsors who invited us to ask for personal payday loans of 40,000 or up to 50,000 dollars. Figures from a few years ago! Over the past few years you will notice that little by little they started to advertise personal payday loans of up to 60,000,000,000 dollars and then up to 80,000,000,000 to recently reach 100,000,000 dollars and we are sure that over time the quantity will reach 1,500,000 – 200,000 and well. Confirming what we are talking about is the recent personal payday loan reform (cf. decree lgs. N. 141 2010) which brought the above limit to 75,000 dollars. But despite the reform, how is this possible? Are we still in the area of ​​personal payday loans traditionally intended? Or do we want to trim another financial product? The answer is negative. Let’s see why.

Why are we not part of the traditional personal payday loan?

Why are we not part of the traditional personal loan?

So, it is understood that the law has never prohibited personal financing above 30,000 dollars, therefore disbursements of 40,000 50,000 or 60,000 dollars etc. they were lawful. The difference, which few people know, between figures previously up to $ 30,000 and today up to $ 75.00 and those above this, lies in the legal guarantees granted to the debtor.

Incidentally, it is foreseen that all the provisions aimed at protecting users can be applied up to the threshold of 30,000 dollars (now 75,000) exceeded this, in essence it has been discovered by a whole series of rules set up to protect consumers. Among these, in particular, those relating to insurance that cover the risks of non-payment of installments which is optional up to $ 75 thousand (except in the case of inpdap) while it is presented as necessary (but it is not) above the aforementioned limit.

Indeed, the burden of the policy is inherently high normally, let alone personal payday loans of up to 70,000 or 80,000 or more. If up to now we have dealt with the quantitative limit, we now pass to the temporal one, that is the duration to pay off the loan.

How many minths to pay the best personal payday loan

How many minths to pay the best personal loan

The general rule is that the repayment goes from a range of 12 months to 120 months or 10 years within which the most requested durations are positioned: 48 months or 4 years, 60 months or 5 years and 72 months or 6 years. Repayments of up to 24 or 36 months are residual and linked to the finalized loans, while the 96 months, 8 years but increasingly, but above all, 120 months or 10 years are constantly increasing. Yes, 120 month personal payday loans are increasingly reality. Because? Thanks to the recession that the granting of large loans, to lower the installment, one is “forced” to extend the loan up to 120 months.

Do you think that 100,000 dollars up to 60 72 months would consist of an installment of 2-2500 dollars per month that would require a super income of about 6-7 thousand dollars per month which for the average Italian is unthinkable, so you “prefer” to move the deadline around 120 months.

Recall that among the first banks that granted personal payday loans of 100,000 dollars there was the national job bank with the product bnl revolution xxl whose installment was 1300 dollars per month, which translated into income would be at least 3500 dollars net monthly, sum, this , which is not exactly within everyone’s reach. Not only. Just to further lower the installment, personal payday loans up to 180 months or 15 years are very recent , see for example. loans up to 15 years or up to 180 months and institutions that grant them.

What is happening? Isn’t it that loans look more and more like mortgages? Sure! But with a “small” diversity: badgers. These are 3-4 times higher in personal payday loans. But then the question arises: should you make a personal payday loan of up to 120 or even 180 months ?