Payday Cash Loan and It’s Purpose
According to the statutory definition, the bank grants the borrower a loan for the purpose specified in the contract. Thus, the borrower’s transfer of cash to the bank takes place for a predetermined purpose. This means that money must be spent on a set target. The borrower can not voluntarily and whenever he wants to change the purpose of the funds transferred to him by the bank. The loan agreement is binding at every point.
payday cash loan and the purpose of the loan
An exception to this rule is a payday cash loan for any purpose. In this case, the borrower is given cash, which he can devote to whatever he wants. A payday cash loan agreement for any purpose in its provisions has no specific purpose of the loan. In this way, the borrower has total freedom in the matter of what he will spend the money transferred to him by the bank. What’s more, at no stage of lending does not have to inform the bank about it. It can also freely change the goal for which it allocates funds and can do as many times as it wants. All thanks to the fact that the payday cash loan agreement does not specify the inch to which the funds from the bank must be spent.
Cons on payday cash loan
A payday cash loan is a short-term loan. As a rule, the bank grants it to us for one to two years. There are banks that grant such loans for up to 8 years, but it is much less popular. A payday cash loan for any purpose is also one of the more expensive loans. One of the reasons is that the only security for this loan is our earnings. In addition, due to the low level of verification, it can be said that this is one of the most risky forms of lending for the bank. Therefore, the interest rate on a payday cash loan is higher than that of a telehandler loan.
The procedure for granting a payday payday cash loan
The procedure of granting a payday cash loan for any purpose is one of the simplest. Most of the information that the bank needs is included in the loan application. In addition, as with any loan, the bank checks our credit history in the Credit Information Bureau and checks our financial situation, ie the source and amount of income, family situation, or the amount of other liabilities. It all affects our creditworthiness. However, this also does not give us a hundred percent certainty. The final decision on granting us credit or refusing to grant a loan is issued by the bank. In its decision, however, it is independent and unrelated.