A person who meets the requirements set by the bank can take out a payday loan. There is a central set of requirements that apply to all credit institutions, and each financial institution has its own set of rules, which is good because it allows the borrower to try more places, and is more likely to start a loan. If one bank did not qualify for the loan, another bank might pass the sieve. All credit institutions agree that the better the borrower’s terms and conditions, the better the loan they can get. But who exactly can take out a payday loan, you can read it now.
A payday loan is very popular nowadays because at the current interest rate environment you can borrow at low cost; Your APR is low, and the terms and conditions for applying for a payday loan are simple. It offers ample freedom of use and, most importantly, it is quick, as the turnaround time for a payday loan is usually a couple of days, but if you need a credit with your account keeping bank, you can get it within a few hours.
On the Kelly Jones site, you can choose from several payday loan offers from several credit institutions. The best way to find the best payday loan is to use the Kelly Jones payday loan calculator. It’s easy to use, just enter the information you need and your calculator will provide you with a list of credit institutions that you can borrow.
Who can take out a payday loan? – Other persons on credit
A payday loan can be borrowed alone, but there are cases where you need to involve a debtor (s) or guarantor (s) in the credit transaction. They are responsible for the loan along with their income with the borrower. The spouse and partner are usually required to be involved in the credit transaction, unless they have a property contract. Usually, it is necessary to involve additional person (s) in the transaction if there is no sufficient income for borrowing. Responding to income means that in most cases, the bank can automatically redirect a payment or part of it to itself to pay off the loan.
It may also be necessary to involve additional persons in the credit transaction if the borrower’s age does not meet the bank’s age limits. According to the regulations, a payday loan can be applied for from the age of 18, but credit institutions usually have a minimum age of 22-23. If the age of the borrower does not meet the minimum age required by the bank, a debtor must be involved in the transaction.
There is also an age limit for taking out a payday loan. The ceiling is usually 72 years, but this may vary from credit institution to credit institution. If the borrower reaches the age specified by the bank before the loan matures, a co-debtor who at the time of applying for the loan has reached the minimum age specified by the bank but does not meet the maximum age specified by the bank until the loan is repaid, and meets the conditions for applying for a payday loan.
Who can take out a payday loan? – Necessary documents
- identity card (or passport, driving license)
- address card
- tax card
- employer certificate (in case of sole proprietor, in case of KATA, EVA NAV certificate and zero certificate both for the company and the individual; in case of pensioner pension certificate and pensioner certificate)
- bank statement (last 2-6 months) if you are not seeking credit from the account keeping bank
- certificates of existing loans (proof of principal)
Who can take out a payday loan? – Other conditions
- As a member of staff, you must have a minimum of 3 months’ employment, which may not be subject to probation or notice.
- As an entrepreneur, you usually have to certify at least one closed business year.
- Regular monthly certified income should reach the current minimum wage, but the exact amount is determined by each credit institution.
- Opening a bank account is required and must be maintained throughout the term.
- KHR (BAR) list is a ground for exclusion.
- The borrower must have a permanent registered address in Hungary, which must be certified by valid documents.