Secure online payday loans: 7 things to evaluate
There is no doubt: the possibility of applying for payday loans online is a great resource for those looking for fast payday loans.
However, some indications may be useful for those who do not want to make mistakes when choosing online payday loans that are safer and more responsive to their needs.
With all the tranquility and intimacy of home, thanks to internet connections, online search for payday loans is quite simple and can be done even outside office hours, without having to go to the agencies of banks and financial institutions .
It is essential that, during the exploration phase of online payday loans, you are able to devote enough time to evaluate some elements essential to the evaluation of individual offers, in order to be on the safe side when making the request through the online forms.
The offers of financing on the web are innumerable and choosing the most just and safe loan can be a non-indifferent undertaking. Below we provide some guidelines to follow to evaluate the loan online quickly and easily.
The online loan application can make you lose the perception of the importance of the decision we have to make. The first element to be evaluated is certainly the TAN (Nominal Annual Rate). It is the rate that determines the interest and that can vary from bank to bank and depending on the type of financing chosen. It is a parameter that can give the measure of the convenience of the loan, but that must be read together with the APR.
An additional parameter to be taken into consideration. It is the Global Effective Annual Rate and takes into account all the expenses related to the loan. payday loans can easily be compared using this indicator. It is useful to understand, with a good degree of security, which loan is most convenient in economic terms.
We invite you to read the in-depth analysis of the IBL Banca Magazine to better understand the differences between TAN and APR .
For the evaluation of a loan “according to the law”, a comparison between the APR and the TEGM tables may also be useful, to assess whether the APR is within the thresholds beyond which the Bank of Italy defines the interests as usurers. To find out more about what TEGM is and what it is used for, read this insight .
Duration of the loan
The possibility of prolonging the loan can be a criterion for evaluating the most convenient and secure online loan. In fact, a long repayment time can mean a less incisive installment on our finances and greater ease of return.
An indication of the incidence of incidental expenses on a loan is already provided by the APR. However, it is an element to be evaluated carefully and it can be useful to evaluate the expenses in detail. For payday loans offered online, the information sheets must be made available online by the bank or financial institution (or on request). If they are difficult to find, it is necessary to doubt the seriousness of the offer and the security of the loan.
Enabling the provision of a loan
Before completing the online contact form for the request for a loan , to be sure, it will be good to check also the authorization to provide the loan of the subject to which we are about to submit the request. Useful verification especially if you are not faced with a well-known name of the sector. For this there are the lists and registers managed by the Bank of Italy .