Small Loan – Payday Loan

Bankpola is a credit provider of mining loans, also with BKR or without BKR testing. You can borrow a sum of money between 50 and 1000 euros within 20 minutes. Therefore, Payday is ideal for closing small loans. If you are looking for a quick, small loan, then Payday is perhaps your lender. Payday can be seen as a kind of advance on your salary.

Conditions flexible credit at Payday

Conditions flexible credit at Payday

To conclude a loan at Payday, you have to meet a number of conditions. Firstly, you may not have a late payment at the time of application. If you already have another loan and you have not met the payment terms, you cannot close a loan at Payday. However, if you have a negative BKR, you can basically just borrow money at Payday. At Payday you have to deposit a deposit. A friend or perhaps a family member can stand surety for you, but you can also take out insurance for the guarantor.

Borrow money at Payday

Borrow money at Payday

You can borrow money at Payday as follows. First you fill out a non-binding application form, which takes about 5 minutes. After completing the form, your request will be checked by Payday and you will receive a provisional account. Once you have an account you can borrow money from Bankpola. You can borrow amounts between 50 euros and 1000 euros, but the first time you borrow money at Bankpola you can only borrow 400 euros. After approval, the requested amount will be paid to your account as soon as possible. Applications are processed between 9.00 and 21.00 on working days. On Saturday this is between 10.00 and 18.00.

Minilening with BKR

Minilening with BKR

At Payday you can, as I have said, close a minilig with BKR. However, you may not have late payment if you are going to borrow at Payday.

Minilening without BKR testing

A minilening without BKR testing can also be closed at Payday, because your BKR is not looked at.

Maximum payday loan

Maximum payday loan

In Bankpola can lend you up to 1,000 euros. You can borrow up to 400 euros for your first loan. Payday first wants to investigate whether you are fulfilling your appointments.

Too late paying off a Payday loan

Too late paying off a Payday loan

What happens if you do not pay off your mini credit with BKR at Payday? In that case, the statutory interest will be charged, which will be between 2.2% and 4.4%. Also, collection costs are charged, which are at least 40 euros. It is therefore highly recommended that before you close a loan at Payday, be sure that you can pay it off. If you pay the loan neatly back in time, then you have no costs other than the loan amount. If you are too late, then your loan can suddenly become very expensive.

Maximum maturity Payday

Maximum maturity Payday

The maximum maturity of a loan at Payday is 30 days, so you have to repay your loan quickly. Make sure you pay off your Bankpola loan on time, so that you get no problems. You must pay off your loan no later than 12:00 noon on the last day of the term.

Unlocking funds from your real estate loan at the notary

No payment to the borrower

No payment to the borrower

Know firstly that in any case, the settlement of the mortgage can not be made to your order. The bank will release the funds directly to the order of the notary if you buy an old home or send a payment to the developer if you buy a new home with each call for funds, in accordance with the reservation contract attached to the loan offer.

On the other hand, the disbursement of the funds is the fact triggering the payment of interest on the mortgage. It must intervene within 4 months after the signing of the prior offer.

Case of successive releases

Case of successive releases

If you plan to borrow to carry out work in your home or if you buy a new property (principal residence or rental investment), the release of funds will be done in a successive way. You will then have to pay the interim interest, that is to say the share of interest corresponding to the amount released by the bank.

Numerical example of fund calls

Numerical example of fund calls

Imagine that you borrow 200,000 euros to 4.5% for the purchase of a new apartment off-plan (sale in future state of completion) and that the disbursement is made according to the diagram below. (We simplified the calculation on the assumption that calls always took place on the 1st of a month). Just like a loan in fine, the borrower only pays interest until the last release.

January 1, 2012 Signature of the reservation contract 5% € 10,000
May 1, 2012 Opening of the site 20% 40 000 €
July 1, 2012 End of foundations 10% € 20,000
December 1, 2012 Floor 2nd floor 10% € 20,000
may 1st, 2013 Out of water 20% 40 000 €
August 1st 2013 Out of air 20% 40 000 €
1st October 2013 Completion of the works 10% € 20,000
December 1, 2013 Return the keys 5% € 10,000

Cost of interim interest

January 1, 2012 € 10,000 X 4.5% X 4/12 150 €
May 1, 2012 € 50,000 X 4.5% X 2/12 $ 1,125
July 1, 2012 € 70,000 X 4.5% X 4/12 € 1,050
December 1, 2012 € 90,000 X 4.5% X 5/12 € 1,687.50
may 1st, 2013 € 130,000 X 4.5% X 3/12 € 1462.50
August 1st 2013 € 170,000 X 4.5% X 2/12 $ 1275
1st October 2013 € 190,000 X 4.5% X 2/12 $ 1425
December 1, 2013 Amortization of capital

As can be seen from this example, interim interest is expensive for the borrower, who will have to pay out more than 8,000 euros before starting to depreciate the capital.

If you have a cash flow problem, you can ask the bank to incorporate the interim interest in the home loan. They will then be repaid over time and will not enter into the calculation of the debt ratio.

Attention in case of insurance delegation

Attention in case of insurance delegation

If you subscribe to the group contract, the bank will take care of the contract edition. On the other hand, if you opt for an external insurance, it is you who will have to make sure that everything is in order on the day of the disbursement and in particular to the edition of the delegation, the particular conditions and the definitive contract.