Payday loans are designed for clients who receive their salary in a specific entity.
It is good to know which are the best banks that offer this product and thus be able to choose in which to receive our pay (in case the employer allows that choice).
Payments can only be accessed via payroll at the bank where we receive our salary. That is almost the only requirement to enjoy the money we need.
You may not know it, but all employees have the right to choose the bank in which they will receive their salary. Check the company where you work to verify this information. Many times the bosses choose a specific bank according to the benefits it gives them or because of experience, habits or comfort.
Before choosing which bank to receive your salary, we recommend that you conduct a market investigation to analyze important issues such as commissions, interest rates, services and benefits that can be obtained when purchasing payday loans.
Payroll accounts are “the gateway” to be a customer of a bank and therefore to enter the financial system. Through this product workers receive their salary in a financial institution and through this system can access other services and products (such as a credit card).
Payroll portability is something that not all employees know: it allows them to change banks according to their interests or particular tastes.
Therefore, financial institutions may do their best to offer better benefits to their clients, with the aim of “loyalty”. This is really positive and also gives us the possibility to compare products and services.
The problem is that many users do not measure their ability to pay and accept payday loans at very high risk of incurring their personal finances and not being able to get out of this situation for a long time.
Hiring a payday loan is very simple and fast and sometimes customers do not analyze or read the contract.
They only sign or accept the bases and conditions without knowing them properly. It is understandable because if we are in a tight situation where we need urgent money and as “by magic” or “miracle” we receive a message indicating that we approve a credit on the spot and doing nothing… of course we will accept it! As if that were not enough, we automatically discount the monthly salary. It’s too good to be real.
That does not mean that it is not a good idea, but that we must be well informed to know the interest rates, the advanced payments, the management fees, etc. before making a decision as important as it is one that relates to our family or personal economy.
Among the main features of payday loans offered by these banks we can emphasize that the total amount will depend on the salary received by the worker; that the rate and payments are fixed in most cases and that they can be paid in 6, 12, 18, 24 or up to 36 months (that is, in 3 years).
In addition, these credits do not charge a commission for opening (as in mortgage or personal), do not penalize for advance payments, include life and unemployment insurance and are automatically deducted from the client’s payroll account.
The requirements to ask for this credit do not have to do with presenting documentation or papers in an entity, but to win a certain amount of money each month. This information banks can get without problems because the person receives his salary thanks to a bank account.
If you do not have a permanent job or are not paid through a bank, you can request a loan on our site.