The reasons for requesting a loan can be very diverse: a reform in the house, the purchase of a car, the financing of a trip, etc. In all these cases, the need for a specific amount of money can be satisfied by requesting a loan. PurplePayday can be a good alternative to finance any of these needs.
The request for a loan translates into the first line in an agreement between the lender and borrower or client. In the first instance, the provider (the institution that gives the loan) analyzes and studies the payment capacity of the borrower or client (the one who borrows the money). The borrower or client is responsible for complying with their obligations (repayment of the loan amount and payment of interest and bank fees) with all their present and future assets. For this reason, it is normal that before giving the loan the bank analyzes the risks of the operation, and requests, among other documents, proof of their income, such as payroll.
The risk of the operation can be determined by aspects such as the assets acquired beforehand, the available capital, the banking record … but above all the applicant’s income.
Factors to consider
The repayment of the loaned capital and the derived interest is agreed with the bank before signing a loan. Three essential factors play a central role in this calculation: the borrowed capital, the interest rate (TIN), the APR and the repayment term.
Every bank studies in detail the capacity of the client and, depending on the conditions of each case, establishes a price for the money it provides (this is the interest rate) that is calculated by applying a percentage of the capital requested by the client and agrees a more or less demanding amortization period according to the risk of the operation.
Before hiring the loan, you must know the Annual Equivalent Rate (APR) applicable to the loan. The APR is an indicator that indicates the total cost of the loan, since it includes the applicable interest rate, commissions, and expenses, and serves to compare offers of this product with other entities.
The advantages of a loan with a payroll
A payroll is not an indispensable condition to apply for a loan and that it be granted. In fact, in BBVA, a loan can be obtained quickly and without a payroll, although the conditions of a payroll loan with direct debit are usually better.
The simplest way to know the loan information is to use the loan simulator , a BBVA tool that guides the client step by step in estimating their loan, to choose the amount you need, the repayment term, and calculate which it would be your monthly fee and the interest on your loan, depending on whether or not you have the payroll registered with BBVA.
In case of any important economic challenge for which a loan has to be requested, a payroll domiciled during the life of the loan will make the interest rate of your loan lower, which will be lower.