Fulfill wishes with a payday loan?

If the washing machine or the car breaks down, not everyone has enough money on the high edge to buy a replacement. But when things get tight financially, the Cream Bank payday loan helps. This is an installment loan. This means that you take out a fixed amount as a loan to buy long-lasting assets such as a new kitchen or a new car. You repay this loan every month in fixed installments. The Cream Bank payday loan has a term of 12 to 72 months. However, this should not be longer than the life of the asset. Financing a vacation in the Caribbean, for example, with an installment loan that runs for three years does not make sense. Because vacation and relaxation are long gone if you still pay off.


How to get a loan


If you want to take out a Cream Bank payday loan, you have to provide information about your personal and financial situation: Where do you work? Permanent or temporary? Full or part time? What is your income? The Cream Bank needs the answers to these questions in order to be able to calculate how high the loan it can give you. In addition, information is obtained from the protection association for general credit protection (credit record) as to whether you still have any outstanding loans and how you can meet your payment obligations.


You have to repay that

You have to repay that

If your Cream Bank lends you money, there is a fee for this, that is the interest. It depends on the length of the term and the amount of the loan. It is also based on the interest rate set by the Best Bank. But the so-called nominal interest is not the final value. The decisive factor is the effective annual interest rate. Because for every loan there are costs that are added to the nominal interest rate. That is why the effective interest rate is always higher.


To make sure the annual percentage

To make sure

However, the annual percentage rate does not include the expenses for residual credit insurance. You close these to ensure that the loan is repaid, for example, in the event that something happens to you. Otherwise, your heirs might have to pay off the loan. Whether you want to take out such a policy depends on your own risk appetite. Let your savings bank advisor inform you about this.

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