People have needs that must be met by their nature. These requirements can sometimes hover over the cash possibilities of individuals. Loan is the division of interest amounts applied to the amounts into maturities, without forgetting the purchase option and the contracts between banks and individuals. It would not be wrong to say that consumer loans and consumer loans are actually synonyms.
Because, while using our purchasing power, the type of loan we use in our expenditures by excluding commercial activities is called Consumer Loan. Depending on the needs of the individuals, individual loan may be subject to different definitions. For example; Vehicle loan, mortgage loan, car loan, education loan, holiday loan, etc. Loans such as can be described as payday loans. It would not be wrong to describe the type of loan that is the most widely used in our age as “payday loans” when we look at the scope of general purpose loans.
In order to use payday loans, individuals must meet certain conditions. At the beginning of these rule integrations, the age of the individual must be suitable for using payday loans. Under the laws in force in our country, it is required to have completed the age of 18 in order for individuals to use payday loans. Accordingly, the fact that the person’s current driving license is in his or her own right to use this in-kind right removes an obstacle under the laws.
If the person makes an application without a minor, the relevant services of the banks will definitely not accept the requests made and the relevant units will ignore the transactions, whatever the conditions. Acquisition of payday loans to the person actively is another procedure required by the Banks to use this loan, and it is a condition that there is a documented monthly income.
The applications of people who do not have a monthly income and who are unable to document this income even if they have income are not recorded by the Banks. Accordingly, if the persons whose income is more than enough to pay the loans given by the banks are not working in a job that can bring payroll, the Banks will keep their loans out of the transaction. Banks never prevent individuals from making loan applications.
It is important to remember that as well as individuals have the right to make a loan application under any circumstances, the banks have the right to refuse these applications by evaluating the situation on their own initiative. If banks do not believe that people will pay the loans they want to use on time, they will not record their loan applications.
Another requirement for using payday loans is that you must be registered at the Social Insurance Institution. Banks will not approve the loans if there is any damage in the records of the SSK in the workplaces of the borrowers. In addition, when people look at the records of the SSK, they have completed at least three months in their workplaces and persisted at the same workplace.
Being on the black list of banks, not paying credit cards in time and having a low credit score are some of the issues that will prevent you from getting credit approval. Especially those who are enforced for execution are not taken into consideration by the Banks, they have the highest chance of being eliminated during loan applications. Also, you do not need to obtain the consent of the person you are married to when you want to use payday loans.
If someone who wants to guarantee the loan you want is requested by the Banks, the consent of the person you are married to is right here. The maturities of consumer loans were very high in the past years. It can be used up to 36 months in the last arrangements. This maturity is valid regardless of whether the title, salary or other income you have is under your mortgage.
However, if you want to use a home loan and want to get it under the mortgage, the loan must definitely be withdrawn over your name. The maturity period you will use during the use of mortgaged home loans can extend up to 120 Months. People who want to use personal needs loans should also submit their payrolls or whatever income they show.
The income of the relatives of the persons, their children, or any family member that they have or do not have, cannot be shown as evidence during the credit withdrawal. Only if Banks want a bail from individuals, family members can sign under this bail. Banks examine the documents that you show your income intensively during the use of payday loans.
The documents that you will show your income must therefore comply with the official rules. Income documents (photocopy, copy) that do not comply with the official rules are not accepted by the banks. Loans that you will use, but not in all banks that use loans, operate in the right proportion with your income. For example; The fact that the credits you use in some banks does not exceed 50% of your income, is related to the payment of the installment amounts you have paid for by the bank.
What are the Documents Required for Using payday loans?
– You need to have your Identity Card, Driver’s License or Passport.
– Persons who withdraw from a workplace must have their passbooks from the banks where they receive pensions to use credit.
– If a farmer is willing to use credits, if they are a farmer, they must have their land and copies of their deed, documents showing that they are farmers, they must have their own receipt.
– In an institution as a subcontractor or as a civil servant, individuals who work in the private sector should have their signature circulars signed, stamped documents or salary payrolls signed and stamped.
– Persons who have a lease, hold a securities, must be with the deed documents and document the receipt if the lease they receive is transferred from the banks to their accounts.
What are the Types of payday loans? (Unencumbered)
Debt Transfer Credits; It is a loan method that you can make payments on your debts in more than one bank by taking a single loan. Goods (Movable Goods) Loans; It is a credit method that you can provide while using your cash needs in purchasing goods. You can also supply goods from banks that work with banks with this loan method.
Education Loans; It stands out as a loan method generally used by students studying in private universities. Individuals who receive paid education using this method generally complete their payments in low amounts by choosing the long-term payment system.
We Get Married Loans; It is the method used by people who want to enter the world house and meet their needs through credit. It can also be called as marriage loans, but in the method named as we are getting married, it is offered to individuals on some initiatives.
Holiday Loans; Generally, it is the method used by people who purchase credit in summer and use the opportunity to pay this loan in winter. Payment methods of these loans are generally made by dividing them into small amounts and maturities in a way that will not disturb people. The fact that maturities can be delayed without interest in loan payments also makes these loans attractive.
Eid Loans; With this method, they meet the needs of people who want to meet their festive needs, in visits, greetings and even victims to be cut using payday loans.
Vehicle Loans; While the banks give these loans, they generally provide the vehicles to the hands of their owners in a mortgaged way. If the loan is not paid on time, this loan is granted to the beneficiary through an agreement upon the removal of the vehicle owner.
The use of payday loans is increasing day by day, and sometimes it seems to call people’s troubles, but if it is not used correctly in the right hands, it puts most people into trouble. Being cautious when using credit can help us to see the disasters that we will face tomorrow.