The payday loan with check is a type of credit that uses the check as a payment guarantee. The sheets are pre-dated and used to settle the installments and the interest rate is more attractive than other rates practiced in the market. The loan application is also usually quick and the release of the credit takes, on average, 24 hours, making this resource very effective in resolving an emergency.
In addition, the requirements for applying for this type of credit are quite simple. Next, we will see in detail how this type of loan works, who can apply for it and care at the time of hiring.
How does payday loan with check work?
To apply for this type of loan, it is mandatory to prove income and have a bank account. In this modality, the applicant leaves the completed and post-dated check sheets as a guarantee. The number of leaves refers to the number of parcels. For example, if you apply for a loan divided into 10 installments, you must leave 10 post-dated check sheets at the time of hiring.
The release of credit takes, on average, 24 hours and the interest rate starts at 1.90% per month. The payment term varies between 3 and 36 months and the first installment can be paid in up to 60 days , depending on the client’s score and what was negotiated with the financial institution.
How to borrow with postdated check
In this type of loan it is not necessary to prove the use of the resource. It is an emergency credit and without bureaucracy that can be done as follows:
- Access Compara’s payday loan comparator;
- Fill in the form of the chosen institution with your details, loan amount and number of installments;
- Click submit and wait for the credit analysis.
After the proposal is approved, you must go to the store of the chosen financial institution with the following documents:
- Proof of address
- Proof of income
- Checkbook in your name
Ready. In a few hours the money will be available in your account!
Negative Check Loan
Finding a payday loan for negative is not an easy task, but neither is it impossible.
There are cases where some financial institutions accept checks from third parties, that is, someone else’s check with a clear name and regular CPF . And that person will be your guarantor.
Care when making a payday loan with check
Before applying for any type of loan, it is essential to assess your financial situation to know exactly how much you need and how you will be able to repay.
When the check is deposited, it is necessary to have funds in your account so as not to run the risk of being negative due to poor planning
There are several types of credit in the market and payday loans with checks are another one.
The important thing is to compare and choose the best option that fits your pocket and, mainly, pay off debts to get out of the red.