If you borrow money from Payday Loans, you have the option of borrowing up to DKK 10,000 for a maturity of either 120 days or 153 days. The longer the maturity you choose, the higher the credit cost of the loan. It is easy to apply for a Loan Loan loan through their online loan calculator. If you need help during the application process, you can get help either by phone or through the live chat on the website.
Loan easy money with Payday Loans
When you borrow from Payday Loan, the application is online in 3 easy steps:
- You create a Payday Loan user and complete the loan application.
- You confirm the loan application with your NemID. It allows the provider to obtain information about your income and any public support.
- You will receive your loan application immediately. If you apply during business hours, you can expect to have the money in your account within about 1 hour.
Payday Loans has an extremely user-friendly website where you have the opportunity to apply regardless of whether you are on a tablet, mobile or PC.
Get a cheaper loan with automatic repayment
As something unique, you have the option of getting a cheaper loan if you sign up for your auto repayment loan. You can do this either with your credit card or via PBS. As of 28/11 2018 you have the opportunity to change the interest rate from 28% to 18%. When you sign up for your credit card or pay through PBS, the loan is automatically divided into 4 repayment rates. Therefore, do nothing at all to enjoy the money you just borrowed.
If you do not want to make use of automatic repayment, you can also pay the monthly credit card repayments by logging into your Payday Loan profile. You can also repay the loan via bank transfer.
Advantages and Disadvantages of Payday Loans
One of the great benefits of Payday Loans is that you have the option of getting a lower interest rate if you sign up for the loan for automatic payment. At the same time, applying for a fast loan is incredibly easy if you are missing out on money here and now. As something unique, Crown loans pay out money on weekends and holidays. Not all Danish loan providers offer this. However, if you apply for weekends or holidays, you can expect to wait longer for your money. If you apply during business hours, you usually have the money paid out within 1 hour.
The disadvantages of Payday Loans are clearly the short term. You can choose a maturity of either 120 or 153 days. The longer the maturity, the more expensive the loan will be. It is not a long term compared to other loan providers in Denmark. You can easily find loan providers where you have the option of having a term of more than 1 year.
Another disadvantage of Payday Loans is the high APR. The APR is as of 28/11 2018 minimum 761.54% at a length of 120 days. If you choose a length of 153 days, the loan’s APR will be 2,518.69%. Payday Loans are therefore relatively expensive compared to other providers at home.
Here’s how to get in touch with Payday Loans
Payday Loans have a really nice customer service that you can contact if you have any questions related to borrowing money from them.