Faced with the long and tedious procedures of the banks for the mortgage, many borrowers are tempted to circumvent this financing by using the personal payday loan which does not require him to provide supporting documents on the use of the sums.
A mortgage loan application will require a long study, the sending of numerous documents, and necessary proof of purchase concerning the property, whether it be a house, an apartment or a piece of land. The personal payday loan will go much faster, especially since the online simulators clearly facilitate the process and it will be possible to add the amount of work to be done if there is one.
The use of personal payday loans can allow a borrower to finance his real estate project but in certain measures. First of all, the amount of credit cannot exceed 75,000 dollars because the consumer credits affected or are not capped. Another specific point, the repayment duration of a personal payday loan may not exceed 7 years, which means that the monthly payments will be significant, not counting the borrower insurance.
Buying a property with a personal payday loan: the guarantees
A home purchase is certainly easier with a personal payday loan but insofar as the price of the property is relatively affordable. However, there are guarantees with the home loan for the borrower that the personal payday loan cannot provide, starting with the assignment. A personal payday loan is an unrestricted consumer credit, which means that obtaining it is not linked to any act of purchase. For the mortgage, if the purchase is canceled at the last moment, the mortgage will not be triggered, unlike the personal payday loan which will still have to be reimbursed.
Another important element, borrower insurance is very important in the context of a home loan and the offers associated with mortgage loans provide important guarantees such as temporary or permanent incapacity to work, death or even a period of unemployment. These guarantees can be added but will generally be less than for a mortgage. Finally, the rate will necessarily be higher on a personal payday loan than for a home loan, which can be more expensive.
Simulate a personal payday loan for your home purchase
Are you planning to buy a house, land or construction? It is possible to simulate a personal payday loan from the moment the amount is less than 75,000 dollars. The amount may include the purchase price, the costs and any work to finance to renovate the home.
The simulator will allow you to offer the best personal credit offers on the market, taking into account your situation and your need. It is a free and non-binding process.