How to make a personal payday loan simulation?

If your spending has gotten out of hand, unforeseen issues have arisen and the month is hard to close, one solution is to borrow money. However, before hiring the first option that comes your way, it is good to check your financial situation, do the math and, especially, perform a personal payday loan simulation.

Interest on this type of credit is lower than overdraft  or credit card and gives you more time to pay, which may be essential for you to rebalance your accounts. In this post, we will explain everything you need to know about it.

Why do a personal payday loan simulation?

personal loan

As bad as your financial situation is, you need to remain calm at this difficult time, consider the options available in the market and have clear goals to know what to do with the borrowed money.

Two of the main mistakes made when applying for a loan are not consulting the interest of different banks and not considering the impact of the installment on your budget.

Simulation helps solve these problems: It provides information about the rates charged – which can vary considerably from bank to bank – and how much you will have to pay each month. Ideally, the benefit does not compromise more than 20% of your income.

Also evaluate the Total Effective Cost (TOP) , which includes, in addition to interest, taxes, administrative fees and insurance involved in the financial transaction.

In addition to simulating and comparing options, it is also important to know where your money is going and to review your spending to accommodate this new expense. A personal finance app can help with this task.

How to make a simulation in your bank?

money loan

The bank in which you have your checking account allows you to do a simulation. Go to an ATM or go to internet banking and look for the option “Loans” or “Credit.”

There should be a link to the credit simulation service. Enter the required amount and the desired term, and then check the payment terms, the interest rate, and the amount of the installments.

How to compare banking and financial options?

money loan

Applying for a loan from the bank you have an account with can be quick and practical, but it is unlikely to be the cheapest option on the market. Big banks usually practice very high rates. To compare alternatives, it is best to check the different rates and costs charged by banks, lenders and lending platforms .

A good solution to do this is to use the Lite payment application . With it, you can simulate at once how much you would pay for the loan at each institution, according to how much you need and the timeframe you want to repay.

You now know the importance of doing a personal payday loan simulation before resorting to this form of credit. Analyze your situation and available options and use this solution with awareness.

Credit for small business owners.

No company can exist without investments. With the desire to invest in goods and new technologies, small business owners do not always find their ears open. The performance of small businesses is not reflected in creditworthiness. A loan for small business owners is therefore rarely easy to obtain.

Investing in the future – that’s how it works with small business loans

Investing in the future - that

No company was ever founded as a multinational. It was always smart little entrepreneurs who believed in their idea. The roots of all today’s market giants can be traced back to the zest for action and ingenuity, but also the willingness to take risks of the founders. The ideas of the company’s founders would not have been possible without a loan for small business owners. The amount of credit required to make a small business grow “healthy” is generally very small.

Small businesses, up to a certain size, are often run as a sideline. In such a case, the company boss is still employed. As a sole trader, he is fully liable for his business. Sophisticated company designs that prevent private liability would hardly be worthwhile in the context of a small company. As an employee, the entire consumer credit market is open to small businesses. In this constellation, cheap small loans from the Internet could offer sufficient scope for investments. If necessary, a surety can also be called in within this manageable framework.

Use state subsidies for larger investments

Use state subsidies for larger investments

The Intrasavings bank not only offers start-ups the opportunity to get cheap investment loans. For almost every stage of a company, programs are in place that pave the way for access to debt capital and low interest rates. Very few can get by without the help of a business consultant who specializes in Intrasavings bank loans. Intrasavings bank is aware of this problem and is co-financing the consultant.

Any commercial bank can be the first point of contact for Intrasavings bank loans. Nevertheless, the first offer should not be used without carrying out a thorough loan comparison beforehand. Although the Intrasavings bank bears most of the credit risk, there are clear differences in the offers. A first impression of which funding programs are currently possible can be obtained on the Intrasavings bank website.

The private credit market is positive about investment requests

The private credit market is positive about investment requests

Private investors offer another alternative to get the loan for small business owners. You can easily get in touch with them via one of the large internet platforms. If you choose this path, you should take the time to work out your loan request. Investors willingly finance projects that are plausibly explained and presented to them.

Inconsistencies due to “secrecy” reduce the chances. The courage to be honest and the belief in the success of the business expansion must be reflected in the description of the loan request. In this way, the desire for a loan for small business owners is almost always fulfilled.

Stay in control of your loan with online account management

We created a guide to show you how online account management works, and help answer some frequently asked questions.

It can be difficult to stay on top of your loan balance, especially when you have so many other bills or account balances that you regularly check. Log in to online account management from any device to view your current balance at a glance – it will be displayed on the main page.


Access your account details (loan term, interest rate, etc.)

Access your account details (loan term, interest rate, etc.)

Need to quickly access account details? Your account information can be found online, without having to call your branch. Login to your account, and from the main screen you should see your loan details listed under “account details”.

The account details column outlines your original loan amount, your current balance, the day you opened the loan, the amount and date of your last payment, your term, and annual percentage rate.


View your insurance products

loan insurance

Not sure if you’re covered? When you log in to online account management, any insurance products that you added to your loan will appear on the main screen.


Conveniently make payments online

payments online

From the main page, click “make a payment”, or click on the payments tab. You can choose whether you would like to make a one-time payment or recurring payments. Plus, you have the option of paying your amount due, or choosing a custom amount.

Tip: Do you use several bank accounts? You can add multiple payment sources to your Fairstone account. You can view and edit your payment sources at anytime under the “payments” tab.


Never miss a loan payment – schedule one-time or recurring payments

Never miss a loan payment - schedule one-time or recurring payments

Click the “payments” tab and select “scheduled payments”. Next, choose “add a scheduled payment”. Enter your payment details including the date you would like the payment to be made, the amount of the payment and payment source. You can also view any scheduled payments you’ve previously set up.

Tip: Schedule payments to come out on the day you are paid – the money will go towards your loan before you have a chance to spend it elsewhere.


Need to change your address or contact info?

Need to change your address or contact info?

There’s no need to call us to change your personal information – simply log in to your account to do so. Click the “profile” tab to view and edit your contact details. Next, select the details you’d like to update and save your information to complete your changes.


Interested in registering for online account management? It’s simple:

Interested in registering for online account management?  It

You’ll need your loan account number, which can be found on your loan documents, and your branch number to create an account. Find your branch number by using our branch locator tool.