The debt ratio corresponds to your bad credit online loans direct payday ability to repay a loan, based on your monthly income. It is commonly accepted that the debt ratio should not exceed 1/3 of annual net income (the famous 33% bar).
Beyond that, the risk of default is considered too high by the banks. The debt ratio is calculated by taking into account your following fixed income: net wages; contractual premiums: for example a 13th month; alimony, retirement and disability pensions; non-salaried professional income: for the liberal professions, farmers, traders, etc. Depending on the lending institution, other sources of income may be included in the calculation of this rate: family allowances, commissions, housing allowances, property income, etc. The taking into account of these sums is at the discretion of the bank with which the credit will be contracted. If you have a very comfortable income, the debt ratio can exceed the 33% threshold, and even reach 35-40%. Conversely, if your income is modest, your debt capacity may not exceed 30%. There is therefore no hard and fast rule. Borrowing capacity can be supplemented with a zero rate loan (PTZ) under certain conditions. The mortgage broker can tell you about your rights and how you can benefit from them. A payday loan is a short term loan with high fees which makes this means of borrowing very expensive. You can borrow up to $ 1,500. You must repay the loan when you receive your next paycheck. In the following provinces, you have up to 62 days to repay the loan:
Payday loans exist to help you if you run out of money before your next payday, or for a short time. Avoid using it to pay costs like rent, groceries, or utility bills. If you use them this way, you could end up with financial problems. Payday loans are offered in store and online by private companies. Here is what you can expect if you are thinking about getting a payday loan. Information to Provide to a Payday LenderGenerally, payday lenders ask you to prove that you have:
However, in some cases, the payday lender may ask you to receive the loan on a prepaid card. There may be additional fees to activate and use it. Comments are closed.
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