Do you plan to apply for a payday loan abroad?
Will your payday loan application always be rejected back? Don’t worry because you’re not alone. Many Finns struggle with applying for a loan and eventually find themselves looking for a payday loan abroad. Next we will tell you how to apply for a payday loan abroad and what to consider when applying for a loan.
There are several foreign financial institutions operating with unsecured consumer credit in Finland. The loan products they offer, and their current APR, can be a very attractive option.
Did you know that in our free loan comparison you can bid on more than 60 loan providers and find the loans that are available to you:
Be careful when looking for a payday payday loan abroad
Keep your money if you are looking for a payday loan abroad. Namely, there are many scammers on the net that target you and your precious money. Especially desperate people in acute need of money are much easier to tease. Ultimately, you should trust yourself and your instincts.
For example, you should not believe any kind of personal finance provider who promises to lend against your valuable personal information. Even if they are not directly targeting your money, they can try to steal your identity with this information, and before you know it, your money account may be in the pipeline.
Also, do not trust loan providers who require you to prepay for some sort of loan. Especially if it is a personal financier found online. The fact is, trusted lenders deduct all of their loan costs from the customer’s loan amount, so the customer should not have to pay any credit for the loan itself. So you can be sure that the cost of your prepaid loan will be found in the pit of the pit before long.
In addition, be wary of foreign donors who have been in operation for a short period of time, such as less than a year. You don’t really know how well these types of lenders are doing financially. It may very soon be the case that the young company you have borrowed from is in bankruptcy wigs. On the other hand, it may also be more difficult to get help in such a case, as a newly established company may more easily disappear than ashes into the wind.
Can I get a payday loan abroad without credit history?
In principle, foreign banks have similar requirements to Finnish ones, which means that obtaining a loan from abroad is difficult as from Finland if your own credit information is not in order. Therefore, it is necessary to understand the general terms of the loan and the most common reasons for rejecting a loan application. These are what we will now look at.
The 3 most common terms for getting a loan
The most common terms and conditions for granting a loan usually focus on the applicant’s income, age and residence. So let’s start with income: first, banks generally require regular income from the borrower. However, they do not define a specific income limit for granting credit, but rather pay attention to the size of the loan in relation to income. As a rule of thumb, loan repayments should not exceed 30-40% of your gross monthly income.
Secondly, all banks and financial institutions have some age limits for granting loans. The minimum age loan is almost always at least 18 years old, both in Finland and abroad, and the highest possible minimum age limits are around 25 years. In turn, the maximum maturity of loans varies from 65 to 75 years.
Third, banks or financial institutions operating in Finland generally require permanent residence in the country in order to grant a loan. The borrower usually has to live in the country for at least 36 months and own a Finnish bank account in order for this condition to be met. On the other hand, in some situations, Finnish citizenship alone may be sufficient. So if you have recently moved from Finland to abroad and are not getting a loan applied for there, this may be the cause of the problem.