Unrestricted consumer credit, the personal payday loan is not always very well known to individuals. It offers financial breathing to cope with many situations.
The personal payday loan is a credit that is not dedicated to finance a specific purchase. The sum borrowed by the individual from a bank is generally devoted to the realization of personal projects and must be repaid by monthly installments, during a loan period not exceeding 5 years.
These personal projects can cover, for example, the purchase of a vehicle, the cost of real estate work, leisure expenses (computer equipment, television, holidays, etc.) or other types of expenses often related to an event in particular (marriage, education, arrival of a child, unforeseen expenses following a disaster, etc.).
The personal payday loan allows an individual to obtain an envelope of up to 75 000 € to finance a major project, without having to touch his savings and while being protected by the law.
For example, the lending financial institution has to summarize at the beginning of the contract all the characteristics of the personal payday loan, including the possible presence of insurance.
The borrower (the individual) also has a waiting period of 14 days which allows him to waive the contract by exercising his right of withdrawal until two weeks after its signature.