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8 Simple Reasons Not to Have Approved Online Payday Loan

Signing up on a website or application to make payday loan online and having it approved is as difficult as riding a bicycle with the bent or kneaded wheel. Particularly if the person had a slip in the past. It may be that in the application process you run the risk of being rejected – but that depends on the mode of the loan.

How to not have your online payday loan approved

How to not have your online loan approved

So if you have the pretense of starting a new process of applying for personal payday loan online, having little chance in your favor, then the four one: 1 – or you give up hiring; 2 – take loan with moneylender; 3 – accept to loan to negative with interest of up to 25%; 4 – or search for a type that fits your current profile.

If you determine that an online personal loan is the best solution to adjust your finances, it is important to borrow responsibly. This will help prevent you from falling into a debt cycle. However, before you start the process, make sure you take care to eliminate anything that might disrupt approval. In the list below you have some probable reasons that a loan can be rejected:

Divergence with your address

 Divergence with your address

Banks and financial institutions get lots of information related to your name and CPF, one of them is the updated address. If you are one of those people who do not stop in any neighborhood, and your address is not up to date with the credit bureaus, it is very likely that your request will not be approved. In this case, all you can do is bring a voucher in your name.

You are not available for additional verification



When you apply for a personal loan, be sure to provide the lender with a contact number where you are available most of the time. If you are not located in the verification calls a few times or the phone does not hit the databases, your chances for approval may go down the drain.


You just changed jobs.

 You just changed jobs.

One of the most important factors for fast approval of an online personal loan is stability at work. A lender has more confidence to free up resources for anyone who is at least a year into your current job. Sometimes the minimum requirement is two or three years in the current employer.

As mentioned in the paragraph above, your financial stability is very important to lenders; if they find that you are working in a company that is not even a year old, they are also likely to reject your proposal.

You do not pay your bills at maturity

You do not pay your bills

Remember that even a simple bill or invoice due and not paid that generated an annotation in Serasa or SPC may mean not approving your loan request. So before signing up and signing up for a personal loan, make sure there is nothing in your name or CPF that leaves you in the negative situation.


Your signature does not match

If you use more than one signature, be sure to use the most common form of signature on all pages of the physical contract or by the loan application. If you need to send physicals later, attach only the documents that have the same signature that you used in the online application.

You were guarantor or guarantor of a defaulter


 You were guarantor or guarantor of a defaulter

Be cautious when you become a guarantor, guarantor or loaned the name to a friend or family member to make a purchase in the carnet, credit or financing, and if they did not pay, this will hurt your chances of getting a personal loan from most lenders online.

  1. If you are applying for a personal loan and have a dirty name, with a restriction on the CPF, look for creditors or modalities that provide credit for that profile.
  2. If you have a clean name and wish to take out a personal payday loan online, be aware of all the above tips so as not to be harmed and not have your application approved.

And, if it really is not possible to get your loan approved online, do not forget that you have other alternative ways to get a personal loan more easily and that do not involve banks, financial and bureaucratic means, consider borrowing from family or friends, with private lender, Peer-to-Peer Lending or even Crowdfunding (the famous kitty) depending on your situation.

Foreign Currency Loans – Expert: Unsurprisingly Advocate General of Luxembourg on Exchange Rate Margin

Not surprisingly, the Advocate General of the European Court of Justice said that consumer protection considerations could be taken into account in the exchange rate gap, said international lawyer Tamás Lattmann to MTI on Wednesday.

Foreign currency denominated mortgage contract 


The Kásler couple entered into a foreign currency denominated mortgage contract with a Hungarian bank in 2008 and, under the contract, acknowledged that in addition to the loan, its transaction and management costs, as well as default interest and other costs, will be determined in Swiss francs.

The couple later challenged before the Hungarian courts the condition that entitles the bank to calculate the installments due at the Swiss franc exchange rate.

The court hearing the dispute has asked the European Court of Justice


Based in Luxembourg, that the condition governing the exchange rate applicable to foreign currency loans is to be regarded as the principal object of the contract and whether it is subject to a price / quality ratio- e. If so, the issue of unfairness cannot be investigated if the conditions are clear and understandable. In the specific case, the Mansion essentially asked when such a condition could be considered so clear and understandable that unfairness could not be examined under an EU directive.
The Hungarian court’s additional question was whether, if the contract could not be performed if the unfair term was abandoned, the national court would be entitled to amend or supplement it.
Tamás Lattmann said: The Advocate General’s suggestions have been developed in the case law of the European Court of Justice to obtain before the Court an expert opinion given by a lawyer who is clearly considered an expert, but such an opinion is not binding on the court. However, based on the experience of recent years, subsequent judgments are largely in line with the Advocate General’s opinion, he recalled.

The expert noted that the present Advocate General’s Opinion


Was the result of a preliminary ruling procedure initiated by a Hungarian court in the Kásler case before the European Court of Justice. The Hungarian court referred the matter to the European Court of Justice because it considered that it had to apply EU law in order to decide the case. In such a case, it is possible for the court seised to question the Luxembourg organization because of the alleged uncertainties regarding the applicable EU law, he explained.
He stated that the Kásler case also has a consumer protection aspect and that consumer protection is an EU competence, so the Hungarian court was curious about the requirements of European Union law governing such legal relationships and contracts. If the court was uncertain, he “did very well” to turn to the European Court of Justice, which is an important issue and very urgent to avoid any subsequent EU law concerns.
Tamás Lattmann also pointed out that when he was thinking about the unity decision of the Mansion, he decided to wait for a preliminary ruling in the Kásler case because he did not want such an unpleasant situation to take a stand, and EU relevance, ‘while the Luxembourg court says otherwise. A few months ago, the Mansion decided to wait for this preliminary ruling because it “noticed correctly that the cases had some connection with each other,” he pointed out.
The international lawyer stressed that the Advocate General’s opinion was not surprising because “there is no question that consumer protection considerations can be weighed against such a contractual provision”. EU law allows this, he added, which is why the Hungarian court could be uncertain (MTI).

You asked, that is, the most important credit questions

Although our regular readers could slowly join us and write expert articles, there are still many who are unclear about a loan. Of course, there is no problem with that, because we are there to help and we do this in our personal communications. However, we thought that the most frequently asked questions and problems would be discussed here in the form of an article.


The “BAR list”


When they contact us, we are regularly asked if we can arrange a loan for the “BAR listers”. Well, this issue is now being clarified. It’s such that the BAR list no longer exists. It is currently called the KHR list, but it has roughly the same essence, that is, being on this negative debt rating list is not creditworthy at the moment. And we answered no. Those on this list cannot get credit from the banks.


I’ve been working recently

credit loan

We are also often asked in messages about how long they need to be in a declared employment relationship in order to be creditworthy. This is a very good question, because before that it really should have been at least 1 year. In fact, there were some banks that gave me a discount if we had a continuous job for an older hour. At present, however, the minimum condition is that we have 3 months’ employment and an indefinite contract.


What’s the best credit?


Well, this is the classic question we can’t answer. Maximum to ask: Which is the best car? Everyone is different. Because of its many components, credit is almost impossible to answer in advance. It depends on the different details of the property, our earnings, the maturity we choose and the interest period. This also shows that it is quite complex. However, what can help us get closer to the solution is the help of a professional and the calculator of the loan. That is why we strongly recommend both.

By and large, these are the questions that we see most often, which is what concerns us the most. We are still waiting for you to contact us! We strive to meet the highest standards and find the perfect solution for you.

How do corporate and retail lending stand in Hungary?

According to a recent survey of the MNB, 17% of Hungarian households plan to receive CSOK support, which could mean 272,000 transactions, taking into account all eligible persons, ie 1.6 million families. The awareness of CSOK is well over 90% of the population.

In addition, the Marble Bank’s publication, Lending Processes, shows that more and more SMEs in the SME sector are borrowing, which can be helped by loosening credit conditions.


What is Corporate Lending?

What is Corporate Lending?

According to the study, the SME loan portfolio increased by 3.4% between March 2015 and March 2016, while the decline in total corporate lending fell to 2.4%, which would be + 1% without MKB Bank’s portfolio cleaning.

In the first three months of the year, the dynamics of SME lending declined, reflecting, on the one hand, the amortization of former NHP loans and, on the other hand, changes in the terms of NHP lending.
Demand for short-term loans has picked up due to easing lending conditions in corporate lending, which is expected to pick up in investment loans in the next six months, particularly among smaller companies, due to plans to loosen credit institutions.


What’s New on the Retail Lending Front?

Retail Lending Front

Under conditions of unchanged credit supply and growing demand, the volume of new household loan agreements increased by 23% year-on-year, within which the volume of home loan loans increased by 36%. The majority of banks expect further growth in demand for household loans, which they believe is supported by the CSOK.
This year, the mortgage loan market will be worth 500 billion forints, which is far from the bubble situation and reflects realistic bank expectations, according to Marble Bank experts. According to the same study, 30% of those eligible for CSOK would buy used homes in the next year and a half, while 9% plan to buy new ones.

If you are looking for a loan to buy a home and would like to negotiate with the banks as an equal partner and do not want to fail with the repayment agent, consult with Pinocchio’s credit broker! We’re on your side!
Our staff will find the construction that best fits your purpose, be it CSOK 10 + 10, supported home loan, LTP or even NOK.

Credit Trap – No Way Out

Inadequate borrowing and unexpected exchange rate fluctuations have driven many people into the trap of the debt trap, which does not seem to lead the way.

Hungarian law is painfully lacking in the institution of private bankruptcy similar to that of corporate bankruptcy.

If a company is in financial difficulty, you can apply for bankruptcy protection. During bankruptcy protection, creditors must agree with the bankruptcy petitioner who, during this time, attempts to straighten out a redundant supervisor by getting rid of unnecessary things. Streamline your costs, expenses, and revenue.

If this fails, the company will be wound up after the stipulated time, and creditors will only be compensated for the remaining assets.


The business owner is not liable for any further repayment of the loans

The business owner is not liable for any further repayment of the loans

The institution of private bankruptcy, which has been available in many parts of the world for decades, works like this to relieve trapped debtors of the pressure of executives for a temporary period, bringing their finances under the supervision of a seconded caretaker. The caretaker monitors that the debtor does not borrow, rationalizes his expenses, sells his assets for sale and clears his creditors.

If the creditors are not satisfied during the transitional period, enforcement may come. (This is the same as winding up in the life of a company.) The money they make goes to the creditors and the debtor can start a new life. Your liability for this current situation would be limited in time.

Private bankruptcy is a lengthy and often expensive process, but in the end, the person concerned, like companies, can be relieved of their credit in a few years.

What is important to emphasize is that private bankruptcy is not a credit waiver, but an agreement between the lender and the lender, which presupposes full cooperation between the debtor.


“free pass” right for secured loans

"free pass" right for secured loans

This means that the borrowers of covered loans (typically real estate mortgages) will be free of any further charges after the foreclosure. The rationale for this provision is that the bank must be satisfied with the ownership of the collateral it has requested. Nothing prevented him from seeking additional collateral before disbursing the loan, he stated that the value of the collateral was sufficient.

In contrast to these practices, today, in Hungary, a borrower with a mortgage can find himself in a credit trap for the rest of his life. The loan does not expire, and they can take most of their salary or pension for the life of the debtor. In most cases, the amount deducted from your salary is enough for the executive fee and interest, often not even that. So you have no prospect of getting rid of the consequences of a bad decision once, except for emigration from the country.

Unfortunately, more and more people are moving and moving further afield to start their lives again. Therefore, it would be important for debtors to have some hope and prospects of getting out of credit. Even if the murder is time-barred, the debt would have to be put on a maximum term.

Therefore, in the long run, banks would also be interested in the introduction of private bankruptcy, as at present debtors are merely hiding from enforcement and often do not cooperate with the banks in any way because they are not gaining any money.

Of course, in the case of a private bankruptcy, often only 20-30% of the loan is repaid, but this is still more than what banks sell to debt collection companies.


Banks are protesting against private bankruptcy

Banks are protesting against private bankruptcy

Arguing that this would trigger a further wave of insolvency among debtors who would perceive the private bankruptcy as another bailout and reduce their willingness to pay.

There is truth in this reasoning, as it would be important to determine how long the debtor has to stand up for the loan and work with the chartered supervisor. In most countries, this stage is between 3 and 12 years, typically 3-5 years.

Despite the problems surrounding the introduction, it is important to find a solution that is reassuring to everyone as soon as possible, given the large number of stakeholders and the total disarray.

Do you need real financial advice, are you tired of agents? Click the link for more information.

Security in Focus on Home Loans

More recent data have come to us regarding home loans. In fact, we are not surprised that the credit market continues to grow, and we continue to surpass previous numbers. Truth be told, we can’t imagine the growth right now when the Family Protection Action Plan comes into effect. But let’s not run this far, let’s see what happened in the first quarter!


Very large numbers follow

home loan

We found some interesting data on the MNB’s website. ? In the first quarter of 2009, the Hungarian population borrowed more than HUF 200 billion. In just 3 months. Otherwise, this is about 18 percent higher than in the same period of 2018.

As of March, new home loans exceeded HUF 76 billion . This also pushes up the quarterly figures, as in March 2018 there was about 26 percent less new loan outsourced.

Within mortgages, fixed loans are the ones that the Hungarian population prefers. Of these loans, approximately 118 billion were selected, representing an increase of more than 194 percent over 2018. This is understandable, as in the second half of last year the MNB started to direct the population towards these loans. But why is this good?


About fixed loans

About fixed loans

The distinct advantage of choosing a long period of interest is that despite the fact that different interest rates rise (such as the central bank base rate), the repayment of our loan does not change . For a floating rate (3 month interest rate) loan (HUF 10 million for 20 years) it costs HUF 51,828 per month at LifeKorp Bank, and HUF 58,459 for a 5 year interest period.

As interest rates on loans have been low for quite some time, it is almost certain that interest rates will rise in the next 5 years. But not for those who are now taking the extra $ 7,500 for security.

Do you want to do well not only in the short run but also in the long run? Then contact us! We will help you find the optimal solution.