We had already published an article a few months ago dealing with the credits that Cream bank granted to its members. It was auto credit. This time we will study in detail the payday loan that this mutual insurance company has developed.
What is it about?
- A payday loan is a conventional consumer credit.
- The first difference between a payday loan and a car or work credit is that if you take out a payday loan, you will not be asked for proof of purchase such as an invoice or a quote.
- The second difference is in the cost of credit. You should know that the rate of a payday loan is almost always higher than that of a car loan for example.
- This type of credit is also frequently called free credit or loan without proof.
Specifics of the Cream bank payday loan
- Minimum amount that can be granted: 1,500 USD.
- Maximum amount : 21,500 USD.
- Duration of credit : From 13 to 60 months.
Other Conditions :
- It is possible to choose the day on which the payment is due from your checking account. (Example: the 10th of each month). You can change the date during reimbursement (free of charge).
- The amount of the monthly payments can be modified on request of the borrower. (no cost). Of course this will change the duration of the loan.
- Cream bank can agree to defer the first payment by one or two months.
- Early repayment : This consists of repaying all of the outstanding payments at once. This solution is possible in the event of cash inflows. Note that this operation will not generate any management fees.
- Of course, like any loan, it is subject to study of the file. In this case, it is the company Socram, financial partner of Cream bank which will give its agreement or not.
- If you have opened a Cream bank account, you will be able to benefit from a preferential rate.
By reading the lines above you could see that this payday loan benefits from a great flexibility of use. However, it would not be wise to finance a purchase (car or other) with this loan since, as we have explained to you, it is more expensive than a conventional consumer credit. So if you are able to provide a quote or an invoice, opt instead for a dedicated credit , especially since the Cream bank offers a full range: (Credit: work, household appliances, accommodation equipment, multimedia, vacation / travel, hifi, sport, health, vehicle equipment )