Just like other countries where loans provide a means to plug in gaps in a budget,someone in Cyprus too needs this. Someone may wonder why take a payday loan. With an average annual income being around 26,000 EUR minimum wage rate of €900 monthly, one may still opt for payday loans. Such loans help with emergencies and unexpected expenses as you visit Cyrus or live there. Instead of bothering friends and relatives or exhausting your credit card limits, a payday loan will help.
Generally, any form of loan in Cyprus will only be advanced to someone who has a proof of legal residence in the country. So, you must first be a legal resident to take out a payday loan. With this precondition met, you’re right on path towards full eligibility for a payday loan.
General perspectives about payday loans in Cyprus
Most definitely people arrive in the island country of Cyprus each day, attracted by its mild weather, amazing hospitality, minimal crimes and more. If you’re not relocating to start off a completely new life then you must be visiting the country. Amidst all these, it would be interesting to know about payday loan options in the country.
As you already know, taking a loan in Cyprus means you have a proof of legal residence. So if you’re just on a short stay visitors visa in Cyprus, it may not be possible to benefit from loan facilities. Here, your valid credit card may be the only sure way of accessing credit,
Expats and locals with Cyprus residence permits can go for payday loans from lenders. The general idea here is that you have an expected income soon and only needs to sort out an issue urgently. In short, your payday loan in Cyprus should be short term.
Its possible for those who qualify for loans in Cyprus to actually apply for and get them from bank. But, payday lenders offer quick convenience borrowing. Payday lenders which basically operate online provide short-term, low volume loans.
In most cases, payday loans come from online lenders which do not require loads of paperwork. The process of getting the loan is often short and clear unlike bank-based loans. Ideally, the loan application gets approved quickly and paid out promptly. These loans work almost like an insurance in Cyprus only that you don’t necessarily need to have a subscription history prior to loaning.
Some of the situations that may necessitate taking a payday loan include payment for internet subscription, car repair, household appliances and others. However, as much as they can be easily accessed, high interest rates accrue. Also, repayment should be when you get your next month’s salary.
Who Qualifies for Payday Loans in Cyprus?
- Any individual aged 18 and above
- Have a clean credit history
- Have a proven source of income
- Have a bank account in Cyprus,
- Be a holder of a valid residence permit (if a foreigner).
As a proof of source of income, one may be self-employed or have a salaried job. This acts as the surest assurance that you can repay the debt. An Identification document on the other hand can be such as passport or national ID.
Remember, the requirements may vary from payday lender to another. Some of the lenders may be more lenient than the others. For expats, you will sometimes need to provide additional documentation. Therefore, be sure to check things in detail from the chosen institution.
Why Payday Loans in Cyprus is a darling for many
- The process of applying for the payday loans is hassle free.
- In Cyprus, payday loans are life savers for expats and locals.
- The paperwork for payday loans is less compared to those of traditional institutions
- You don’t need to have a guarantor or even collateral.
- Sometimes you can still get a loan even with a bad credit history
- The loans also help loanees avoid long-term commitment
What to watch out for in payday loans in Cyprus
- Commonly high interest rates which make them expensive.
- Highly accessible which makes them easy to abuse
- One is likely to plunge into a deep debt trap or debt vicious cycle.
Quick run through Steps to Obtain Payday Loans in Cyprus
The following are the steps you can take to get payday loans in Cyprus:
- Research information about payday loans including the interest rates, potential risk, and the chosen institution’s terms and conditions.
- Verify if you meet the chosen institution’s set criteria.
- Gather the necessary documentation. The documentation can include proof of residence, income, and identification that can include ID or passport.
- Fill in an application.
- Submitting the application. This can always be done online.
- If your application is successful, you will get a loan approval and receive the funds.
Lenders for payday loans in Cyprus
- Projective Transmarine Finance Co. Ltd.
- Socotra Finance
- Fast cash loans
- Ellinas Finance