Payday Loans in Bulgaria

Home » Bulgaria » Payday Loans in Bulgaria

Need instant cash in Bulgaria? Why not take the payday loans and pay later? Bulgaria being one of the oldest nations in Europe, it has financial institutions that offer the payday loans. A payday loan gives you the chance of improving your health, having rest during holidays, paying mobile phone subscription, and completing unplanned repair.

A payday loan can be defined as a short-term loan. It is usually due on the next payday. Unfortunately, the interest rates of such loans are usually high as compared to the loans that you may get from the bank. In some cases, they are referred to as short term loan, pay advance, or salary loan.

The People Qualified for Payday Loans in Bulgaria

Just like Austria, the first condition of applying for the Payday loans is be between the age of 18 to 65 years of age and a resident of Bulgaria. Also, you have to be working in Bulgaria. Apart from the two conditions that I have mentioned, some companies will also look at a borrower’s credit history before giving out a loan. If one’s credit score is low then you will have low chances of getting a loan from any company in Bulgaria.

The Top Payday Loans Institutions in Bulgaria

There are over 10 institutions that offer payday loans in Bulgaria. I will discuss some of the tops ones and explain the services that they offer. Additionally, more explanation will be given on the credit score approach that they use to evaluate their consumers. When registering for the loans, you will provide your email, the amount that you want, as well as your phone number. These requirements will help the company to reach out to you in case of anything.

The following are some of the firms that offer credit facilities in Bulgaria. Any day when they are open, it is possible to approach them for a loan. Actually, they have an online system which process loan applications on an ongoing basis so that customers can get seamless loan facilities to come out of their murky financial situations.

Net Credit

Net Credit may help you in case you face unforeseen events and you have an urgent need for money. It is modern in terms of the way that it grant loans. Moreover, it is a convenient modern online microcredit service. Making an application at Net Credit is easy as you just need internet access and computer. It offers up to 500 Lev online. The company also offers flexible returns to its customers.

Max Credit

Max Credit offers different types of short-term loans to the Bulgarians. The maximum amount provided by the company to the borrowers is 500 Lev. You may choose to pay the amount in lumpsum or three instalments. However, for the larger loans such as those exceeding, you may be given upto 3 months to make repayment.

StikCredit

StikCredit offers the payday loans as well as the short-term instalment loans. The maximum amount of payday loans provided by the company is 400 Lev. However, for loans that exceed 1500 Lev, one is given between 3 to 12 months to make repayments. The process of loan application is done online. The documents that you may be required to provide are bank guarantee as well as guarantor.

Cash Credit

Cash credit partners with the mobile network operators in providing financial services to the mobile subscribers. In making quick credit decisions, the company utilizes a proprietary credit scoring approach. The firms that it partners with are GLOBUL and MTEL. The good thing about it is that it has automated process of granting and approval. The amount of loan that it provides is between 200 Lev to 2000 Lev. The repayment period is usually between 1 to 18 months. However, you should have one or even two guarantors.

Credissimo

Credissimo is an online lending platform for the consumer financing. It is a tech enabled platform that provides consumers with several loan products. These include auto loan, purchase financing, instalment loans, and short-term loans. It is also unique as compared to the other payday loans because it provides credit cards for the customers with personal credit line.  

The Advantages of Payday Loans in Bulgaria

The first advantage is that everything is done online. It means that one does not have to visit the financial institution physically to get a loan. In addition, for most of the companies, they have convenient and easy application form. You just fill in basic things and the questions are not so difficult.

Moreover, some of the firms do not consider a borrower’s credit score when making an application. This means that getting approved is so easy as compared to the traditional loans. Their requirements are also few as compared to the other kinds of loans. Also, the loans are unsecured. It means that you do not have any asset to act as a security. For most of the lenders, you will be able to receive the amount that you need within hours after making an application.

The Disadvantages of Payday Loans

The payday lenders do use questionable collection practices when you fail to pay your loan on time. Additionally, for some of the lenders, they may request for payment from your bank. As compared to the other types of loans, the payday loans are expensive. They do apply very high interest rates on the borrowers. This may make you to be on a borrowing spiral. This means that you may have to borrow from somewhere else for you to make the repayments.