10 Most Frequent Questions About Credit Cards

Who Can Get an online payday loan?

The borrower who can receive a loan online in the system is a US citizen between the ages of 18 and 60. Any citizen must have an ID number, permanent US registration address, mobile phone number, email, and Visa or MasterCard payment card, or other credit cards of the international bank.

If you are a new customer and you do not have any credit card and you are not registered in the system yet, you need to take a few simple steps:

  • register on the site, indicating the first name, the last name, e-mail address;
  • create a password;
  • fill out an online application;
  • take a personal photo;
  • specify passport data, identification number, residence and registration address, contact person, attach a photo of the passport and registration page to familiarize yourself with the rules of work in the system;
  • confirm your consent to the processing of your personal data;
  • confirm your consent to receive your credit history in the Credit History Bureau;
  • indicate the credit cards to which you need to transfer an online loan.

How Are the  Credit Cards Different From a Debit Card?

A debit card is a card that stores only the money that the cardholder has put on it. The card that your employer pays you your wages is perhaps the most obvious example of a debit card. Most of us are given such a card in the accounting department at the place of work. You can also open a debit card yourself. For this, you need to contact the bank and fill out an application.

The credit cards come in two options: regular credit cards and the so-called “overdraft” debit cards. In the first case, we are talking about credit cards. The cards initially contain only the money that the bank gave you on credit. Of course, you have a right to keep your personal money on a credit card. But the priority still remains with the borrowed funds of the bank or at directloantransfer.

What Is the Grace Period and How Is It Calculated Using the  Credit Cards?

This service is provided free of charge. It means that it is possible to use borrowed money received from the bank without interest. Only the credit cards with a so-called “grace period” allow this thing to do. The bank indeed graciously allows you to use the loan with free use of the credit cards. At the same time, the grace period does not cancel the fees for issuing and servicing the credit card, as well as fees for withdrawing cash from an ATM or bank cash desk.

What Category of Borrowers Is the Credit Card For?

Credit cards are a universal banking product for all categories of customers. Typically, banks issue credit cards to people aged 21 and up until they reach retirement age. Note that debit cards are issued from the moment a person receives a passport, but banks prefer to work with an older clientele (from 18 years old). According to bankers, every economically active person should have credit cards.

What Is the General Scheme for Obtaining and Using the  Credit Card?

At your request, the bank will issue you a credit card and set a credit limit to it. You can dispose of this limit at your discretion throughout the entire validity period of the card, that is, within two or three years. At the same time, you can spend only a part of the credit limit or the entire credit limit.

How to Choose the Most Profitable Way to Get a Payday Loan?

credit cards are a special credit product that allows you to use borrowed money with no charge even at maximum rates. It will be useful to study the bonuses provided by the card: discounts; return of part of the amount spent back to the account. The so-called “cash-back”, as well as ways to get in information about debt and repay loans.

Can I Receive Loans Online on Different Payment Cards?

You can register several of your payment cards in the system and choose a card to receive a loan online. The only thing you should remember is that the card must be issued in your name, and the validity period of the payment card must exceed the final maturity of the loan.

Which System of the Card Should I Open to Get a Payday Loan?

There are cards of the main international payment systems such as Visa and Mastercard. The cards work properly all over the world. Visa is more popular but in some European countries, they prefer to work with Mastercard.

How to Pay off Payday Loans?

You can repay an online loan in one of the following ways:

  • with a Visa or MasterCard payment card in the Personal Account;
  • by transferring from your bank account using Internet banking;
  • in cash through payment terminals;
  • in cash through a bank branch;
  • using the accumulated bonuses that are in your Personal Account.

Can Payday Loans Be Repaid Ahead of Schedule?

You can repay an online loan ahead of schedule at any time. In the event of partial early repayment of the loan, interest will subsequently accrue only on the outstanding balance on the principal amount of the loan. In the case of full early repayment of the loan, the accrual of interest for the use of the loan is terminated on the date of full early repayment of the loan.

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