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Payday loan is a micro-loan provided by financial institutions such as private capital companies or banks. Usually it applies to small amounts that do not exceed several thousand zlotys. What is the main determinant of payday loans is the short repayment period. It is often up to 30 days. The repayment of such loans usually consists of a one-off payment of the entire amount, although installments are also available.
Payday loans through the Internet, telephone and at company headquarters. Thanks to this, you can choose a loan even on weekends, not only on business days. The advantage of such products is still their quick receipt, it can be described as instant pay. You can get the cash almost immediately, it may take a little longer in the case of a transfer to an account due to the hours of booking payments.
Who can take payday pay?
Virtually every adult can opt for payday pay. For many financial institutions, it doesn’t matter if someone works on a contract for work or if there is no income at all. Interestingly, companies offering such micro-loans do not check their credit history, which is why it is so popular to define payday loans without Retrodatabase. Therefore, both people who work, pensioners, retirees and even the unemployed can decide on such an injection of cash.
Payday loans and formalities
Payday loans advertise themselves as loans that guarantee a minimum of formalities and this is indeed the case. To receive them, you must actually present one ID document. It is not without reason that such loans are referred to as “payday loans” or “payday loans without certificates” because many companies do not need to provide any documents confirming income. The next step is the contract. Depending on how the loan is taken, you can read it and sign it at the institution’s headquarters, but you can also receive it by courier or electronically. The latter method is especially popular because online payday loans are very popular.
Payday loans – what can they be used for?
When deciding on this form of loan, it is not required to state the purpose for which the funds are to be spent. The only restrictions determine the small amounts that are offered by institutions that grant payday loans. For this reason, microloans are most often issued for holidays, repairs, car repairs, bills or repayment of current debts.
Payday loans – where to look for them?
There are plenty of private companies that offer various types of loans. It’s worth using payday comparators where you just enter the amount and repayment period. After a while, a list of such micro-loans will be available, assigned to specific institutions. Thanks to such comparisons, it is possible to trace various offers of payday loans and choose one that will have favorable terms of the contract. The results of comparison websites usually show the amount, maximum loan repayment period, cost and total repayment amount. Some compare payday loans also indicate whether the offer is payday without Retrodatabase and KRD. Contrary to appearances, many para-bank companies offer such payday loans without verification and without checking your credit history. It is also worth following the payday loans rankings, which present the best loans currently.
First payday for free
This is a very common advertising trick that is supposed to attract customers. Many parabanks offer a special promotion, which is a free first payday pay. What does this mean in practice? That a person who wants to take out a loan for PLN 1,000 actually pays back exactly PLN 1,000 within a certain time. There is no commission or interest rate, so it can be considered that it is payday payday for free. This is to encourage the re-use of private capital companies’ services, which unfortunately will be paid but still easily accessible to everyone.
The costs of payday loans depend, of course, on the specific offer. Many people wonder what the interest rate on payday loans and how much they actually cost. When deciding on such loans, one has to take into account the registration fee (usually about PLN 1) and the commission, the amount of which depends on the amount and repayment date. In addition, there may be additional costs, usually for people who do not pay their liabilities on time. They are associated with postponing the repayment date of donating money or sending notifications regarding exceeding the deadline. At a later stage debt collection fees or court fees may also appear.
Advantages and disadvantages of payday loans
Like all financial products, payday loans also have advantages and disadvantages. Among the benefits of taking such a micro loan, high availability is mentioned. There are many companies that offer payday loans, and their offers may vary. Therefore, please read the terms of the contract carefully. On the plus side is the fact that virtually anyone can take such a loan. It does not matter whether you work or age (except that you must be at least 18 years old). The undoubted advantage is also time. The decision to grant such quick payday pay can be obtained in a few minutes. This also involves minimal formalities, which would be impossible with loans at banks. These loans can also be taken in several ways.
Unfortunately, payday loans also have their drawbacks. It is usually about the high costs of obtaining such loans. They are subject to considerable risk due to a minimum of formalities, so it is not surprising that the companies that provide them must properly protect themselves, precisely through higher interest rates and other additional fees. The disadvantages include the short repayment period. In most parabanks it is 30 days, although this can of course vary between specific offers. Not everyone can meet the repayment of obligations, especially people who take payday loans to pay debts, which can lead to even greater financial problems. For this reason, payday loans are not the best solution. The downside may also be a small loan amount. It is a maximum of several thousand, and sometimes they are not sufficient funds to cover the given needs.
Consolidation of payday loans
People who are wondering how to pay back payday loans and have several contracted should think about joining them and paying debts as much as possible. So how do you consolidate payday loans and where to do it? There are several companies on the market that deal with helping people who are unable to pay off growing debts. Thanks to consolidation, payday loans are added up and a monthly installment is set up that must be repaid. Importantly, this amount is assumed to be tailored to the financial capacity of the indebted person so that he can actually get out of debt.