The payday loans have become an interesting alternative to cash loans. By using quick loans on the Internet, we are able to borrow a small amount of money in a short time, avoiding many unnecessary formalities. The ease of obtaining them meant that quick payday loans stormed the credit market by storm and from year to year they are gaining a growing number of customers. Let’s take a closer look at them.
Internet payday loans: don’t miss out on your cash
Nowadays, getting internet payday loans from Payday Loan Helpers online is extremely easy. To receive it, all you need is a computer or telephone with internet access, a valid ID card and an account registered for the same data as those in the ID card. And that’s enough to get a loan from several companies. Some of them, however, will require the presentation of certificates from the workplace about the type and duration of the contract as well as the number of earnings.
Let’s focus, however, on those few companies that only need an ID card and a declaration of earnings to grant a loan. In this case, we will only need to complete a short loan application on the company’s website, wait for the loan decision and send a verification transfer. After completing this process, we will only have to wait for the funds to be transferred to the account number provided in the application. It usually lasts up to several hours.
Quick payday loans online – how much does it cost?
Fast payday loans are one of the most expensive methods of obtaining cash. Loans with an interest rate of around 15% are much cheaper. However, obtaining them is also much more difficult, especially for people without the required creditworthiness or with a negative history in BIK. Quick payday loans, apart from promotional offers, usually bear interest at several hundred percents per year, which makes them the most expensive and also the most easily available financial products on the market. With small amounts, it may not be as noticeable yet. However, it is impressive with larger amounts. It turns out that when taking out a loan for several thousand we have to pay back almost twice as much in some cases. Their cost may further increase in the absence of timely repayments as we mention in the next paragraph.
No timely repayment
In the case of indebtedness with payday loans, it is very important to scrupulously supervise all deadlines related to repayment. For the sake of our portfolio, we should not exceed the repayment dates specified in the contract. This may result in unpleasant penalty interest and in the case of promotional loans, the promotion will be lost and the standard fee will have to be paid. Apart from additional fees related to non-repayment on time, we can also be exposed to other troubles.
Information about the lack of repayment on time will probably go to the database of the Credit Information Bureau. This is a special institution established in the nineties to collect and share information about our financial obligations. If we go to such a base due to arrears in repayment of loans, we may have problems obtaining loans in the future, because in the eyes of banks and loan companies we will be less reliable and lending us money will be riskier.
How do you find the cheapest loan?
To find the cheapest loan on the market, don’t just succumb to online advertising. It is worth looking for the right offer on your own. A great help in this matter are various calculators and loan comparison services, thanks to which we can quickly and easily calculate the installment of a possible loan. The results of such a calculator will include such data as the total APRC, the total amount to be repaid and the installment amount. The matter is also facilitated by various loan rankings updated monthly, which present the most interesting offers at a given time.
First payday for free
Many companies organize promotions consisting in granting the first loan completely free. We will not have to bear the costs associated with administrative fees, interest or commission. The loan is absolutely free. The only condition is that we have never been able to use the services of a given company before. This is a promotion only for new customers. Of course, we have to pay back the loan in full on the agreed date. Otherwise, you’ll be charged as you would with a regular offer.
Up to a point, you can take advantage of several such offers by paying off with your previous loan a new one from another company. However, the number of companies offering a free loan is over and at some point, we will have to repay our liability in full.