It should start with realizing that such financial products also have advantages, because long ago the monopoly time in this market has passed and the huge costs have been overstated. So how do these qualities look like? First of all, it’s immediately available when you need them, most often online. Therefore, we do not have to wait for a decision and to collect documents about earnings. In addition, competition on the non-bank loan market.meant that payday loans had to become attractive to customers. As a result, many companies offer the first free loan, conditioned only by timely repayment. What’s more, thanks to the Internet we have the opportunity to compare many offers and choose the most advantageous one. Maybe this is not an advantage of the same payday, but it certainly is associated with the development of competition on the non-bank loan market.
The first loan for free?
It must be a cheap marketing gimmick, because in these times there is nothing for free. Probably many of you have thought, however, the first loan in a given company is usually free, and the condition that must be met to not incur any additional costs is only its timely repayment.
When deciding on a free reminder, it should be remembered that it is free only on condition of timely repayment and when the APR is 0% (few companies offer a zero interest payday, however, this does not mean no fees as several components contribute to the cost of the loan). Extending the deadline or delay is associated with high fees. However, if we are sure that we will pay the payday in time, nothing prevents her from taking it.
What are the costs of subsequent loans?
As I mentioned earlier, thanks to the Internet, we have the opportunity to compare the cost of loans in many companies, which only takes a moment. Thanks to the use of the instant comparison website chwilowki-online.org, we can choose the cheapest offer, and the difference in costs can be really big. For example, Vivus has the cheapest payday with the ability to take them online. In this company, for borrowing PLN 500 for 30 days with another loan to be repaid, we will have a total of PLN 578.50, so the total cost of the loan is only PLN 78.50. In the most expensive companies, the cost of a loan with the same parameters reaches even PLN 130-140.
The possibility of withdrawal within 14 days
Few customers know that a non-bank loan agreement, like a loan agreement with a bank, has the option of resigning within 14 days. If the decision on resignation is made within 14 days of taking the loan, then the client does not bear any consequences. Moreover, it is not required to give the lender a reason to withdraw from the loan agreement. It is only necessary to provide (via e-mail or traditional mail) an appropriate statement (its pattern is most often sent to the customer when it concludes a contract). Withdrawal from the payday agreement within 14 days is a very beneficial solution in financial terms. According to the law, the client has 30 days to return the amount borrowed together with interest charged for the period from the date of payment of the payday to the day of its return. However, this “cost” is incomparably smaller than the standard commission and other fees.