Which One to Choose Online – Payday Loans
We start the choice of a minute from the basic (and actually the most important) thing – costs. First of all, if we take a loan online for the first time in a given company, we have a great chance to get a free time out because many lenders offer such a promotion. This means that we give the first time exactly as much as we borrowed.
The condition is timely repayment – you need to remember about it because untimely repayment / prolongation of repayment causes that the promotion does not apply – we have to pay normal costs + fees for late payment.
The next laps of this lender will, of course, be associated with the return of the loaned amount plus interest. However, the opportunity to receive the first free minute should not prejudge our decision, especially if we take into account the next minutes in a given company. It may turn out that a company wishing to win a client tempts with the promotion of the first interest-free payday, and further loans turn out to be simply expensive. However, the first free loan is an unquestionable argument for taking a payday at a given lender.
Dates – an important choice
The second most important matter are deadlines, ie the period for which we receive money. We need to think carefully about how much time we need cash and when we will be able to pay it back.
Most often, payday loans are given up to 30 days, some companies offer a range from 1-30, others offer several variants (eg 7, 15 or 30 days). However, there are lenders giving online payday up to 60 days (however, they are usually paid in two installments). If you are looking for loans for larger amounts with a repayment period from several months to several years, see long-term loans. These are installment payables, repaid in monthly installments.
It is worth choosing a date so that we can be sure that by that time we will accumulate the funds needed to return the loan along with the commission. The deadline should however be as short as possible – the longer the repayment lasts, the more commissions we have to pay the lender.
Another similar issue is the time to receive a payday – that is, how much time will pass from sending an application to the appearance of money. Companies generally perform quite similarly here, however, for example, not everybody will give a break on Saturdays and Sundays.
Extending the repayment date
Taking a loan when we think that we will not be able to pay it off, can get us in trouble, some also pay attention to the possibility of extending the repayment date.
A lot of changes in this area have changed after the amendment of the Consumer Credit Act on March 11, 2016. Firms different approaches to the subject, some do not already provide such possibility, others extend the repayment period on the basis of refinancing – a loan on our behalf repay the lender cooperating with whom we have a new commitment.
Of course, borrowing money at the moment when we know that it will be difficult to give it back is irresponsible, it is also worth finding out what happens if we do not pay the loan. It is worth doing so because the lack of repayment does not have to be equal to bad will or lack of funds, “accidents happen on people” – it may be a random event (eg a hospital hit) that will physically prevent timely repayment of online payday. Most often, maximum interest is added for the delay specified in the Act (2x NBP lombard rate + 5.5%), after some time the case may be transferred to debt collection (commissioned to an external company whose task is to recover the debt).
An opinion about the company and its history is the last but not necessarily the least important part of the whole process. You should be aware that opinions and comments found on the Internet are anonymous and you should never believe them one hundred percent, but nevertheless they can give at least an overall outline and answer the question whether there are serious problems in cooperation with a given company.
The ideal situation is when we have a friend or a person in a family who used a given moment – her recommendation will certainly be more reliable. It is worth spending a moment to assess whether or not you are dealing with a bush company. There are more and less well-known companies on the market as well as dishonest lenders. Lack of contact details, clear agreements and regulations should arouse our suspicions, then it is better to avoid such company.
Then what kind of moment to choose?
See the weekend’s rankings or comparison of payday loans and determine if the terms of the loan suit you, if so, click the button next to the offer and you will be redirected to the lender’s website where you can send the loan form. If you are looking for long-term loans, check the installment loan statement.