First free payday loan- how much is it?
Many people wonder what amount of installment or payday loan they are entitled to the first time. The first loan amounts vary depending on the lender. It is worth noting that some non-banking companies give their first clients free payday loans. There is no rule on the amount of such financial support or the length of the repayment period. Usually, the first free loan is between 1000 and 1500 PLN. However, on the market you can find offers of up to PLN 2,500. The repayment period for such financial support is 30 days, but this is also not the rule. Due to the fact that the installment and payday loans sector is very extensive, some loan companies offer a higher repayment period of 45 days. When we pay off our first payday loan, we can apply for the next one. The amount of the next financial help is higher. We usually deal with loans up to PLN 6,000.
If a potential borrower conducts business, he can take out a loan for companies and use it for any purpose. The amounts of such financial support are much higher. In the case of car loans, financial support may amount to as much as PLN 100,000.
Of course, you can also use the bank offer. As part of cash loans, we can count on much higher amounts than for payday loans or installment loans. However, it should be borne in mind that the process of applying for financial assistance in a bank is longer and more complicated. Not everyone can also benefit from such support.
Online loans are becoming more and more popular
Due to the lack of formalities, online loans are very popular. This form of borrowing is characterized by convenience and speed. You don’t have to leave your home to get the financial support you need. Money can be obtained even several minutes after receiving a positive verification decision from the lender. To take a loan electronically, you must complete an application. The loan form is available on the lender’s website. In order to prepare a questionnaire, provide basic data, such as: name, surname, address of residence, and number and series of ID card. Some loan companies also require you to submit your income.
Loyalty programs for regular customers
Loyalty programs are addressed to customers who decide to take advantage of the offer of a given loan company more than once. Cooperation with such clients is extremely valuable for the lender. Due to the fact that only the first loan is free, and the next ones are associated with fees, in the case of timely repayment, loan companies reward customers with discounts. Therefore, benefit programs are extremely helpful and are an incentive to build long-term relationships. Lower interest rates and better loan repayment conditions allow you to relieve the borrower’s budget and at the same time increase his confidence in the non-bank institution. Educational platforms are an additional nod to customers. Thanks to such tools you can get invaluable knowledge about financial management, reasonable borrowing and effective saving.
Loan companies’ clients should be cautious when borrowing. The key is to find a loan that meets our expectations. How do you find the right loan? It is very easy. At the very beginning we should specify the type of financial assistance. Many people think that payday loans and installment loans are the same form of borrowing. However, there are differences between the two loan offers. As the name implies, an installment loan can be given in installments. However, payday pay is paid off in a one-off payment.
If we have greater financial needs, we should use a installment loan. Therefore, we will be able to review the ranking of installment loans in an invaluable way. You can also get expert opinions or browse online forums. Discussions on the Internet are often not entirely substantive, which is why you have to be objective. In the case of payday loans, we should do the same. Before choosing a potential loan company, it’s worth checking its position in the payday loan ranking.
Avoid the spiral of debt
Keep in mind that loans should be paid back on time. The consequence of non-repayment will be a lack of creditworthiness. Most companies use registers of debtors.
It is not advisable to take several payday loans at the same time. This can be very dangerous. There is a risk that our monthly salary will not cover all our obligations. Due to this, we will be insolvent and we will run out of funds to cover the most important needs. How to deal with the debt spiral? First of all, a detailed balance of our revenues and expenses should be made. In order to increase financial liquidity, we should reduce unnecessary expenses. It would also be a good idea to take on extra work.