Payday loans are quick loans, which usually don’t require too many formalities. Non-bank institutions give them willingly to anyone who only has an ID card and usually are not even interested in the history of their client’s BIK.
However, you need to watch out for the high fees associated with it
The client, who was encouraged by the attractive payday offer, must be careful not to fall into further debts.
It happens that too much loan amount and too short time to be repaid cause delays. Reading the contract carefully, being aware of the amount you will have to pay back and strictly assessing whether it will be able to meet financially will help you avoid many unpleasant consequences of debt.
What if, however, there are delays in paying the debt?
Indebted amounts are often sold to debt collection companies that are trying hard to recover their debts. The client should be aware of the extent of the rights and obligations of the debt collector in order not to allow any action that goes beyond this.
The debt collector is not a bailiff, he has no right, for example, to enter the apartment without permission, collect information on the basis of environmental intelligence with neighbors, threatening to enter on the list of debtors or notification of a crime, and even more intimidation.
Are you behind with installments?
However, it is also worth knowing that avoiding contact with a debt collection company may end up in court quite quickly, which will be even more difficult for those in debt. It is best in this situation to seek help from a specialist who will conduct all negotiations on behalf of the client. This will avoid further aggravation of problems and will enable gradual recovery from difficult situations.
What else can you do? The terms of the contract can be negotiated with some non-bank companies. They may agree to lower the installment and extend the repayment period of the loans, but you must realize that this is associated with further high costs. However, if it is not currently possible to regularly pay installments, it is worth going to the parabank before he wants to contact you about your outstanding debts.