It is difficult to determine the criteria that should be used when choosing the right internet payday loan, especially if at first glance they all seem similar. Poles more and more often use this form of borrowing and, which is an attitude that requires praise, they more and more often do it consciously, carefully choosing the offer most suited to their needs – they use loan rankings, comparison websites and systematically gain knowledge on this topic.
However, the borrower who borrows for the first time may have a problem due to the fact that the number of offers may knock down. However, the best payday loans should have several permanent features.
The costs that a client of a loan company must bear are usually interest and commission. Although these may not be higher than the 25% loan and 30% of this additional amount per annum set by the Anti-Lichen Act, so they rank somewhere around 27% of the loan amount, there will be companies that offer lower total costs, even below 20% limit. (e.g., Vivus).
Why check the cost if you take the first free payday pay? Late repayment one day will not entail either debt collection or even more the bailiff, but it will be a failure to meet the conditions for receiving a free loan, so you will have to bear the costs that apply to customers who are lending again. Therefore, even if it is a free payday loan, you should always pay attention to the costs.
The ratio of the loan amount to the repayment period
Loan companies offer really different amounts when it comes to payday loans. Sometimes it is USD 500, as in the case of JEN Loans, and sometimes even USD 6,000 with the first loan (check where you can borrow the most with the first loan). Of course, most of them will be somewhere in the middle, within 2-3 thousand zlotys, because that’s where the greatest interest of borrowers is – fortunately, most loan companies are already available to new clients who do not have as limited maneuver as they once did .
Larger amounts, however, can be problematic to pay them back within the standard 30-day period. It will be safer to use such a company that offers a longer repayment period (but then it may have higher requirements for the applicant) while maintaining equally high amounts.
Possibility of extension or refinancing
Borrowing should always be well thought out and adapted to your loan options. For various reasons, it may happen that the loan cannot be repaid within the prescribed period. Unfortunately, even unforeseen expenses or other random events are no excuse for non-repayment and each time, regardless of the circumstances, you will have to incur additional costs and face the consequences of non-repayment.
The extension of the repayment period or the refinancing of the loan are payable and the loan will have to be paid more than originally assumed, but debt collection activities will be avoided and an additional period will be gained to repay the loan, usually the number of days as the original repayment period. Details and the price of this service can be found in the article “Where will I extend the loan repayment period?”