You can read a lot of different information on the topic of payday loans. All you need to do is look at the Internet or various magazines, and there will be articles that praise or deny these interesting financial products. If we are curious about the moments, we should remember to approach the subject with a great deal of common sense and distance. A critique at indynda.org
Before we make a decision about taking a break, you need to think a few things first, read these products carefully, and find out which non-bank institutions you can trust.
Chwilówka, or fast loan is a financial product offered by non-bank institutions. They are distinguished by the fact that they are given virtually “for a moment”, of course compared to traditional cash loans or housing loans granted to traditional banks. Because the payment time of a payday is usually 30 days. There are also those that can be incurred for 45 or 60 days. However, they often have a definitely higher interest rate.
Another feature that distinguishes payday is their height. Again, in the context of traditional banking products, we can not talk about dizzying amounts. Most often loans are offered with a value between 1000 and 3000 PLN. With this the loan taken for the first time does not usually exceed PLN 1,500. After its timely repayment, you can incur another, this time with a slightly higher amount.
The most important and at the same time the most convenient feature of the reply for interested customers is its quick access and minimum formalities when submitting the application. Most often these are online loans without any certificates, requiring only the sending of real personal data, confirmed by a personal ID scan. Usually, the owners of loan companies do not even check whether the potential customer has previous debts or not.
From a theoretical point of view, payday loans are addressed to every adult person who has not reached the maximum age indicated in the regulations of a particular non-banking institution. Many of them offer payday without BIK, i.e. without verification at the Credit Information Bureau. And how is it practically? If we want quick cash, but by the way we want to avoid the later financial problems that may arise from this, then we should look carefully at the company providing loans. It can not be an institution that has no history of existence on the market, and also has no recommendation from specialists. We need to check carefully whether the loan company complies with the provisions of the anti-usury law. Because there is a condition in these regulations that the total interest rate can not exceed four times the lombard rate. If a given company does not apply to it, then we can deal with fraudsters trying to extort money on cosmic interest, completely inadequate to the sum borrowed.
It is also worth to think carefully whether we are really able to pay off the pay, taken even for a small sum. The decision should be made primarily by the unemployed who are destitute. Failure to pay the payday on time may contribute to the extension of your debt.