Today’s fast non-bank loans are almost nothing like analogous products from the initial stages of the Polish loan industry, i.e. the 90s of the last century. It is not only that contemporary lenders are increasingly using modern technologies, offering their clients solutions such as payday loans via the Internet .
The main change concerns broadly understood financial conditions in terms of so-called chwilówki. While a dozen or so years ago such loans could truthfully be considered extremely expensive, at the moment loan institutions are able to offer their clients products more and more competitive even in relation to the banks’ offer.
Of course, the dynamic development of the loan sector also has some disadvantages. Considering the fact that the Register of Loan Institutions currently has almost 100 different companies, choosing the right offer can be a real challenge.
Online payday loans: how to choose the best offer?
We are often convinced that any differences in the financial attractiveness of non-bank loans are by definition rather small. Of course, this view is completely wrong. To find out, just compare several randomly selected offers.
But where do you start looking for a good payday loan online? A good loan comparison tool will certainly be a useful tool here. Although such tools will not be able to completely replace us reading contracts and prospectuses, they will undoubtedly prove themselves at the stage of pre-selection of offers that suit us.
Once this initial selection has been made, the costs and other terms of each loan must be carefully combined, taking into account, above all, factors such as:
1. The basic cost of the loan, which should be given in USD, and not e.g. through the APRC parameter
2. The period of payment of payday loans via the Internet
3. The method of verifying creditworthiness (databases checked by the lender, required documentation, other conditions set by the company to clients)
4. The amount of additional costs, including primarily the amount of fees for extending the duration of the contract and the amount of commission for granting the refinancing loan
What else should you pay attention to?
In addition to the factors mentioned above, of course, we should also be interested in promotions (e.g. the first loan at the APRC equal to 0%) and the presence of loyalty programs for regular customers.
You don’t need to explain the benefits of borrowing ‘for free’. On the other hand, loyalty programs can be a great solution if we consider the possibility of using the services of a given loan company more than once.
It is also worth remembering
That the offer of loans “for free” is a promotional offer in every situation. To be able to take advantage of this promotion, we will have to comply with the terms of its regulations, and therefore above all repay the liability within the period provided for in the contract.
Otherwise, the loan company has the full right to require us to repay the loan in accordance with the standard cost table and not on promotional terms.