The offer of payday loans available on the market can make you dizzy. At the moment when we need a loan, we face the need to familiarize with and analyze even several dozen loan offers. In this situation, we often visit sites where all payday loans on the market are gathered in one place.
These can be rankings or payday loans comparison. Most loans are very similar at first glance. This is not surprising, because they operate according to pre-defined rules. This does not mean, however, that they do not differ at all.
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New online payday advance loans for bad credit have completely revolutionized the non-bank loan market. Today, online payday advance loans for bad credit are available on https://www.paydaynow.net/`s website.
All you have to do is register with the chosen loan company and apply for a loan. Increasingly, customers are also associated with the company for longer. This is due to the convenience that results from the positive verification already carried out, which allows you to receive money even faster.
Borrowers also appreciate their regular customers by preparing a more attractive offer for them. In this situation, the loan company becomes something like a credit card, which can be quickly reached if needed.
On the other hand, the transfer of payday loans to the Internet could have been a problem for people who are not very familiar with modern technologies or do not have their own bank account.
Easy Credit as one of the few companies is aware of this, which is why it offers its clients the option of collecting a cash loan at a Polish Post office using a GIRO check. So the company’s customers do not have to have their own bank account, and they can still get an almost traditional loan as proof.
What characterizes each payday loan?
What connects all non-bank loans is that they are granted on the basis of a civil contract, i.e. they are not bound by the rules of the Banking Law. This is a huge advantage, because thanks to this loans can be offered to clients on much more reference terms than bank loans.
Payday loans are loans granted to a borrower by a lender who is not a banking institution but a company. Therefore, all payday loans are characterized by the fact that:
we can spend money on the loan for any purpose,
when the loan is granted, it becomes the borrower’s property,
no complicated formalities and faster verification of customers,
The legal act defining the maximum costs and interest for all non-bank loans is the Consumer Credit Act.
Therefore, non-bank loans are characterized by a common legal basis for operation, different from bank loans, greater liberality in terms of access and a much faster application and allocation process.
Once, their characteristic feature was also that they are short-term loans – up to several dozen days, but nowadays non-bank loans can be found on the market for up to several months.
How are payday loans different?
Loans may differ in their APRC – i.e. the actual annual interest rate, which is actually the actual cost of the entire loan. Importantly, even with one lender we can deal with a different amount of APRC – depending on how much amount we borrow and for what period we will take out the loan.
As you can see, the longer the loan period, the lower the APRC. Therefore, before taking out a loan, it is worth checking various variants of the APRC and choosing the loan amount and repayment date that will be most profitable for us in every respect. In addition, companies offer loans of varying amounts and with different repayment dates. There are also individually organized promotions and discounts.
Ranking of payday loans – what makes the loan attractive?
The attraction of payday loans is the very fact that they are fast online loans. Their availability is incomparably greater than any other financial product. This is their common feature. Additional factors that influence the fact that a given loan offer is beneficial are:
different amounts of loans offered,
flexible loan repayment period,
loan refinancing option,
low payroll costs (APRC),
no verification of BIK, KRD, ERI, etc. databases,
promotions and discounts (e.g. first payday loan for free, loyalty programs, etc.).
The latest loans without checking the databases are especially popular because often bad credit history closes the way to traditional bank loans. Customer service and the design of the loan platform, which should be easy to navigate and user-friendly, are also important for the attractiveness of the offer. So that registration and applying for a loan is simple and quick.
New payday loans for those in debt
In many cases, consolidation of payday loans is a good deal. These are loans that allow you to pay off other payday loans. As a rule, consolidation extends the repayment period so that the installment is not too high and burdensome for the borrower’s budget, which makes repayment easier.
This is a favorable solution in a situation when we do not have sufficient funds to pay off several installments in the amount in which this is currently the case, and we do not want to fall into a spiral of debt. The basis for the profitability of such a solution is the reliable repayment of the consolidated loan.
To sum up, all payday loans are loans offered by private non-bank companies, whose rules for granting and repayment are set out in the Consumer Credit Act and the Civil Code. New payday loans online are completely available via the Internet, but there are still lenders on the market who offer, for example, loans at home or at the company’s headquarters – although there are not many of them.
A payday loan also combines the fact that they are relatively easily accessible, fast and convenient. Before taking a specific loan, however, it is worth checking the rankings of payday loans or loan companies ‘comparators, gathering all offers in one place and the lenders’ websites, and learn about the differences that exist between them.