In the past, friends were interested in a loan or loan at the Bank. Today, more and more questions are asked about payday loans. What is it, is it worth using them and, above all, where is the catch in the offer of free loans.
I know the offers of most loan companies. I know where you can get 500 zlotys, where 2000 zlotys, and where the loan will cost you a lot.
Importantly – I tested a lot of these products personally. I submitted applications for various payday loans and with the stopwatch in my hand I measured the exact time needed to receive them. Part of this struggle is described on the portal under the series of articles “We take a loan in …”.
What are the conclusions from here? At the beginning, let’s disprove some myths:
1) Payday loans are products for indebted people
Unfortunately, not true. Loans are products for people with creditworthiness who do not want to go to the Bank for PLN 1.400 loans. Companies that actually lend to indebted people can be counted on the fingers of one hand.
2) The payday loans are all loans granted over the Internet
A classic payday loan, as the name suggests, is a short-term product. We usually give up the money after 30 days. Loans whose payment we advise against for several / several months is difficult to call short time. These are ordinary loans provided over the Internet.
3) Loan companies do not verify the customer anywhere
Nothing could be more wrong. Please consider – who of us would be able to borrow money to a person we do not know? Exactly. In business, the more you need to check who lends money to. The fact that a given loan company does not verify the Customer (Credit Information Bureau) does not mean that it does not check it in other registers (most often in the BIG – Economic Information Office).
4) The loan is free? There must be a catch somewhere
There are no hooks. The company grants the first free loan because it pays off. Most of the clients return to such a company, and with each subsequent loan, they give the loan company with a vengeance. Why are customers coming back? Because they have convinced themselves to fast money on the account, especially that with each subsequent loan the client can count on a larger loan.
For a loan company, a borrower once again is a solid customer. Since he gave his first loan, he is a reliable borrower and you can borrow more.