Non-bank loans bear bad synonyms that most people believe in. We will try to refute a few myths, which in the slightly brighter light will show the so-called reticence.
Free waiting times – they do not exist
This is a very popular statement especially for experts who express their opinion on the topic of payday loans. Most of them, however, do not have complete knowledge and in fact have not checked the terms and conditions of free loans addressed to new customers. Currently, out of 15 non-bank companies , as many as 14 of them, I offer a free loan for people who for the first time use the services they offer. However, it is impossible to ignore the fact that it is a kind of incentive to re-use the company’s services. So when we were very pleased with the first loan, why not use it once again?
However, it is worth remembering that each free loan has its own conditions, and one of them is to give away the borrowed cash on time. If we are late with paying off one day, then we will raise additional costs, including penalty interest. There are also companies on the market that, despite the advertised free loan, charge very high sums.
You take a minute, fall into a spiral of debt
Rumors about losing life’s achievements are another false statement. In most cases, consumers have signed a contract with an institution that has nothing to do with reliable cash lending. Problems with payday loans may turn out to be impossible when we are unable to pay the amount previously borrowed on time. Usually, people recklessly take loans, which they are unable to pay back later, as a result of their debts increasing due to lack of timely repayment. So it’s worth considering three times before taking a loan, whether it is needed and taken into account all costs charged in the event of late payment.
Dear wait times
More than a year ago, the anti-usury law was released, limiting itself to the cost of a loan of up to 25% of the borrowed amount and 30% of that amount annually. Thanks to this, we can forget about colossal high interest rates. Due to the presence of many companies offering a free loan, we can go to another lender if necessary and avoid additional costs.
Only those who have financial problems are taking a moment
In the light of the results of the conducted research, only 10% of borrowers are people who have financial difficulties. Typically, for this type of loans, customers reach because of the lack of formalities and quick access to cash. These are people who need cash for small expenses.
The danger of payday loans
It is said that online payday is dangerous. In fact, borrowing via the Internet involves many possibilities of verification of a potential non-banking company.