A payday loan is a way to inject quick cash without unnecessary formalities. Regardless of who applies for it and where it can be obtained, it can be obtained in several minutes. What’s more, he can often obtain them even when he is in a difficult financial situation and already repays other loans and credits.
Offering payday loans is the exclusive domain of entities operating in the non-banking sector. Most companies make them available only via the Internet, some via the network and in branches, and individual – only at stationary outlets. Internet payday loans are the most popular, where you can go through the entire loan process in a few minutes without leaving your home. Applying for funds electronically does not cause anyone problems, because all the procedures and formalities are followed by the instructions displayed on the website of the loan company. In the case of payday loans, everything is simple, easy and convenient. Is it also safe?
Use a Payday Loan as a Cash Advance
The payday loans as Bridge Pay Day Loans notes are primarily targeted at people who need immediate access to extra money. Thanks to them, you can quickly deal with an urgent expense, for example, repairing a washing machine or fridge, buying the necessary medicines, or an unexpectedly high phone bill. Funds from payday pay may also be useful just before payment and in the periods of pre-holiday and holiday.
Payday loans are quick short-term loans used to finance small, but completely arbitrary expenses. They are usually granted for a period of 30 days, but you can also find offers that involve a shorter or longer repayment term. The classic payday loan is granted for a period of up to one month and allows you to obtain quick cash in the amount from 100 to several thousand USD. It is usually the case that the first loan in a given company can be based only on a part of the maximum amount (e.g. $ 1,000 or $ 1,500), and its timely repayment allows to use the full offer in the future.
An important advantage of payday loans is that they can be used without having to provide many financial documents (which is why they are often referred to as: loans for evidence or loans for statements). When applying for funds, you only need to provide basic information about your financial situation and personal data, including ID card number and PESEL number. Other requirements imposed by lenders are also not excessive. To be able to apply for a quick loan, you usually need a bank account, email address, active mobile number, and of course full legal capacity.
Evidence loan – for whom?
Although anyone in financial need can apply for a quick loan, it is not an attractive solution for everyone. People who have a stable source of income, not the worst financial situation and no negative entries in BIK or business information bureaus, should first be interested in the loan offer of banks. A bank cash loan or revolving loan has a longer, more comfortable repayment period, and at the same time has more favorable financing conditions.
Evidence loans are more expensive than banking products, but they have the advantage of being used by a much wider range of people. Loan companies are open to more risky clients and apply mild criteria to assess the application. That is why even a person with irregular income, the unemployed on unemployment benefit, or a debtor with a negative credit history can often receive a day payday. However, it should be emphasized that each application is considered individually, and individual companies apply their own principles of verifying customers. It is not so, therefore, that literally everyone, regardless of their financial situation and debt, can count on being granted even a small payday loan.
Loans for those in debt
Harrison does not carry any threat in itself. If the client draws it consciously and sensibly, and at the same time uses the services of a reliable lender, it may prove to be a very helpful solution for him. In order not to cause him problems, he must be sure that he will be able to return the money within this short, only 30-day period. If for some reason timely repayment is not possible, additional costs and risk of losing financial liquidity will quickly appear.
The payday loans can often be used by people who already regulate several loans and even debtors with arrears. They can use it, but they definitely shouldn’t – taking quick loans to pay installments of other liabilities is a simple way to fall into a debt loop and serious financial problems. Therefore, although some companies do not check clients in BIK and BIGs at all, payday loans do not work as “rescue” loans for those in debt.
A consolidation loan
Instead of saving yourself by taking out payday loans, people in debt should first look for other solutions. First of all, inform lenders or lenders about repayment problems. An honest conversation can help you find a different way – e.g. reduce your monthly installment temporarily, get credit holidays or consolidate all loans and advances. In the latter situation, instead of paying several installments in different institutions, you will be able to pay one in one bank. It is worth checking first whether its amount exceeds your previous payments.
It should be emphasized that if there are already arrears in repayment of liabilities, the bank will not want to consolidate its debt. In this case, you can still consider reaching for a non-bank installment loan, amounting to a sufficiently high amount and having a long repayment period. Such a product must enable the repayment of other liabilities, and at the same time have a low monthly installment, comfortable for the home budget.
It is worth reporting financial problems to institutions immediately after they occur. Difficulties in settling liabilities can happen to anyone and are not a reason for shame. It is worth striving for an amicable and quick solution to the problem because the subsequent use of a loan or consolidation loan may prove impossible or not very profitable. It is also worth remembering that interest rates on loans and debt due to debtors, due to the high risk for financial institutions, are often, unfortunately, higher than in the case of standard offers.
Calculation of interest
A loan or consolidation loan for the indebted must have a sufficiently long repayment period so that it is possible to obtain the lowest monthly installments. Thanks to this, the debtor is easier to deal with the debt, but on the other hand, he must take into account a longer period of accrual of interest. This solution means additional costs, but it is safer and more effective than taking a payday loan or other short-term loans.
Turicash helps to get out of the debt loop
People who have fallen into a spiral of debt are not left alone. Even if their debt has been taken over by a debt collection company, they can count on forgiveness, partner relations and help in getting straight. This is the case with the Turicash company, which offers debt relief for amicable problems, i.e. as part of a conversation and agreement. Her advisers work with clients to develop new debt repayment conditions tailored to their capabilities. Thanks to this, they can step out of the debt loop step by step, avoiding unnecessary stress and additional costs that would be associated with court proceedings or bailiff enforcement.