The first criterion to consider is the credibility of the lender. In the case of online payday loans, i.e. loans granted over the internet for several days or weeks, it is worth checking on the website:
- full details of the lender (reliable entities usually operate in the form of a limited liability company) – since it operates, customer reviews,
- loan framework agreement – it should be placed together with the table of fees and the withdrawal form;
- rules on which the loan is granted,
- contact details (phone + email) to the customer service office.
The less known the lender, the more thorough it should be x-rayed. This is especially true when we borrow money from a company operating only on the local market.
For example, in the case of hypocredit and Viloan, which are currently conducting a broad advertising campaign also on television and have been operating on the market for years, we are basically sure that this is not a proverbial cockerel company or a bush company.
Loan costs and promotions
When applying for payday loans as a new customer, we often have the opportunity to borrow at 0%. (it’s not just about interest, but about the total cost of the loan). Then the timely repayment will not cost us anything.
It is worth remembering. Same as the right to withdraw from the contract. Although in such a situation the total cost of the loan will not be zero, it will certainly be much lower than the standard solution.
And if we are not a new customer? Let’s just compare the costs. Sometimes, even with a small loan, the offers may differ by several dozen zlotys.
However, before we apply for payday pay, let’s analyze our financial situation. If we know that we may have problems with timely repayment, even the smallest loan will not be a good move. On the other hand, sensible use of non-bank loans does not have to be expensive or risky.