How do Payday loans work and why are they cheaper than other non-bank loans?
The company’s main product is the credit limit that we apply for by submitting a special application. The amount of the limit depends on our creditworthiness and therefore both on our credit history and the current financial situation. From information that reaches me, I know, however, that in most cases the company gives rather low limits at the first loan. In addition, even if we manage to get a limit in the amount we wanted, we will not be able to pay the entire balance to our account. According to the regulations, at the first payment, the customer may pay a maximum of 50 per cent of the limit. We will have access to the total limit when we pay our first bill and receive an unlocking code, which is sent to the customer by letter to the address of residence.
Payday loans up to PLN 10,000 – this is the maximum loan limit in loan.
Even if such a high limit would be proposed to us at the first loan, in reality we could pay a maximum of PLN 5,000 to our account.
As you can see, the company takes care of the borrowed money and it would return to them with the appropriate commission. I suppose that thanks to this they are able to offer relatively low costs of Payday loans. However, not all decides to grant Payday loans, which is confirmed by entries on internet forums that I have seen. I suppose that the best chance of getting a loan from them is for those who actually or have no debt at all. Those who can not get credit from a bank, for example because of low income or have some small debts. In the form of an unpaid phone bill in a mobile network or having a story in the form of rides through the city rail, they were put in the register of debtors. No major offenses = more chances of getting a loan.
Finally, a few words about loan – it is a special website to which we gain access as a company’s customer. Thanks to him, we can make withdrawals of the granted limit to our bank account as well as manage your finances. In addition, check the loan repayment date and monitor any other things related to the loan limit.