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Facts and myths about quick loans

Facts and myths about quick loans

Quick loans are ideal for those who value convenience and need an express cash injection. Among other things, that’s why payday loans are gaining more and more followers. However, there are still many myths about them.

It is worth getting acquainted with all information about payday loans so as not to give up good financial support if necessary.

Are there free payday loans?

Are there free payday loans?

Currently, there are a lot of loan companies on the market that offer the first loan for free. This is a promotional offer for new customers of a given company – it’s APRC (Actual Annual Interest Rate) is 0%, which means that we give back exactly as much as we borrowed.

We can search for this type of offer, among others on increasingly popular websites comparing lenders’ offers. What’s more, using comparison websites, we will be sure that the offer comes from a proven source. If this is your first time using the services of a given lender and you are entitled to a free loan, remember to pay it back on time. In many cases, delays may result in additional charges.

The waiting time for a decision – is it really shorter?

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Online Payday loans are a loan that has simplified procedures. Thanks to this, our application is verified faster and the money appears on our account instantly. For those who care primarily about time, the best option is online loans.

Just complete the online application and wait for it to be reviewed. Simplification of formalities is possible due to partial automation of verification – we receive the initial result of rejection or further processing of our application after it has been submitted.

Does each lender verify information in the Credit Information Bureau?

Each lender determines the rules for granting payday loans. Not all companies analyze creditworthiness in Credit Checker. There are companies on the market that will not rule out our application only on the basis of having another obligation.

Are our fast online loans secure?

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The very procedure for borrowing online is absolutely trustworthy. The safety condition is primarily the use of the services of a proven and reliable lender, regardless of whether we borrow online or at a fixed point. Therefore, before submitting the application, let’s gather as much information as possible about the lender we have chosen.

In the case of online loan companies, we are often able to better verify information about them – due to the fact that they operate mainly in the network, we can find a lot of information and opinions of other users on Internet forms and various thematic websites.

In addition, the lender offering his product online runs interesting websites himself, where he provides, among other information forms, answers to frequently asked questions and fee tables. Thanks to this, we quickly learn the terms of cooperation and information about the company, e.g. regarding its membership in unions of reliable lenders. Let us remember that a lender who conducts activities in a clear and transparent manner will not surprise us with hidden costs.

Who is the quick loan for?

The most common myths about payday loans are the opinion that only people with financial problems reach for quick loans, which leads to a spiral of debt. The truth is that those who use this service value convenience and most often need cash for spontaneous shopping.

In life, we ​​come across a lot of situations in which we need quick financial support. You have no funds at the moment and the online auction you are following is just ending? Travel agency organized a favorable promotion for holiday offers? The washing machine broke and you do not want to wait with the repair until the next payment?

In each of these examples, payday pay may be a good solution. The security of using quick loans depends primarily on our own actions. Therefore, remember to follow some of the most important rules: we don’t borrow other liabilities, let’s read the contracts carefully and check all costs.

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