Cheap non-bank loan how to do it?
Despite the widespread opinion that payday loans are expensive and quite risky, Poles are increasingly reaching for them, thus relinquishing with reliable and secure consumer loans. Who uses payday loans? Usually those who need quick cash up to $ 5,000. And what makes people take such risky moves? Ease of access, the possibility of arranging an additional injection of cash via the Internet, minimum formalities, poor verification of the customer’s creditworthiness, quick cash on the account.
Almost 3 million Poles benefit from non-bank loans
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The offers of non-bank companies are becoming more and more interesting. They lure customers with favorable offers, sometimes seemingly favorable. However, it happens that they offer installment loans on much better terms than banks.
While the same loan at the bank where the APRC is about 30%, the non-bank company will offer the same loan with the same parameters where the APRC is about 20-25%. The difference is visible to the naked eye. No wonder it attracts customers effectively.
How to make a parabank loan really cheap?
Virtually every loan company offers free loans . Sometimes, we can borrow money for free for up to 60 days. Usually, such solutions are offered to new clients and subject to timely repayment. Otherwise it may cost us dearly.
However, due to the lack of supervision over these types of institutions, it is always worth to read the loan agreement carefully. In some companies, the content of the contract is made available to the customer at the stage of credit simulation. By reading carefully, you can be sure that there are no hidden costs for the loan.
It is also worth before using a loan in a specific company, make use of rankings generally available on websites. Most can be used for free. Usually the offers placed on these comparison websites are already checked and tested.
Another protection of the clients’ interest is the act called anti-usury. No self-respecting loan company will allow itself not to comply with the law covered by this Act. There is no worse advertising than word of mouth disseminating unfavorable information, and now the Internet is also at stake – it works faster and more effectively than the first one. Such a company will lose customers instantly.
Cheap installment loan or free payday loan? What to choose?
Free payday pay is free only under certain conditions. Usually it applies to new customers, and it must be paid back on time. If we borrow for 30 days, we pay back in one installment within 30 days. When we took out a loan for 60 days, we should pay it back in two equal installments every month.
And what if it turns out that we suddenly lost financial liquidity and problems with repayment appeared. We can get in a lot of trouble. We will accrue horrendous interest, such as with a paid loan. In addition, as we will avoid contact with the lender after about 7 days, our documentation will go to debt collection.
So, if we expect that we may have a problem paying back payday loans, you may want to consider getting a installment loan. The monthly installments will be much lower, and even taking into account interest, it may turn out that such a loan will be cheaper than a payday loan which we cannot pay back on time. How does it happend?
We have to pay back instant payday within a month, two in total, i.e. on average around $ 3,000. It might be a problem. On the other hand, the installment loan, although slightly more expensive, can be repaid at around $ 300 per month. It may take, let’s assume, 15 months, but is it not easier to pay back $ 300 per month than $ 3,000 at one time?
The choice is ours, it all depends on what we have and whether we have any financial resources at all.
How else can you save on installment and non-bank loans?
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It is generally accepted that by spreading the loan into as few installments as possible, its cost is lower. And to find the cheapest loan, you can also use the free comparison websites. There we will find a loan that will meet our expectations.
Usually, through such benefits, we can calculate the total cost of such an injection of cash and the amount of the monthly installment. Then we are able to assess whether we can afford it or maybe we need to look for another solution.
High competitiveness on the non-bank loans market is good news for borrowers. This is a great chance for favorable loan terms.