How to borrow money securely online? What to look for when taking an internet loan so you don’t fall into debt and financial trouble? Our experts answer these questions.
Easy payday advance loans online
According to research from a financial product such as payday loans via the Internet granted by non-bank companies, approximately 1.5 million Poles use each year. Their popularity results on the one hand from the fact that these are so easily available and the formalities are limited to the necessary minimum, and on the other from the fact that the entire process of applying for a payday advance online takes place online, so you do not have to leave the house, lose time in the queue to the bank window, or adapt to the bank’s working hours, as we can complete the application at any time.
It is worth remembering, however, that the aforementioned availability of online loans may also have negative consequences and may become the beginning of more serious financial problems.
In order for this not to happen, when deciding on an online loan, you should look with a cool eye on your financial situation and whether we can afford a loan at all. If we want to contract it in order to deal with the most urgent expenses in the hope that the money for its repayment “will be found”, then this approach to financial management is strongly discouraged (it is the first step to falling into debt and the more obligations we have, the harder and harder we will pay them back.)
First of all – choose a proven, credible and reliable lender. Current rankings, opinions of clients of a given company as well as family or friends will help you in this.
It is also useful to look at the lender’s website and pay attention to how he will use our data and how he will protect it. Secondly, what is also worth checking is the total cost of the loan. This will depend on how much and for how long you want to borrow, which will help us calculate the calculator found on most websites of loan companies.
It is also worth knowing that some loan companies require an initial payment, although this is not a high amount, but it is a good idea to prepare for it in advance.
What else should interest us? A representative example of a loan, APRC, repayment period and how much we can apply for. For people who need a quick injection of cash, the last two parameters are especially important – both repayment time and how much we plan to borrow should be adapted to their financial capabilities and to the overall condition of the home budget, so that the loan taken does not prove to be too much of a burden .
Third – read the contract and regulations carefully. This advice may seem trivial to you, but in a situation where we need money “for” many people wanting to save time such documents simply do not read. Meanwhile, carelessness in this matter may cost us a lot, because it is in the contract that all the most important information for us as future borrowers is information (e.g. about the total cost of the loan, additional fees associated with it, the consequences of late repayment, etc.).
Possible ambiguities in the case of online loans should be clarified with the consultant by calling the special hotline intended for this purpose.
Before you take out a loan, find out what possible stars, professional terms and what has been written in small print mean. If a record seems unfavorable to you – ask about its practical application. In a situation where, after talking to a consultant, the contract still raises your doubts, just do not sign it and look for another lender (there are so many loan companies on the market that you will easily be able to choose the one that offers the best for you).
Online loan and interest rate
An internet loan has an interest rate higher than a bank loan. However, regardless of which institution lent us the money, it is worth watching the repayment date. Its exceeding is associated with additional costs.
If you have any doubts about the contract you plan to sign, you can consult it with a lawyer. A telephone helpline is also a good move. There, consultants should answer all our questions.
Is the first online loan always free?
Many lenders now tempt us with a loan offer for PLN 0 (excluding interest and commissions). How much truth in this? Although these offers do exist, it is usually possible to get a free loan after meeting additional conditions. First, it is usually only for new customers, and secondly, it must be repaid on time.
If the loan is not repaid before the deadline, the lender will add interest and commission to the amount incurred. In practice, this means an amount to be repaid by at least several zlotys.
How do you borrow money so you don’t fall into debt?
Even such an easily available product as an online loan carries the risk of falling into debt. To minimize them, you should carefully assess your financial situation. What does this mean in practice? That we should borrow exactly as much as we can give back.
Common sense and cool calculation are important here. Both the decision to borrow money and the amount we are asking for should be considered. The time in which we commit to return the amount that has been credited to our account is also important. This will allow us to pay back the online loan on time. And thus avoid the additional costs to which we could be exposed in the event of late repayment.