There are many non-bank companies competing with each other. This is a favorable situation from the point of view of the customer, who thus gains access to more favorable loans. What methods do lenders use to encourage them to choose their offer?
Loan companies try to attract customers primarily by offering simple and quick formalities, instant cash withdrawals, as well as minimum requirements. Some of the proposed solutions are actually beneficial, so it’s worth taking a closer look at them.
Free payday pay for new customers
Borrowing is associated with costs – we have to pay a commission as well as interest on the sum borrowed. Some companies have decided to prepare an extremely profitable offer for people who have not used their services so far. It is a free payday loan, i.e. a loan with no additional costs. If the borrower repays the liability on time, he will only have to pay the amount they receive, which will not be increased by any fees. These types of offers are primarily for new customers. If we know that we will be able to pay back the whole commitment in a timely manner, such a free payday loan can be very profitable.
Loans for proof
Another way to encourage potential customers is to minimize all necessary formalities. The only document necessary to obtain a loan is an ID card, you do not need to obtain any additional certificates. Fast online loans are available without leaving your home – you can complete the villages on the loan company’s website. Simple formalities mean, above all, a great saving of time, as well as a lower risk of making a mistake or refusing a decision related to failure to meet certain requirements. Filling out the application is not complicated, so such a loan is available to anyone who has the Internet.
Evidence loans are in many cases the easiest and fastest way to get cash. After accepting the application, the money is immediately transferred to the account. For many people who need money, time is of the essence. In situations such as a car breakdown, flooding an apartment, or illness, you often need to get extra funds day by day. Quick completion of formalities and immediate payment of money is a serious argument for using payday loans.
You can also find loan offers without BIK, also for those in debt or the unemployed. In such cases, the requirements are really kept to a minimum. It is certainly a way to attract customers who are having trouble finding any lender.
Loan for monthly installments
The possibility of spreading the loan repayment into monthly installments makes it much easier to pay back the debt, especially when it comes to the larger sum. In the case of quick loans, there is often a small amount that must be paid back in full after a certain period of time, for example 30 days. Monthly installment loans are in many ways more beneficial and safer for the borrower. Repayment of smaller sums each month does not have such a big impact on your home budget and at the same time is associated with less stress. In the case of such a solution, the risk of exceeding the deadline for paying back the borrowed money and the necessity to bear the related costs certainly falls.
Payday for young people
Some loan companies place a minimum age requirement on their clients and only grant loans to people who are at least 21 or even 23 years old. Of course, this approach is due to the fear that very young people are unreliable borrowers and also usually have a fairly low income. In this situation, the company offering payday loans for 18 years has the opportunity to a large group of interested. Young people are keen on quick loans. For example, they are often students who have no employment contract and rather little chance of getting a loan from the bank. All you have to do is check the ranking of payday loans for 18 years to see the available offers.
Non-bank companies also specialize in granting loans to other customer groups, for example pensioners. Retired people usually have low income, which means they can’t get a bank loan. However, retirees have a regular inflow to the account, making them good clients for small loans.
Better loan offers for regular customers
When you take another loan from the same company, you’ll usually have the chance to take advantage of better terms. If payday pay is a way to fund your household budget once, it doesn’t matter much. In a situation where we anticipate taking such loans also in the future, it is worth checking what benefits we can gain as regular customers of one company. Systematic selection of services from the same lender can, for example, give us access to much higher loans. Thanks to regular repayment of subsequent liabilities, the client builds his credibility in the eyes of the loan company, which gives him a chance to obtain higher amounts. Of course, it’s wise to stay reasonable – just because we’ve received a better offer doesn’t mean we should use it. Regardless of the circumstances, the loans are best taken out carefully and only in situations where we really need extra money for various expenses.
Extension of the repayment deadline
Not everyone can return a loan taken on time. Once it was possible to move the repayment date several times, of course after paying the appropriate fee. Currently, such practices on the part of loan companies have become impossible due to the act of attestation. The loan repayment can be postponed only once. At the same time, an alternative method has been refinancing the loan. From the customer’s point of view, refinancing does not really differ much from the old solutions, because it also requires additional costs and avoids recovery. Refinancing of payday loans involves taking another loan from another company. This is associated with minimal formalities. Usually, you must pay back at least the first commitment costs to get refinancing.
Refinancing a loan may seem like a very profitable solution, but you must use this option in a thoughtful way. The debt spiral is, unfortunately, a real threat to people who are too willing to incur further obligations to pay off previous loans. Unfortunately, in this situation, you can easily lose control of your finances, sinking more and more in debt. Ultimately, this solution leads to bankruptcy.
Many loan companies have prepared attractive proposals for their clients. Some of them seem very tempting, but before making a final decision about choosing a specific lender, it is worth carefully familiarizing yourself with the offers available and choosing the one that is most favorable in various respects. Sometimes the best solution will be a free loan, in other cases it is better to choose a loan in installments. To make the right decision about choosing a non-bank company, you need to consider not only its offer, but also your own needs and financial capabilities, otherwise you may have problems paying back the money you borrowed.