Payday loans online direct lenders only -We are a direct lender payday, try us
Just a few months ago, before the anti-usury act came into force, the activities of loan companies often resembled real arbitrariness.
Lack of legal regulations regarding maximum non-interest costs meant that lenders determined the costs of payday loans themselves.
Fortunately, in March 2016, after the new law entered into force, the situation changed radically.
We are a direct lender payday, try us
Contrary to popular belief, fast non-bank loans do not have to be expensive.
A way to get a cheap payday loan is first and foremost to know the mechanisms of loan companies.
Today we will tell you where to take the cheapest payday loan direct lender and what to look for in order not to overpay.
The Anti-usury Act imposed on lenders the maximum amount of non-interest costs. Currently, they can amount to 25% of the loan amount and another 30% per annum. The statutory interest rate remains unchanged and is currently 10% per annum.
How much will you actually have to pay for the money you borrow?
Below are some examples for the most popular amounts of payday loans:
- A loan of $ 500 for 30 days – maximum costs $ 141.44.
- A loan of $ 500 for 60 days – maximum costs: $ 157.88.
- A loan of $ 800 for 30 days – maximum costs $ 226.30.
- A loan of $ 1,000 for 30 days – maximum costs $ 282.88.
- A loan of $ 2,000 for 30 days – maximum costs $ 567.76.
- A loan of $ 2,000 for 60 days – maximum costs $ 631.51.
Although borrowing costs are not the lowest, knowing how much you will pay for the money you borrow will help you avoid unpleasant surprises.
Remember to make sure before you sign the contract with the lender what amount you will have to pay back.
Loans for $ 0 – is it possible?
If you want to borrow money really cheaply, you can use the services of a company offering free loans.
Free loans are a promotional offer directed only to new customers of a given lender. Its purpose is to attract (and retain) new borrowers.
Note: in order for the loan to be free, it should be repaid on time. Already a few days of delay in repayment may result in additional fees and the collection procedure. Unfortunately, many customers are not aware of this.
Note: remember that free payday loans are a promotional offer. Before you borrow, make sure that the lender still offers you the option of borrowing money for free.
How to get a free loan?
To borrow the money you will only need a computer (or mobile device) with internet access, ID card, mobile number and account number.
You can successfully complete all necessary steps online.
Specify the amount and preferred repayment date
The first step should be to visit the lender’s website and specify your preferred amount and repayment date.
Fill out the loan application
Then, complete and submit your loan application.
Verify your details
When the lender receives the application, he will ask you to verify your personal details. Verification is to verify that you are the person you really claim to be. To verify the data, you will need to make a transfer to the loan company’s account. The transfer amount is symbolic and depending on the company ranges from 0.01 to 1 $.
When the lender receives the money, he will be able to check whether the account owner details match those given in the application.
That is why it is so important to make a verification transfer from your own account, not from your wife’s or friend’s account.
You do not have funds to make a verification transfer?
If you do not have money to make a verification transfer, you can use the services of a company that allows data verification through a special application.
The application connects to your bank account and provides the lender with the data necessary for verification.
Before you borrow
The high availability of quick loans, minimum formalities, and simple procedures mean that more and more Poles are reaching for quick online loans. Unfortunately, few of them are aware of the consequences of their actions.
Costs of late payment of payday loans
After the anti-usury act enters into force, the costs associated with the late repayment of the loan cannot be as high as before. Currently, they can be only 14% per annum.
Considering the fact that lenders can no longer make money on latecomers, they are more willing and more likely to submit their cases to external debt collection companies and to court.
Unfortunately, external debt collection is neither cheap nor pleasant. Just like court proceedings or bailiff seizure, which may be its result.