Payday loans and creditworthiness

Payday loans generally avoid calculating credit scores because of the very flexible law on borrowing money. Credit scoring is most often used by banks and relates to the scoring that the computer system calculates. Based on this data, the bank either grants credit to the customer or not.

If the non-bank company lends money, it is rare that the payday loan application is rejected. It is true that there will always be companies where it is more difficult to receive payday pay. But in this industry, due to the constant struggle for a new customer, the acceptance of applications is at a high level.

Payday loans with creditworthiness

Payday loans with creditworthiness

One of the most important elements of applying for the instant payday loan is to carefully read the documentation that we will sign. In the case of non-banking companies, it contains all information regarding fees related to interest, insurance and other costs. Other costs usually specify what maximum financial penalties may apply if the payday loan is not repaid on time.

It is worth mentioning that for many new customers, non-bank companies use promotional offers related to free loans. A free loan is nothing but an offer of payday loans which is exempt from interest. In the case of free payday loans, basic fees often associated with the operating costs of loan companies apply. However, it often also happens that companies give up these costs at the price of acquiring new customers to their database.

If you are interested in the current ranking of payday loans

If you are interested in the current ranking of payday loans

Check our current list where you can find all the best non-bank companies in Poland. The ranking is successively updated and contains the best financial proposals in this industry.

When choosing offers of payday loans, remember about the most important thing, i.e. repayment of the liability. Evaluate your financial capabilities to assess the ability to borrow cash. The payday payday payment can be made after 30 days and depends on the offer in which the contract was written.

If you think that you would like to spread the loan amount in installments, you can use the option of online loans in installments. Then you can apply for a higher amount, however, with this financial proposal usually free payday loans are not available.

Where can you get loans without creditworthiness?

Quick cash loans, the so-called payday loans, are still an interesting alternative to cash loans when it comes to raising funds for individuals. Although they are not the cheapest options for raising capital, they are still very popular. Mainly due to their easy availability and low requirements for the creditworthiness of borrowers. Loans without creditworthiness constitute quite a large part of the loan market and are offered by all major players in this market. What requirements should be met when applying for such a loan? What is its cost? What to watch out for so that you don’t get fooled? We invite you to the rest of the article.

Loans without creditworthiness – Requirements

Loans without creditworthiness - Requirements

When applying for a loan without creditworthiness, we should first of all prepare our personal data. Residence address, number and ID card number. We will have to confirm this data by performing a verification transfer from a bank account created on the same data that we provide when completing the application. Thanks to this, the loan company will be sure that we provided real data when submitting the loan application. We will also have to declare our income. What is their source and average monthly amount. On this basis, company analysts will be able to assess whether or not having sufficient creditworthiness we will be able to repay the loan.

How much do such loans cost?

How much do such loans cost?

Unfortunately, most often such loans are quite expensive. Loan companies must somehow compensate for the risk they take on when granting loans to people without creditworthiness. Therefore, the cost of such loans expressed in the APRC (Annual Real Interest Rate) can be up to several thousand percent compared to a maximum of several dozen percent in the case of bank loans. Interestingly, most loan companies offer special promotions to new customers. Under them, the first loan is always free, as long as we pay it back on time. For example, when borrowing USD 1000 for 30 days, we will have to pay exactly the same amount. Costs can only increase if we exceed the agreed repayment date.

What to look for when taking a loan?

What to look for when taking a loan?

When completing the loan application on the lender’s website, we should primarily check the ratings and opinions about a given company circulating on the internet. It is worth checking if the website is secured with an appropriate SSL certificate (padlock next to the website address in the browser). This will give us confidence that all the data we send is properly secured. Of course, the cost of the loan is also important. From our perspective, the less we have to pay for providing it, the better . There are both short-term loans and installment loans for a longer period of time.