Best free payday loan – what?
A free loan for new customers is a relatively young product that appeared on the Polish market thanks to the lender.
It was this loan company that offered new borrowers a free first loan. The great success of the lender meant that loan companies more and more willingly (and more) introduced to their offer a product which is a free online loan. To obtain this type of financial support, it was enough to meet two conditions.
Be a new customer of a given lender and pay off the whole liability within the time limit specified in the contract. Currently on the non-bank loans market you can find a free payday loan from several hundred to even several thousand USD.
Free loan – what conditions must be met to apply for it?
A free loan is a product intended primarily for new clients of a given loan company. Only some lenders offer the opportunity to receive free financial support to regular customers (e.g. every 5th loan for free).
To make sure that the free loan will not cost you anything, you must comply with the terms of the contract. Regardless of which loan company we use, we should:
- be a new customer of a given lender,
- pay off the liability on time (even one day of delay may result in penalty interest).
In order to avoid unpleasant consequences, it is worth making a transfer with a refund of cash 1 or 2 days in advance. We are not always able to predict whether the banking system will fail on the day of repayment of our liability or whether the transfer will arrive immediately or within 24 – 48 hours.
As the interest in free loans increases, their maximum amount also increases. Initially, lenders offered small amounts of free payday loans. Currently, however, you can find offers that amount to several thousand USD. However, it is worth remembering that payday loans are short-term loans that must be fully returned within a maximum of 65 days (usually, however, 30 days).
Creditworthiness and applying for a free loan
The high amount of the first loan is usually reserved for clients who can boast of high creditworthiness. The short-term payday must be repaid within 1-2 months, therefore, to have sufficient cash to pay the liability, it is necessary to show higher earnings. The loan company will most likely not grant a loan of $ 5,000 for a period of 30 days to a person who earns an income of $ 1,500.
Loan companies verify potential customers in information databases, e.g. in BIK. Borrowers who have annotations about late payments of previous obligations should not expect to receive a high value of a short-term loan.