January 1, 2020

Quick payday loan – check the pros and cons of this solution.

payday loan

Quick payday loan online? You’ve probably heard about it, maybe you’ve had the opportunity to try. Or maybe you are just looking for the best offers of payday loans? We advise where to look for the best offers and present the pros and cons of payday pay.


Quick payday – it instantly goes to your account

payday loan

The basic advantage of quick payday pay is the speed of receiving it . A customer who is looking for cash “for now” should choose this financial product. All they have to do is choose a company that provides quick payday loans online and then submit a quick online application .

After completing the form, the company will want to verify our declared data by transferring one penny to the account indicated earlier (there are also other methods of customer verification). If we have a bank account compatible with the banks used by the online payday loan company, the money will land on our account very quickly.


Free offers

payday loan

Many loan companies available on the Polish market offer financial assistance on promotional terms. Certainly you have met with ads like: “Free payday pay up to $ 1,500 for 30 days!” Such offers are not marketing, but a real proposition.

Unlike installment loans, companies provide the first payday loans without commission . You just have to meet the most important condition – we must be a new customer and apply for a loan for the first time in the selected company.


Short repayment time

loan repayment

In addition to the above-mentioned main advantages, they also have disadvantages. One of them is a very short repayment period. Most non-bank companies offer payday loans for 30 days. We will also find payday loans with a longer repayment period of up to 61 days and even up to 120 – these are exceptions. The extended repayment period is reserved for regular customers who use the company’s services once again.

For loyal customers, they also increase the limits of the borrowed amount. So if we take, for example, $ 5,000 for 30 days, after the repayment period specified in the contract has elapsed, we are obliged to pay the entire sum, including interest. It is much easier to pay back such an amount by dividing it into several convenient installments – however, this possibility is reserved for installment loans.


Additional costs

credit loan

Taking a payday loan online, we must take into account additional costs if:

  • you will want to extend the payday payment
  • we will receive reminders (these are paid notifications reminding us of the repayment of financial obligations)
  • penalty interest will appear
  • debt collection occurs (costs of debt collection if the customer does not want to comply with the terms of the contract)


What offer should you choose?

family loan

There are dozens of offers of payday loans on the Polish market. It is best to look for the offer that interests us through the comparison of loans and payday loans. On Kite Lender, we present proposed online payday loans that customers can quickly compare. The available solution is a huge time saver.

We don’t have to visit the websites of many companies to find the payday loan that suits us best. In addition, we can learn about all the pros and cons of the selected offer.