Find out the total cost of the loan
The first step should be to get an idea of the total costs of payday pay. You can skip this stage only if you take the first, free loan. It is exempt from any additional fees, which means that you give back to the lender the amount that you took. For each subsequent contract, you have to take into account the expenses associated with the payday pay. The most important is the interest rate. Advertisements usually only provide information on nominal interest rates. And the cost of the loan is influenced by the APRC, which is the actual annual interest rate. It allows you to calculate exactly how large the installment will be, so it is worth paying special attention to this issue. In addition to interest, commission is also important, i.e. remuneration for assistance in providing financial support. Its amount may differ from the transaction value, which means that the higher the payday loan, the higher the commission. As you can see, the additional fees have a huge impact on the attractiveness of the loan. Often they decide whether the offer is worth considering.
Check the company’s credibility
If you want to make a fair deal, choose loan companies wisely. You should check whether the institution you selected is in the National Court Register and is registered in the business register. In addition, the company should have a NIP (Tax Identification Number) and REGON (Tax Identification Number), which is an identification number in the National Economy Register. It is also worth considering, preferably on the website of the loan institution, where it is based. Particularly skeptical customers can even go to her facility to personally check everything. If you do not intend to do so, go to the website of the Polish Financial Supervision Authority. There you will find out which companies are not worth trusting.
Read the contract carefully
In addition to the fees and credibility of the loan company, the payday loan agreement is key. Not everyone knows what should be included in such a document. Not only the loan amount and the details of both parties are important. It is necessary to provide information on the type of liability, the period for which the contract is signed, and the methods and dates for the payment or repayment of the financial liability. In addition, additional fees must be included in the contract, unless it is the first free payday payday. These include not only the interest rate but also the commission. It is these additional charges, as previously mentioned, that have the greatest impact on the amount that the borrower will have to pay back. Important issues for the client are also the possibilities of extending the loan period, withdrawing from the contract, complaint of payday payday and – as far as the lender is concerned – the possibility of termination in the event that the borrower does not meet the conditions specified in the document.
Learn how to verify customers
Another important consideration when looking for a loan company is how to verify your customers. This is a normal process and you don’t have to be surprised. The lender wants to be sure that the client will repay the financial commitment. That is why he can look into the National Debt Register or VIER or GIV Info Monitor. In addition, to make sure the loan is taken by the right person, loan companies are asking for a verifiication transfer from their own bank account. Its amount is PLN 0.01 or PLN 1, so it is not a burden for someone who is trying to pay payday pay.
Look for feedback on the lender
When we check all of the above, we should still look for an opinion on the lender. It’s worth using only proven websites. Reliable Internet forums allow you to read the real recommendations, not the opinions written on commission. Other people’s insights are very helpful when choosing a loan company. You can often learn much more than a loan company makes available on the website. This is undoubtedly an important step that cannot be missed before signing the contract.
Ask for the option to extend the loan period
However, this is still not all. The construction of a loan agreement was mentioned earlier, and one of its points should be the possibility of extending the loan period. Even if you think that this is a minor issue, because you will definitely pay back the loan on time, ask about such a possibility. We never really know what the next day will bring us. Virtually anything can happen, both pleasant and less desirable, such as an accident or illness. It’s worth knowing what you can do if you can’t pay the payday payday on time. Customer-friendly loan companies offer the possibility of postponing the final repayment date, while others offer the distribution of financial liabilities into more convenient and less burdensome installments. It is worth signing contracts with them so as not to worry about the consequences of outstanding debts.
By checking the above items, you can be sure that the company with which you sign the contract meets your conditions. But that’s not all – when taking out a loan, realistically assess your financial capabilities. Too large amounts can plunge your budget, so borrow a smaller amount that you can easily pay back.