Cheapest payday loans and loans online – where to get them?
Looking for a quick way to get the money you need, you decided to get a loan online? However, you don’t know how to choose the cheapest among so many offers? We have some tips for you that will help you find yourself on the loan market. Where to start? You need to know what the cost of the loan is, what is the maximum value allowed. In addition, it is worth remembering that as new customers we have the chance to take advantage of the loan promotion for free. How it’s working? Let’s see!
What characterizes the cheapest payday loans?
There is no doubt that the cheapest payday loans are a quick way to get the cash you need and save extra money on loan repayments. Thanks to the reduction of formalities to a minimum, we do not have to worry about arranging employer certificates or other documents. The only thing we must have is a valid ID card and correctly completed application. Filling in the required fields will not take us much time, because in the form we will be asked only for basic information. An additional convenience is the ability to complete all formalities online, without leaving home. Opening hours no longer limit the availability of applications. We can fill them in at any hour – regardless of whether it is the middle of the night or weekend.
It is worth noting that the loan period in such an offer is traditionally 30 days. Some lenders extend this deadline up to 65 days. However, this does not change the fact that due to the short loan repayment period, the highest available loan amount is up to $ 6,000 for new customers. When applying for short-term financial support, we must be sure that we will be able to accumulate the funds needed for repayment within a month or two. Therefore, let’s carefully choose the parameters of the loan. We decide how much money and within what time period we will commit ourselves to pay back to the lender.
It depends on us to a large extent the time that we will have to spend on reasoning.
If we have no problems with the use of a computer or mobile devices, then it will take us only a few minutes. Then wait for our credit history to be verified and the loan to be decided. However, before starting the process of applying for financial support, we should analyze the available offer in terms of costs and choose the best one for us. What to look for?
Cheap online loans – what does it cost?
Sometimes when choosing a loan, we may be surprised by the amount we will be required to pay back. In this situation, we ask ourselves where it came from. We will try to answer them and dispel any doubts. In addition to the money we borrow, the total amount to be refunded also includes the cost of running the loan. Depending on the company, they may differ in height as well as components. We can divide them into interest and non-interest costs. Their total value is determined by the APRC, i.e. the Actual Annual Interest Rate. This is the loan amount plus all fees expressed as a percentage. Given the height of this parameter, we can select the cheapest payday payday.
Interest and non-interest loan costs
Let’s start from the basics. Interest is a part of the amount we borrow, calculated in exchange for the owner lending us money. Thus, the real relationship is that the higher the lender’s capital and the longer the repayment period, the higher the interest will also be. Their value depends on the interest rate in a given company. However, lenders do not have complete freedom in determining the amount of this parameter. Everything is regulated by relevant laws, which we will explain later.
In turn, non-interest costs are:
- Commission for granting a loan to the lender
- The preparation fee, i.e. payment for submitting an application for financial support
- Administrative fee, i.e. payment for servicing our loan – the work that lenders do during the loan period
- Sometimes we may also be required to pay for loan insurance in the event of loss of income
- and any additional collateral for the loan
Cheap payday pay and anti-usury act
The Anti-usury Act, i.e. the Act amending the Act on Financial Market Supervision and certain other acts (Journal of Laws 2015 item 1357), aims to eliminate unethical practices among lenders. What was regulated in it? First of all, it sets the maximum amount of non-interest loan costs allowed. It is noted that they may not exceed the sum of 25% of the total borrowed amount and 30% for each year of the contract. In addition, the costs may not exceed the value of financial support. When the contract has been concluded for several years, this threshold increases to 100% of the amount borrowed. However, the maximum amount of interest is set out in the Civil Code (Journal of Laws 1964 No. 16 item 93) and may not exceed twice the sum of the value of the applicable NBP reference rate and 3.5 percentage points. This means that as at 15/03/2019, the limit is 10%.
It is also worth remembering that as customers we have the right to withdraw from the contract within 14 days of signing it. If the company does not comply with the abovementioned regulations or if there are any problems, we should consider whether we have chosen correctly and consider using this option.
The cheapest payday loans in the promotional offer
One of the ways to get the cheapest payday loans is to promote the first free loan offered by non-bank financial institutions. What does it mean? As new clients of loan companies, we have the opportunity to take advantage of a unique discount. It covers all repayment costs, both interest and commission, as well as other non-interest charges. In this situation, the APRC will be equal to 0%, and hence, all costs will be eliminated. This means that we return the loan company exactly as much as we borrowed. For example, when taking a loan worth $ 2,000, we give back no less than no more than 2,000 $. However, it is worth noting that not every company has such a product in its offer.
How do you find the cheapest loans?
The easiest way to find the best product is to use the loan comparison engine, i.e. the database that collects many offers in one place. Thanks to this, we will receive all the most important information about a given lender in a nutshell. In addition, we do not have to go to each page separately, which will significantly speed up the entire process. For example, in our comparison engine Jules Maigret we can go to the category of “Payday loan” or “Installment loans” we are interested in, and then use the sliders to specify the amount needed and the preferred duration of the contract. In response, we will receive a list of offers that meet our criteria.
In our opinion, after selecting the best offers, it is worth checking how they look in the rankings. In addition to repayment costs, the consequences of late repayment, extension of the loan period or availability of the Customer Service Office are also important. All these parameters were taken into account by our specialists when selecting offers. It is also worth mentioning that the company that came first in the ranking does not necessarily have to be our favorite as well. It all depends on the expectations of the consumer. After verifying the products selected by us, we go to their pages, where you should read the regulations, framework agreement and terms of the loan. To make sure that you’ve chosen the right one, it’s also worth going to the Questions and Answers section. In case of further doubts, we can use the help of a consultant, usually available on the helpline number indicated on the lender’s website.
Cheapest online loans – description of the offer
Metloan is a company offering its new clients a loan of up to $ 3,000 for 30 days for free. For regular applicants, the maximum amount is $ 5,000 with a repayment period of up to 30 days. The borrower should meet the following conditions: have Polish citizenship, permanent residence, identity card, and be at least 20 years old and maximum 70.
TunCredit is another company offering the promotion of the first free loan. The maximum amount we can apply for is 3,100 $. It can be repaid after a maximum of 30 days. Anyone who is over 20 years old and under 75 years of age, has Polish citizenship, permanent residence on its territory, bank account, active telephone number and e-mail address can apply for the loan. In addition, a stable source of income and a positive credit history are important.