Internet loans are usually taken out under the influence of the need of the moment, and unexpected expenditure is the most common reason to use such a loan. Depending on the loan amount, creditworthiness and overall financial standing, we may opt for a payday loan or installment loan. Both have different laws, their costs and repayment will be different. However, the way they are obtained will not change – it will continue in the same, simple way.
Free payday loans – you can’t get cheaper anymore
A loan for zero zlotys is actually the most convenient option and it is widely available. The basic issue to be addressed is the maximum available loan amount and repayment period. This is what you will learn from the article: The highest amounts of free payday loans – company review. Of course, it is also good to use the free payday rankings to find out what are the standard costs of such a loan in case it cannot be repaid within the required period – remember that a condition for granting a free loan is its timely repayment.
Another payday loans – where do I borrow the cheapest?
The availability of free payday loans will end at some point, so it’s good to read the rankings of the cheapest companies to know which company pays off for longer. In addition, attention should also be paid to whether the given company has the option of extending the repayment period and what are the opinions about the institution.
The costs that will have to be borne by the payday payee are usually interest and commission (not including any possible costs, e.g. extension). Usually, payday loans are around 27% (25% of the base amount and 30% of the interest accrued on an annual basis). However, there will be no problems finding companies that offer cheaper loans that go below 20%. These include Kuki and Vivus, among others.
Installment loans – is it profitable?
Installment loans are most suitable for people who need a large amount, which for understandable reasons will not be able to pay them back in full. It is also a frequent choice for those who do not have sufficient creditworthiness to borrow from a bank or have several negative entries in TLV.
Of course, we will generally pay more for such a loan, because the financing period is longer. However, such a loan is a smaller burden for the borrower, so it is relatively easier to obtain it – repayment of a low monthly installment does not significantly affect the customer’s creditworthiness, so with installment loans it does not have to be as high as with payday loans. It should also be borne in mind that another installment loan must be added to the installment loan fee: an administrative fee, i.e. the costs that the company must incur to manage the loan throughout its duration.