Cheapest installment loans
The cost of loans can be very different. Loans for the same amount and for the same period of time in some financial institutions can be cheaper by up to PLN 1,000. When comparing cheap loan offers, it is worth paying attention to the total cost, and not just the installment amount, because it happens that the first installment is slightly higher than the others.
The table compares five loan companies, among which the cheapest offer is the previously mentioned ratka.pl. Hapi Loan with monthly installments not exceeding PLN 200 turned out to be slightly more expensive in the statement. Optima, whose offer for a new customer turned out to be the most expensive for its regular customers, offers much more attractive conditions. People who once again decide to take a loan at Optima by applying for PLN 1,500 for 12 months will give back PLN 2,924.40. When deciding on an installment loan, we should bear in mind that in most companies it is not possible to extend the repayment period. Therefore, in this case it is worth to decide on a longer repayment period so that monthly installments are not too heavy for us.
Free online loans
The situation regarding cheap payday loans is completely different, as many companies provide their first loan for free to new clients. So we only have to give back as much as we borrowed. Most companies offering short-term loans offer a free 30-day loan for up to PLN 2,000. Among the five compared non-bank institutions, as many as three offer their clients a free loan of up to PLN 1,000. The exceptions are Quick Cash providing the first free payday loan for PLN 100, and Met Loan with a loan up to PLN 2,000. In the case of quick payday loans we have the opportunity to extend the repayment period by another week. However, we should remember that this type of service is paid extra.
Payday extension costs
When we decide to borrow funds, we hope that repayment will not be a problem for us. Unfortunately, there are various situations, often independent of us, that can thwart our plans. Then all we have to do is contact the loan company to defer the repayment period. Most non-bank institutions clearly define the conditions for extending a loan, namely inform the loan company that they want to extend the repayment period, and then make a transfer with the title. Before signing a loan agreement, it is worth getting an idea of how this type of procedure looks like in a given company. This will allow us to minimize stress levels in a crisis situation.
Most companies offer the option of extending the repayment period in three steps, 7, 14 and 30 days. Institutions providing quick payday loans usually do not have a single cost table, as they depend on the loan amount and the repayment period. This works, among others, Fast Cash, which states that a customer who would like to extend the repayment period by 7 days will have to pay a fee of 7% of the amount borrowed, 14 days – 14% and in the case of extension for 30 days 28%. It is worth noting that the Lending Machine goes beyond certain standards and offers its clients the opportunity to individually adjust the extension period. Therefore, the customer can set a repayment period himself, provided that it is not longer than 30 days.
The above charts show the costs of extending the loan period on the example of a payday loan of PLN 500 taken for 30 days. The cheapest option for extension for both 7 and 14 days turned out to be Fast Cash, the seven-day extension of which costs only 35 zlotys, while the fourteen-day one is 70 zlotys. Mega Loan came second with a slight difference, with costs being PLN 51.25 with a 7-day extension and PLN 82.50 for 14 days, respectively. Met Loan turned out to be the most expensive in the list, however, this company has a simplified procedure for extending the repayment period – all you have to do is transfer a specified amount to the lender’s account before the loan repayment deadline.
Cheap installment loans and quick payday loans allow you to get cash when you leave your home. We can complete the online application regardless of time and place. In addition, a big plus is that most non-bank institutions provide us with a courier contract, the cost of which is fully covered. All these amenities save us a lot of time. Remember, however, that before signing the contract we get information on how we can postpone the repayment date. Let’s make informed decisions and be aware of what we can do when our financial matters get complicated.