Payday loans are short-term loans. They are also referred to as cash advances since their principle is a portion of the borrower’s next paycheck. As a Polish resident, when you need urgent money to purchase groceries or pay bills such as an internet subscription, you do not have to worry. Instead, just make an online application then you will get the money in minutes.
Qualifying for Payday loans in Poland
As a Polish resident, to qualify for payday loans, you need to be at least 18 years old. Besides, you should have an active checking account. Apart from the two, you ought to provide valid identification and proof of income. Lastly, you cannot get the loan if you do not have a way of repaying it.
The Top Payday Loan Companies in Poland
In Poland, there are different companies offering payday loans. They have different terms and conditions in terms of repayment and the rest. Also, the firms provide the loans between 5 minutes to 1 hour after signing up.
Lendon.pl is one of the top companies offering payday loans in Poland. The firm does not need a lot of formalities. All that is needed is an identity card. For a new customer, you can borrow between PLN 500 to PLN 3000. However, if you are a regular customer, you can borrow up to PLN 7500.
In getting a loan from Lendon.pl, you need to first complete the registration process where you enter the amount that you need to borrow and identification details. After that, you should accept the terms and conditions. The third step is activation where you will confirm your bank account. It is in the last step that a decision is processed and you will get an SMS to confirm it.
To understand the way Lendon works, we will use PLN 500 loan as an example. When you borrow this amount, and you need to repay it in 30 days, you will be charged a commission of PLN 92.05 and an interest of PLN 2.95. Therefore, you will repay PLN 595 after 30 days. Moreover, the company’s APRC is 734.97%.
At Net Credit, new customers are not charged anything on their first loan. Is that not amazing? The online process of making the application is fast. Moreover, the company has a virtual credit card. With this, you can access additional money without any formalities when you are in need.
As I said earlier, as a new customer, you will not repay anything on your first loan. However, the maximum amount of money you can borrow is 3000 zł. As a returning customer, you can borrow up to 5000 zł. Therefore, Net Credit works this way, as a returning customer, if you borrow 500 zł, you will repay 580 zł after 30 days. The company’s APRC is 485.25 %.
Just like Net Credit, for your first loan, you do not have to pay anything at Finbo. The good thing about taking a payday loan with this company is that it has minimal formalities. Also, it has easy, fast, and convenient registration.
As a returning customer, if you take a loan of 500 zł and it is supposed to be repaid in 30 days, the total amount that you will repay is 600 zł. This is because the company charges a commission of 116.78 zł, 8.22 zł as well as APRC of 1410.33%.
Unlike the other companies, Gotowka Nonstop offers loans to people between the age of 21 to 70 years. After making a loan application, you can get the money in 15 minutes. During the application process, you need to select the amount that you need as well as the repayment period. Also, the firm offers loans with a repayment period of between 5 to 30 days.
You can use the money for anything that you need including shopping, a small renovation, or even a trip. Also, at Gotowka Nonstop, you can take a loan of between PLN 500 to PLN 3000. Just like the others, if you are a new customer, you do not have to pay anything in terms of interest.
The Advantages of Taking Payday Loans in Poland
The main advantage of payday loans in Poland is their convenience. The loans can be applied from anywhere as long as there is an internet connection. Besides, the companies do provide the loans within 15 minutes or even 1 hour after application. Therefore, if you need something urgently, then you can take these loans.
Just like in Croatia, payday loans in Poland have fewer requirements as compared to other loans. For some, only your identity card is needed when making a loan application. Besides, you do not have to provide any guarantors for the loans.
Furthermore, one can still get a loan even with bad credit history. This is good for individuals with no credit or even bad credit history. If one meets the other requirements, then the loan will be approved. Some of the top street lenders such as banks do need the borrowers to stake their homes, valuable assets, or car as security.
Lastly, the loans are unsecured. It means that in case you do not pay the loans then the lending company cannot seize your property when you default. However, in collecting their debts, they can take one to a court or even use debt collectors.
The Disadvantages of Taking Payday Loans in Poland
Although payday loans come in handy when you are in need, they are expensive. For instance, some companies apply an interest rate of about 1500% APR. As a borrower, this can result in a spiral of borrowing. Therefore, you can look for other options where you will get reasonable rates.
The loans can also make one to be trapped in a cycle of debt. If you fail to pay your loan, then you will be in a debt spiral. It means that you will have to take a loan from another place to repay the current one. It is just like borrowing from Peter to pay Paul.
When signing up, one is usually required to grant access to his or her bank account. Since payday loans have access to your bank account, they may attempt to recover their money directly from your checking accounts. Therefore, the unexpected withdrawal can result in pricey overdraft fees or even damage one’s credit score.