Are free payday loans really free?
Free payday loans are the main product of online banking companies. Some people willingly use it, others believe that it is a lie in the living eyes, because there is nothing for free in life. So how is it with these free loans and do we really get money for free using such offers? Let’s see!
Free payday loans are an offer for new customers. Hearing this concept, some customers think, however, that they will get a loan that will not have to be returned later. After all, the money was to be for free.
Meanwhile, free payday loans are simply loans with no additional fees. In the standard non-bank offer, the company charges interest and commission for each loan. The customer must therefore return not only the borrowed capital, but also additional costs charged by the company. In the case of free payday loans, these costs simply do not exist, and the borrower gives back only as much as he borrowed.
Free only until
Being a new customer of a given company is not the only condition that must be met in order to receive money for free. Every person using such a free loan is obliged to return the money on time. If it is even one day late, the terms of the contract will cease to apply. In this case, the lender can therefore charge fees for payday loans in accordance with the standard offer table.
In this case, we will therefore be obliged to pay interest and commission on the loan itself, as well as penalty interest for each day of delay (read more about commission without commission). Our loan will not only cease to be free, but its costs will also be increased by late payment fees.
Do you want to borrow for free? Remember these rules!
Using a company for the first time and getting your money back on time are the main conditions for a free loan. However, to pay the payday loan in a timely manner, we must have sufficient resources. So it is not worth taking loans for which we are not sure that we will be able to pay them back on time. It is better to borrow less and give back without problems than to pay unnecessary pay for payday loans.
If we take advantage of the free loan option from one non-bank company, this does not mean that we need to get back to the same lender for another payday loan. A much better solution will be to use the services of competitors, where we will be a new customer and again we will get the chance for free cash.
Where to find a free loan?
Sometimes, the slogan “free loan” is also used by institutions that, when getting to know each other, suddenly start to demand additional fees, e.g. for the processing of an application. Therefore, it is not worth using the services of unverified lenders, who place their ads on, for example, advertising poles or stops. A much better and safer choice will be reaching for an online loan, which you will find, for example, in our ranking.
This list includes only proven lenders with a new client with a real chance of a USD 0 loan. Free loans really exist, but it depends on our behavior whether we will not have to pay a zloty for such cash.