Payday loans have a growing number of supporters. This is no wonder when we look at the benefits of such quick loans. Let’s see why it is worth to decide on payday loans and in what respects it is more favorable than classic loans granted by banks.

Speaking of payday loans, one cannot forget that in their case the credit decision is taken almost instantly. Most parabanks that deal with providing payday loans make a credit decision within a maximum of one hour. Thanks to this, a person who needs money, who needs money is gaining it really quickly.


Payday loans are really small formalities that need to be completed

Payday loans are really small formalities that need to be completed

Therefore, borrowing money does not require spending a large amount of time to collect documents, fill out extensive applications, etc. Everything is done really extremely quickly and efficiently, which is a very big advantage of this type of loans.

In most cases, parabanks dealing with payday loans do not expect the person interested in borrowing money to provide a certificate of employment and earnings. It is for this reason that payday loans are available to people working without a contract and employed under civil law contracts. In the case of banks granting loans, this simplified procedure is unfortunately not used. Therefore, a lot of people don’t have the slightest chance of getting a loan, even though repayment would not be a problem.


Quick Chwilówek Ranking

Quick Chwilówek Ranking

Payday loans are quick loans, the popularity of which is really huge today. This is due, inter alia, to a very short, simplified procedure for granting this type of loan. Many people ask if you can receive a payday loan if you document your identity not with an ID card but with a driving license.

If we do not have an ID card – be it due to losing it or waiting for a new one – unfortunately we will not take out payday loans. Parabanks require only an ID card as an identity document. By presenting only a driving license, we will not be able to confirm our identity. Moreover, it must be remembered that the ID card must be a valid document. So if it has expired, we have no chance.

Lots of people ask why an ID is needed to receive payday pay. It must be clearly stated that the loan agreement must contain data such as the number and series of the ID card. Only then is the contract that has been concluded a valid contract. Meanwhile, on no other document – be it on the driving license or passport – we will not find information on the number and series of the ID card. Therefore, the lack of an ID card closes our way to receive payday loans.

Identity card is required by companies offering payday pay not only because of the number and series that are placed on the loan agreement, but also because it is a document confirming the age of the applicant for payday pay. It must be emphasized that payday loans are only granted to adults. So if we do not have an ID card, payday pay is not for us. Therefore, an ID card is an absolute basis.


What is a loan and loan?

Late repayment is an element of payday payday, which can really cost a lot. Everyone who decides to pay for pay should remember that the late payment of subsequent installments is a really high interest. As a result, we will refund a much larger amount to the parabank than the one we decided to borrow. That is why it is so important for payday loans to watch the repayment date of subsequent installments. This will avoid really big extra costs.

Admittedly, parabanks already allow the so-called credit holidays, but such a solution is really expensive. You have to pay for postponing the repayment date. As a consequence, the loan becomes more expensive again. What’s more, the parabank may of course refuse to grant us credit holidays.

Chwilówki are so-called quick loans, whose popularity is increasing every year. More and more people who do not have a chance to get a bank loan are deciding to borrow money in the so-called parabank. Chwilówki have a lot of advantages that translate into the fact that they are so popular. However, it should be remembered that extreme caution is recommended with them. Otherwise, it is very easy to fall into a debt loop, from which it can be very difficult to get out. What to watch out for if you decide to take a payday loan?

The biggest disadvantage of payday loans is above all a really high interest rate. APRC, i.e. the total annual interest rate is much higher in their case than in the case of traditional bank loans. What does this mean in practice? To the parabank we have to pay back the amount definitely greater than the one we borrowed. That is why it is so important to approach the amount of money borrowed more wisely. You have to seriously consider whether we can afford to pay back certain debts.

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