Is it worth using free payday loans?Uncategorized
Many of us think that there must be a catch in free loans if they are completely free. Usually, however, loan companies do not want to make money on customers who pay back the loan on time – the financial costs that allow the company to sustain itself are borne by those who cannot cope with the loan.
Pros for free loans
Free loans mean that you will not be charged any additional fees during the repayment period. It is therefore an excellent option for those who are sure that they will pay their liabilities on time. The APRC of a free loan is always 0%, so there is no hidden cost before or after repayment.
In most cases, you don’t even have to leave your home to get a free loan. The entire loan application is completed online and the money is sent to our account, so we can start and complete the entire loan process from a computer.
To obtain a free loan, you do not need to provide any income statement. All you have to do is confirm your identity in your loan application and possibly – declare the amount of your monthly income. Here’s how the income statement differs from the certificate.
The loan decision can be issued even within 5 minutes of submitting the loan application. The feedback is therefore almost immediate – we also do not have to worry about the long waiting time for payment.
Discounts for free loans
Taking a completely free loan seems to be such an attractive option that we can easily get into a loan whirl. Unfortunately – while we will probably pay back the first loan without any problems, taking many loans may end badly for us. Unfortunately, we cannot take infinitely many free loans. Most loan companies only grant the first loan for free, so you might want to leave yourself the opportunity for really difficult times than use all the free loans available on the market.
When we get to the point where we have too many loans at the same time, it may turn out that our monthly earnings are not enough to pay installments and maintenance. Conversion is a phenomenon that we should avoid – before taking another loan, it is worth calculating whether we can afford to pay one more installment.
Taking free loans and having this perspective deprives us of the ability to save. If companies did not offer such an opportunity, we would have to wait for the purchase of the dream TV until we collect money for it. In many cases, a free loan seems to be a better option, because we keep putting money away, with the difference that we already have a TV set at home. It is worth remembering, however, that saving also has its advantages and teaches us to consciously control expenses, which can translate into better money management in the future.