Quick loans are a financial product used by a large number of people. Why? They have a lot of features that encourage them to enlist them and often seem very attractive at first glance. What particularly attracts you to quick loans is the ability to receive money in a very short time. Some companies boast that their customers can get a transfer even in just a few minutes. Also, the requirements that must be met in order for us to be granted such a loan are much lower than in the case of a bank – the financial standing of customers is not so meticulously checked. Therefore, quick loans are eagerly used by the unemployed and those employed under “junk contracts”, earning little and not paying off other obligations – that is, those that would have no chance for a traditional cash loan in a bank. Loan companies – which have recently grown like mushrooms after rain – encourage us to use their services with very attractive sounding slogans. They ensure that cooperation with them is based on fair rules, low interest rates and costs are virtually negligible. They also often urge you to take the first loan for free. But how does all this look in reality?
What are the costs of quick loans?
Are quick loans noisy advertised as free actually? How does it look like? Most often, we can count on the offer of taking a free loan when we use the services of a given Demo Lender Bank institution for the first time. However, it is worth knowing that such a loan, in addition to (usually very high) interest rates, also involves other additional costs, the existence of which is not always obvious to us at the beginning. There is usually no interest accrued on a free first loan, but you have to be aware of other charges. Expect them especially if we are in default. Then the company will send a letter Special warning and prompts(first by e-mail, then by phone and letter), for which a fee will be charged each time. The next step is to impose a penalty on the client, which is unfortunately quite high. Another option in a situation where we have problems with repayment is to extend the deadline – but also this is unfortunately associated with extra, often quite high costs. In addition, other operating fees may arise when taking out such a loan.
Is “free first loan” really free?
Currently, most non-bank institutions offers us a free first loan – and usually this product really is. Such a procedure is aimed at attracting new customers and ensuring them the integrity of a given company and the profitability of using its services, which is why Demo Lender Banks are giving up interest and other standard fees here. However, it should be remembered that the first loan will be free only if we repay it on time. In the event of delays, there are costs of reminders, reminders and penalties. It is also worth remembering that the amounts of loans that new customers can take are usually limited. So, if you want a high loan, we can not get it this way. In any case, when borrowing such a loan, we should remember one thing – to read the regulations carefully and the contract received for signing.