Many people looking for a financial solution such as credit or non-bank loan are thinking about the costs, the greater part of non-bank loans is more expensive compared to a bank loan or overdraft but are there loans you don’t have to pay for? We will try to answer this question
Who can take advantage of the free loan?
The first free loan is a promotional solution prepared by loan companies (currently most of them already offer it) for new customers, there are no hidden costs in them, APRC is 0% and we give back exactly the same amount we borrowed. It is completely safe and convenient solution if we need immediate injection of cash and have never used the services of a given company before.
What are the requirements to receive a free payday pay?
Every loan company offering this promotion has standard requirements for borrowers, when deciding on a commitment, one should remember about an appropriate credit history (loans without a bim do not usually offer the first one for free) and adequate income, the loan for free is available to people whose income comes from from:
- Employment / work / management contract / commission contracts
- Retirement / disability / retirement benefits
- Business / agricultural activity
- Occasional work during studies (internship and related contract)
- Income transferred to a bank account
It should be remembered that the conditions for granting a loan in each company look a little different, therefore it is always worth getting acquainted with the credit process and loan agreement available on the lenders’ website, at the same time it is worth mentioning that most loan companies currently offer verification of our income through banking systems in which Account receipts from the past few months count.
What is the amount of the free loan and how long is it granted?
The repayment time of the first free loan in most companies is 30 days, very rarely there are offers available on the market for 60 days of loans completely free, but it depends entirely on the target company chosen and our creditworthiness. What is the average free loan amount? here, sometimes a large number of companies are limited to the amount of USD 1,500, however, you can also find offers with the amount of up to USD 3,000, here also our current credit history plays a big role.
What if I’m late repaying my free loan?
Some loan companies provide the option of extending the loan by seven, fourteen or even thirty additional days, but this obviously involves additional costs for refinancing or extending the repayment period. A large number of companies also use the so-called loan conversion method, which means that in the event of a lack of repayment, the free loan changes into a normal one and is calculated according to the price list plus interest, which is why such important repayment of such liabilities is due on time.
Do free payday loans affect your creditworthiness?
Many consumers using free commitments wonder whether after paying back a free loan their credit score in credit bases will improve. The answer is, of course, yes, the timely repayment of each liability is recorded in the credit base and our assessment with each positive commitment increases, it also works the other way, late repayment of a given liability will also be recorded and will reduce our creditworthiness.