Do you have a bank loan? Do you pay off payday pay? In such a situation, is it a good idea to take another loan to pay off the previous one?
What is the debt of Poles? In 2015, and more precisely in the first half of this year, Poles were indebted to almost $ 940 million, with the majority of the indebted were entrepreneurs and not individual clients. They most often have problems with repayment of loans and credits taken1. Because having obligations beyond possibilities is dangerous, specialists warn against excessive indebtedness, and non-bank companies limit such a situation, including checking the credit history of potential customers. Those who have a negative cannot always count on a loan. The same is true for people who do not earn income.
Have you ever heard that you shouldn’t pay back your loan with another loan because it is a simple way to get into even more financial trouble? This is true. However, there are situations when – despite the debt – you can fill out the loan application for a few or several days.
No transfer within the deadline? A payday loan can be an option
Suppose you pay a bank loan with an installment of $ 500. Your employer has just informed you that you will receive a salary of several days, and for you this means that you do not have the means to pay the monthly commitment on time. Is reaching for a payday loan a good solution in such a situation? Yes.
If you have not used the offer of non-banking companies so far, you can take out a loan for $ 0 (APRC = 0%). By taking out a loan on such preferential terms, you will have to pay back exactly as much as you borrow. As a result, you will pay the loan installment on time, thus building a positive credit history and avoiding the need to pay additional amounts for late payment. You will also be able to pay the liability towards the non-bank company on time – all you have to do is select payday pay, e.g. for 30 days.
Looking for a $ 0 loan? We have prepared a list of companies that grant such loans – you will find it HERE.
You borrow? Less hand on the pulse
There is nothing wrong with borrowing money, provided you are able to pay your debts. If you have recently borrowed and have a problem with the payment of individual installments, then a consolidation loan may be the solution. You can get it in a bank, for example, but you will have to prove that you earn a steady income that will allow you to pay it back regularly. If you do not have a regular income, it is virtually impossible to get such a loan.
When you have more and more problems paying off your current liabilities, it is necessary to limit your expenses. The key is controlling your home budget. Remember that a negative credit history will close your way to banking products – you will only be able to apply for loans without BIK, which are available in non-bank companies.
By using a loan without BIK, you can begin the arduous process of building your credit history – information on how you repay this debt will be forwarded to the BIK database. Remember that having a positive credit history will make it easier for you to get more loans.
What to look for when borrowing?
If you decided to take out a small loan, e.g. to repay the loan installment, remember that this solution only makes sense if you are sure that you can afford it. It is also best if you choose a loan that will not cost you extra. A loan for $ 0 will be a great solution.
Have you already used the offer of loan companies and are afraid that you will be charged the cost of granting the loan? Remember that you can apply for a loan from a company you haven’t cooperated with yet. As a result, you will be able to get a loan for $ 0 once again.
Want to know what else to look for when taking a payday loan? Check back to our daily guidebook regularly. There you will find an extensive knowledge base about products available in non-bank companies’ offer.