A sudden expense, illness, necessary repair or repair, mean that we need more funds in a short time. Without our own savings, we are forced to look for their external source. How to get cash quickly? Is a quick loan equally available to everyone?
Over the years, We have been on the gray end of the statements regarding the amount of savings held by other European nations. Currently, mainly due to the 500 plus program, this has been significantly improved. At the beginning of 2017, according to research, as much as 68 percent. We had any savings, while in 2016 it was only 43 percent. For comparison, in the Benelux, Great Britain, France and Spain, savings account for over 70 percent. society. Between us and the inhabitants of Western European countries, there is no such large chasm.
Having savings, however, is not a guarantee that we will not have to resort to external sources of financing. If we put money back on traditional deposits or in government bonds, we can not use them freely.
Rescue for the household budget and a way to quickly replenish it can be a payday loan . A quick loan via the Internet is granted in a very short time – in favorable circumstances it can be obtained even within a few minutes from the moment of applying for a loan. How is such a quick loan granted?
Mechanism regulating quick loans
The vast majority of loan companies now offer quick online loans that can be made without the need for a personal meeting with a loan adviser. A quick payday is provided directly to the customer’s bank account in a non-cash form, and when it is taken, only the minimum conditions required by a non-banking company must be met.
A wide range of clients who use quick cash in the form of cash loans emphasizes that such a solution is simply convenient. Compared with a bank loan, you can get quick loans online in a much shorter time, and the potential borrower completes only the minimum of formalities. Usually they boil down to filling out an electronic application for a loan, together with a declaration on the amount of monthly income received and their source, and also to make a verification transfer for a symbolic amount of € 1 or € 1.
Loan companies before issuing a loan decision generally check the credit history and current status of the customer in Retrodatabase, and other databases. If a person does not appear in them as a debtor defaulting on the repayment of a high loan or loan amount, he or she will most likely receive the desired loan.
How much does fast cash cost?
The terms of the online loan must be indicated in the information form and in the loan agreement that the customer concludes with the loan company. Each loan granted in Poland for an amount of up to € 255.550 will be treated in the light of the applicable law as a consumer loan. For this reason, borrowers have certain rights, for example, to resign from the loan within 14 days of concluding the contract, without providing any reason and incurring any costs.
Pursuant to the amendment to the Consumer Credit Act of March 11, 2016, the maximum interest rate on loans and credits has been set. It can not be higher than twice the sum of the reference rate of the National Bank and 3.5%. Currently, it gives 10 percent. on a yearly basis.
All non-interest costs of non-bank loans and bank loans are also subject to limitation. Non-interest costs can not exceed the sum of two components: 25 percent. loan amount (fixed part), and 30% loan amount (variable part) depending on the duration of the loan period.
Security of the borrower
By taking out an online loan, you do not have to worry about lenders charging you with high interest or other costs associated with such external financing. If this happens, the consumer can effectively enforce his rights in court and even take out a free loan if the court so decides. However, the vast majority of loan companies that are entered into the Register of Loan Institutions maintained by the Financial Supervision Authority, restrictively take into account the mentioned guidelines on loan costs.