What are payday loans characterized by?
One could say that payday payday – as the name implies, is money for a while. And it won’t be a mistake. We usually have to return the money borrowed in this form after 30 or 60 days. Much less often we can find payday loans, which are spread over several months, because this type of service will be called a non-bank loan rather than a payday loan.
A short repayment period is not the only factor distinguishing this product. In addition, payday loans are available to virtually everyone. How it’s possible? Companies granting loans in this form do not have such requirements as banks for borrowers or non-bank companies for borrowers. All you need to get your ID card is your ID card. So, practically the only limit is age. We must be an adult who can identify himself with an ID card. Most payday loan companies do not have any other requirements, such as providing a salary, employment, regular account statement or information about our current financial obligations. For this reason, payday loans are becoming more and more popular. This is the only product that even an unemployed or unable to document regular income will receive.
No verification in BIK
Moreover, during the payday payment process we will not be verified in BIK. No non-bank companies are required to verify their customers. Such an obligation is imposed by banking law only on banks, which must each time check a potential borrower, e.g. in terms of data contained in the Credit Information Bureau. Therefore, the number of liabilities currently held or the timely repayment of previous loans is irrelevant.
A quick decision and money on your account even on the same day
The very day we submit an application for payday pay, we get a response from the company that provides it. What’s more, it usually takes several minutes and without “leaving the desk” we know what the lender’s decision is. Money on our account appears equally quickly, depending on the bank where we have an account, it can even be on the same day.