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Admittedly, parabanks already offer the possibility of so-called credit holidays, but it is expensive for them. You must pay for postponing the repayment date. As a result, the loan becomes more expensive again.
What’s more, the parabank may, of course, refuse to grant us credit holidays.
The biggest disadvantage of payday loans is, above all, significant interest rate. In their case, the total annual interest rate is much higher than for classic bank loans. What does this mean for the customer?
The amount should be returned to the parabank definitely higher than the amount we borrowed. For this reason, it is so important to approach the amount of money borrowed wisely. You should seriously think about whether we can pay off the debt.
Late repayment is an element of payday, which can really cost a lot. Everyone who decided to take a payday loan should remember that not paying installments on time is a necessity to pay considerable interest. As a result, we will give a much larger amount to the parabank than the one we borrowed.
For this reason, it is important for payday loans to keep an eye on the repayment date of subsequent installments. This will avoid high additional costs.
Guaranteed bad credit loans approval is so-called quick loans, whose popularity is increasing every year. More and more people who have no chance of getting a guaranteed bad credit loan approval at a bank are deciding to borrow money in the Champion.
These loans have a lot of advantages that translate into the fact that they are so popular.
Many people ask why an ID is needed to receive payday loans. It should be clearly stated that the loan agreement cannot contain such data as the number and series of the ID card.
Only then is the contract that has been signed a valid contract. Meanwhile, on other documents – be it on the driving license or passport – we will not find information about the number and series of the ID card. Therefore, the lack of an ID card closes our way to receive payday loans.
Payday loans are instant loans, the popularity of which is very high today. It results, among others, from the extremely shortened, simplified loan decision making procedure. Lots of people ask if you can get a payday loan by presenting not your ID card but driving license.
When we do not have an ID card – be it due to its loss or waiting for a new one – unfortunately, we will not be able to borrow money on the parabank. Parabanks accept only an ID card as an identity document. Therefore, if we only have a driving license, we will not be able to confirm our identity.
Moreover, it should be remembered that the ID card must be a valid document. So if it has expired, no parabank will sign a loan agreement with us.
Identity cards are required by payday loan companies not only because of the number and series that appear on the loan agreement but also because it is a document that states the legal age of the person applying for the loan.
It should be clearly stated that payday loans are reserved only for adults. So if you do not have an ID, the payday service is out of our reach. Therefore, everyone who wants to borrow money must have an ID card.
Where is the best non-bank loan?
Taking out loans without thinking can end up in serious financial trouble. It can lead to entering the so-called debt loop, from which it turns out to be more difficult than it might seem. Below are some tips on what to do if, at some point, you fall into such a debt loop, a good solution is to try to negotiate with the creditor.
Of course, they do not have to bring the expected effect, but they are a much better solution than waiting for the case to be in court and the bailiff knocks on our door. When starting negotiations, there are a few rules to keep in mind.
First of all, you should never make a claim while waiting for your debt to be canceled. However, it is good to present your life situation explaining exactly why such serious financial difficulties occurred. You should also think about the amount that you can easily give back to your creditors every month.
In the case of a debt spiral, it is really important to avoid getting more loans and credits. They are not a solution. Instead, they will increase debt and the number of creditors.
Therefore, it is definitely better to start negotiations with creditors who are already in debt. With a little willingness on their part, it will be possible to agree on a repayment schedule such that the debt will gradually decrease.
If you are in a debt loop, you need to check the debt limitation period very carefully. Perhaps we will have a bit of luck and it turns out that our debt has expired. In this situation, we will not have to pay it back. It should be remembered that the claim is time-barred after ten years, in the case of interest it occurs after three years.
Consumer bankruptcy is a solution that the law gives us. However, it should be remembered that the declaration of consumer bankruptcy requires court proceedings. It is possible only when there are strictly defined premises.