Payday loans are associated with loans “for a while”, which usually lasts no more than 30 days. At least, that was some time ago, before some loan companies began to extend this deadline to 45 first and then 60 days later. Importantly, such deadlines even apply to free payday loans for new customers. Considering the fact that usually the amounts of the first loans are not excessive, such a long period of giving back the money is almost optimal. However, can you borrow for even longer at any other loan company?
Payday loan for longer without costs?
Borrowers planning longer repayment obligations were forced to reach for installment loans and incur additional costs of granting the loan. Even an installment loan for a period as short as 3 months was charged. It was true that the costs were not too high, but inconvenient for customers who were interested in the first free loan.
In such situations, the solution was to turn to companies that offered loans for 60 days. The market leaders in this area are currently Tonga, Fast Cash and Money Man. The offer for customers is as follows:
- PennyMan – new customers can take advantage of the free payday loan in the START package, borrow up to $ 1,500 and give money back after 61 days.
- Fast Cash – in this company you can count on the largest amount, as many as 6,000 to be returned within 65 days (until recently it was 60).
- Tonga – the first payday loans in Tonga are not free, but the costs are only 10 dollars, regardless of the amount borrowed. So it is almost unnoticeable. In this option, the customer has $ 1,500 at their disposal and can return them without incurring additional costs after 60 days.
In addition, borrowers can use the services of companies that offer payday loans for 45 days – these are LendUp and ExtraEfforts. In the first company there are 2500 dollars to use, in the second one – 2000.
However, customer requirements are increasing and the financial freedom resulting from such a long repayment period may not be sufficient. What’s more, the increasing amounts of loans available also impose such a period. The twisting spiral of the “race for the customer” has created a kind of field to introduce new amenities that can attract the largest number of interested parties, who in other cases would not be able or unwilling to take out a loan. For this reason, there is no problem getting loans without BIK or KRD, and even for people without creditworthiness. Above all, however, free payday loans have become popular. No wonder that some companies would like to make this already very profitable offer even more attractive. At this point we return to the question about a free payday loan for 90 days. This was recently introduced by the 24Credit brand.
The loan is free for 90 days at 24Credit
24Credit loan is not a typical payday loan, with one deadline for paying the whole amount. It is more like an installment loan to be repaid within 3 months – in the end, 90 days. Is it worth using this option? Of course, the more so that regardless of the system in which money is given away, it is a free loan.
New customers of this brand can count on no more than $ 2,000 and not incur any costs. Why is this offer so attractive? Let’s compare the costs.
A loan at 24Credit for 3 months costs 0 dollars, with one installment of 666.67 dollars. For comparison, in competing companies you need to pay for a loan with the same parameters:
- Saplo – $ 433,
- Smiles Loans – $ 674,
- Tonga – 320 dollars,
- Hapi Penny – 685 dollars,
- Elino – 581 $,
- LoanStar – $ 685.
Of course, the limitation is that in this way you can borrow for free only once, while another loan would cost $ 160 at 24Credit. So you can see that this is a “something for something” situation. However, returning customers are tempted by something else – this is a fairly large amount of each subsequent loan and one of the longest repayment periods on the market. At the moment, the maximum ceiling is $ 12,000, to be repaid in 36 installments at the APRC of 22.8%.
Additional important information is that in this brand entries in BIK and debtors’ databases are probably not taken into account. According to information that can be found on the lender’s website, it appears that to obtain a loan you should:
- be a Polish citizen and be able to document it with an ID card,
- be at least 18 years old,
- have a bank account (plus other necessary accessories to take out a loan: mobile phone, e-mail address, access to electronic banking),
- be employed in Poland.
At Provident you can also borrow for free
Provident introduced a similar service in April this year, although for now only in the form of a promotional campaign. The terms of the first free loan in this company are equally interesting and attractive. Clients using the Provident offer for the first time can count on a 4 × 0 loan, i.e. a loan in four low, interest-free installments with no other costs. This means that the free financing period is up to 120 days! Under these conditions, we will borrow from 500 to 1500 dollars (and we will give you the same amount).
Of course, both in the case of Provident and 24Credit, a necessary condition for obtaining a free loan is its timely repayment. However, this does not seem to be an insurmountable obstacle – after all, any liability, whether paid or not, should be settled on time. So if you are sure that this will happen – you might want to look at the loans provided.