What is undeniable is the growing interest in short-term loans, i.e. popular payday loans. Many people associate them only with later problems in their repayment and the growing debt, which they very easily cause. And on the one hand, of course, they must be right.
Many such situations actually take place. However, is it really the fault of payday loans in themselves? Or maybe we are to blame for this state of affairs when we decide on payday loans without BIK?
Before I decide on a payday loan
An instantaneous payday loan is an obligation. Therefore, we must be aware that what we borrow will have to be returned. As a rule, we also give more than we borrow.
On our side lies the cost of interest and any other additional fees. Of course, sometimes we can also find free payday loans, where there is no interest, however, it is one-off and it is supposedly an advertisement for a given company.
Always read the contract carefully, and not just the slogan. Only in this way will we be able to avoid any disappointment that the payday has not been free at all.
What distinguishes payday loans from other financial liabilities is the fact that the amounts borrowed are small, most often they range from several hundred to several thousand zlotys. In turn, repayment takes place in one installment, and we have 30 to 60 days to repay the entire liability.
I know what I’m choosing
I don’t have to be a specialist in financial products. It is enough to know the basic things we have mentioned so as not to be disappointed later and not fall into debt.
If I am aware, first of all, that I have to pay back the payday loan in full (together with interest and other costs) in about 30 days and I have analyzed my financial situation and I know that I can afford it, nothing bad can happen.
Where does the bad opinion about payday loans come from and is it really correct
However, if all I am thinking about is how to spend money from payday pay. In addition, today I have no income and in a month I do not plan any changes, and I treat the payday as a source of income, I can immediately focus on problems. Bad opinion about payday loans operates on the market precisely because of the irresponsible approach of many people to commitments.
Momentum payday is not bad in itself. Nobody hides anything from anyone. The principles on which it operates are public and clear. However, it is required of us to decide whether we will have enough funds to pay back payday pay.
While the bank imposes numerous restrictions on candidates for borrowers, the payday loan (it can be said colloquially) that nothing will stop us.
Easy access to payday loans
The lack of high fortifications and easy access to payday loans for practically everyone means that only we can say “I do not take payday pay because I will not have how to pay it back”. And, unfortunately, we ourselves are exposed to problems with repayment if we irresponsibly approach the topic.
Just because I can take a payday loan doesn’t mean I can afford it. Bad approach to the subject, lack of analysis of your finances, lack of funds for repayment, etc. and simultaneous indebtedness very quickly lead us into debt.
When someone asks, of course, it is not our fault, but the fault of the rules on which payday loans work. Who came up with this to demand repayment of all debt in just 30 days?
However, all this was clear from the very beginning and it was not the lender who changed the conditions overnight. We did not take the payday loan seriously and we got ourselves into problems. That is why we are far from saying that payday loans are bad. Yes, we will find cheaper credit options, but that was not mentioned.