The internet saves us time and money. Due to the fact that many activities and matters can be done without leaving home, our lives in many aspects are simpler and more convenient. We can also settle financial matters, such as account servicing, opening a deposit or taking payday loans via the Internet.

Just like with the traditional way of taking quick loans, going to the headquarters of the loan company or meeting with its representative, when applying for it online, we may come across fraudsters. So let’s know the basic rules that should be followed to safely take a payday loan on the web.

How much do quick loans cost?

How much do quick loans cost?

On the internet, it is very easy to hide or simply not write all the fees the customer has to pay to take out a payday loan. So if on the website of the loan company we can not find full information about the total cost of payday loan, it is best to give up its services immediately, because there is a very high probability that we hit a cheater.

In turn, in the available table of fees and commissions, let’s read exactly what amount the total cost we will have to incur, what fees should be paid. And so let’s check first of all:

  • interest
  • commissions,
  • insurance,
  • various types of preparation fees,
  • various types of verification fees,
  • costs of prompts and recovery,
  • the cost of extending the repayment period,
  • default interest .

Borrow in reliable financial institutions

Borrow in reliable financial institutions

When taking payday loans – especially if we are doing it for the first time – it is better to use the services of loan companies that we know of or which are popular on the market.

Online forums can help, where people share their insights about specific loan companies. However, these entries should be amended – we should remember that those who have negative experiences with payday loans will more often express their opinion than those who are satisfied with taking them. In addition, many people who complain about the loan company in the forums are those who are in arrears with their debts for months.

In turn, if we didn’t find the thread about the company we are interested in, let’s not be afraid to start it. Let’s ask if any of the forum users already had experience with the company we are interested in. However, after using the payday loan, it is also worth sharing your opinion with others.

We should also remember that the best-known companies do not always have the best interest rates and the best offers . In turn, these “great deals” should be checked twice, so that it does not turn out that they have a lot of hidden fees. Let’s also look for promotions that can make the offer unavailable to us, the right one.

Avoid loans from individuals

Avoid loans from individuals

On the network you can find ads from individuals who offer small loans. It is based on the fact that a person who has free funds borrows their money for a set time and price to a person who needs such financing. This is done very often using special websites, but without the participation of financial institutions .

If you have a choice of a loan from a natural person and a loan from a bank or loan company, it is better to choose the latter option.

A secure loan over the internet is one that nevertheless involves some formalities and its granting falls within the legal norms.

Whether we take a payday loan in an institution’s establishment or on the Internet, it is also worth:

  • check the company’s credibility (first of all, whether it is not present on the list of warnings of the Financial Supervision Authority),
  • calculate the total cost of the loan (each quick loan company is required to inform the customer of all costs, fees and commissions related to taking a quick loan),
  • read the payday loan agreement carefully (it is also worth reading the regulations, which should be on the website of the loan company),
  • do not sign if you do not understand or when in doubt.

It is very easy and quick to take out payday loans – especially over the internet. Equally easily, however, you can be cheated or fall into a spiral of debt, from which it is only a step to bailiff’s execution. So it’s worth choosing a loan company carefully and think carefully about taking payday loans.