When we need quick money, we consider all possibilities. If a loan from a friend or family is not an option, you may want to consider payday loans online. Many people are afraid of this product and many myths have arisen around the industry. How does it look like taking a checkbook in practice?
Moments online – more expensive than a landline lender?
Myth! A loan taken via the Internet does not have to be more expensive than the traditional one received at a bank or non-bank institution. What’s more, online payday loans are often even cheaper than those given at stationary outlets. Applications are processed via the Internet, and money is immediately deposited in our account. The lender does not have to incur high costs of renting service premises, thanks to which he can offer competitive prices of payday loans.
Shorter waiting time for a decision
Fact! Applying for a quick online loan, we complete the application that passes the initial (often semi-automated) verification. If it is rejected in the first stage, we will receive the information shortly after sending the notification. If it is processed further, we will have to wait a bit longer, but in most loan companies the application verification procedure does not take more than a few hours.
Online does not require verification at BIK
Myth! Not always. Each loan company itself defines the rules on which it grants payday loans online. Some companies analyze the creditworthiness of a potential client only on the basis of his declaration, but many companies use the verification in the Credit Information Bureau or the BIG (Economic Information Bureau). Having other obligations does not have to discredit us in our efforts to get a quick loan.
Online slots are not completely secure
Myth! We set up bank accounts, deposits and take loans via the internet. Taking online payday is as secure as using other online financial services. The key is choosing a trusted lender and carefully checking the total cost of the loan.
Loan online is zero paperwork
Theoretically, this is a myth, because we complete the entire application online, and we track the status of our loan in the client’s online panel. The loan company must, however, send us a paper form of the contract and ask us to send back the signed form.