Virtually every company offering non-bank loans and payday loans offers clients an extension of their repayment dates for an additional fee. Its amount varies depending on many factors, such as the amount of the loan, the terms of the contract with the lender and the extension period. Let’s check how much it costs to extend the loan repayment date in non-bank companies.
In some loan companies, the conditions and costs of extending a loan are public and already known at the stage of applying for it, in others it is agreed individually with the client. The additional fee for postponing the loan repayment date is charged in advance and paid to the lender’s bank account.
The amount of the loan has the greatest impact on its amount. The larger it is, the more expensive it is to extend its repayment period. Usually, if the customer wants to postpone the repayment date of the loan by 30 days, he must take into account the necessity to pay a fee for its extension, representing 20 to 40% of the borrowed amount. By extending the loan period to 14 or 7 days, he pays accordingly less, usually between 10 and 25% of the loan amount.
Interestingly, the loan extension fee in 80% of companies offering payday loans is much higher than the sum of debt collection costs and interest added to the total cost of the loan over the extension period! Although paying it guarantees the proverbial peace of mind from debt collection messages, it is not always a viable option.
The record difference between the cost of extending the loan and the sum of debt collection fees and interest charged in its period is several hundred zlotys. The loan companies in which it is extremely profitable to simply wait 30 days without extending the loan repayment period are Vivus, SohoCredit, Filarum. Lenders with whom it is better to pay for an extension are NetCredit, LendOn.
Of course, if you choose debt collection as an alternative to postponing the loan repayment fee for an additional fee, you should be aware that a particular loan company may refuse to grant another loan. However, this depends on individual factors, such as the current creditworthiness of the client, his history at the particular lender and the relationship of the loan company to the client.
To sum up, the standard fee for extending the loan period is 20 to 40% of the amount if the repayment date is shifted by 30 days and 10 to 25% if the repayment date is shifted by a week or two. However, there is a good alternative to this fee, which is submission to debt collection and costing. In some companies, this action allows you to save from several dozen to several hundred zlotys, although there are also lenders for whom it does not pay to take it.
The unemployed are doomed to failure in applying for a loan and a bank loan. Banks do not give them financial assistance because they are prohibited by law. Fortunately, there are companies that also grant loans to the unemployed. These are non-bank institutions not covered by financial supervision and thus able to individually determine the conditions for granting loans. We will talk more about them and loans for the unemployed in this article.
Most loan companies offer financial assistance to income earners. In practice, however, they also grant loans to non-profit customers. How is this possible? These companies decide to grant loans based on information obtained from customers in the form of a statement. They do not require submission of income certificates, annual tax returns and employment contracts. They grant loans for an ID card and PESEL number to persons in a certain age range.
Customers have complete freedom in entering data in loan forms and applications. They may contain information that is incorrect. They can easily confirm them during a phone conversation to verify the source and amount of income. Passing the truth, they ensure themselves the opportunity to use the offers of several popular loan companies, such as min. Wonga, Vivus.
What ultimately influences the lenders’ decisions regarding loans to the unemployed? First of all, the information that customers provide in statements. Loan companies analyze their earnings, expenses, debts and housing statuses. They also check their credit history and scoring in BIK, as well as whether they are not entered into the debtors’ databases. If the verification results are satisfactory, companies make positive decisions to grant loans to the unemployed.
Are there lenders who direct their offer to the unemployed and grant them loans without having to provide false income data? It turns out that such companies exist on the market. Provident is also a known loan institution that provides financial assistance to the unemployed. The unemployed can also apply for financial help from private lenders.
To sum up, loans are granted to the unemployed in all companies offering online payday loans, without income certificates. Non-working customers simply provide them with false data in declarations and applications whose veracity is not verified. Real loans for the unemployed are granted by Kredito24, Provident and private individuals – this type of offer is worth considering as a last resort, because it is very expensive.