A momentary is a colloquial term for a short-term loan, which is usually granted for a period of no more than 30 days. After this period, the customer may extend the loan repayment date, but this involves the need to incur additional costs. Many loan companies, as part of the promotion offer so-called free payday, i.e. you give exactly as much as you borrowed. Where is the list of legal loan companies?
The current list of loan companies is in the register kept by the Polish Financial Supervision Authority. knf.gov.pl> ENTITIES> Registers and records> Register of loan institutions.
Before you use the loan offer, it is worth checking which companies offer free promotions and what are the maximum loan amounts (the maximum loan amounts usually increase with each loan repaid on time). Also important are additional costs that are charged in the absence of timely repayment: the cost of extension of the payment, payment for calls and prompts, etc.
It is obvious that – in the event of an emergency – taking a loan for free (without commission and without interest, that is with RRS0 equal to 0 percent) is a favorable offer. There are currently around 20 companies offering free time cards. Remember, however, that only the first loan in a given company is free. After paying the first loan you can get another one in the same company, but this time it will not be a free loan.
From among the top loan companies, several have a really good offer. The most renowned and worth recommending is Wonga . It is true that the first loan is not free, but apart from the symbolic fee, we do not incur any additional costs, and the repayment period is as many as 60 days. The maximum amount of the first loan is PLN 1,500.
If you get a refusal at Wonga or need another free loan, check out the Vivus loan terms. Here, the maximum amount of payday is 3000 PLN for 30 days. The first loan is free. There is no fee, even token PLN 10, as it was in Wonga. If the repayment period is approaching and you do not have cash at all, you can postpone the repayment date – this is an extra paid operation, which causes the loan to cease to be free. Only timely repayment of the loan guarantees no additional costs. Otherwise, an attractive loan turns into a very expensive loan.
The third, the longest running loans on the market and a recommendable loan company is NetCredit . The first free loan in NetCredit is a maximum of PLN 2,000 for 30 days.
When deciding on a short-term loan, remember to calculate the amount borrowed so that it does not exceed your financial capacity. Pay off the payday on time to avoid additional fees and contractual penalties, which are very high. If the prospect of receiving the money you planned to repay the loan has shifted by a few days – you can risk taking another free minute (in another company) for the repayment of the previous one. Do not take more, just exactly how much you need to repay and immediately after receiving the money, pay the first loan, so as not to generate further debts.
The terms of granting loans by non-banking companies define the so-called anti-usury law of March 11, 2016, which includes determines the maximum costs that can be charged to the borrower and does not allow extending the loan indefinitely – thus protecting the consumer.
All companies registered by the Polish Financial Supervision Authority provide loans online, but not all work over the weekend. If it is Sunday and you need money immediately, make sure that the company performs transfers 7 days a week – there are more lenders, but there are also those who work only from Monday to Friday.