2022-01-03 14:22:00
03-01-2022, last update 03-01-2022 15:22
Borrowing money has been associated with additional costs charged to the client for centuries. Already in the Middle Ages, when the first “banks” were established, they provided financial support for an additional fee. Today, the situation is exactly the same – each cash loan is interest-bearing and burdened with additional costs, otherwise it would not be profitable for financial institutions that mainly live on interest. There is, however, an exception to this rule. Which – we will tell you in this article!
source: Życie Warszawy
How much does it cost to use borrowed money?
When thinking regarding a cash loan, we usually see a bank whose flagship products are loans for individuals. It is worth being aware that cash loans are one of the most expensive forms of borrowing money, because they have a high interest rate and a number of additional costs that are always charged to the customer. Banks slightly conceal the costs of additional fees charged by them, allowing the repayment of the liability to be spread over many monthly installments – so it seems to the client that he pays little, but in fact the total cost of the liability can make you feel dizzy.
Borrowing money in the traditional edition, due to the high costs associated with it, which should be included in the home budget every month, should therefore be a last resort. It is worth using this option only when we really have no other choice or we do not mind incurring high costs related to the use of borrowed money. If we have to take out a cash loan, it is worth doing it on preferential terms, e.g. taking advantage of periodic promotions organized by banks. It is also worth being aware that not all cash loans are burdened with additional costs – one of the exceptions is payday loanwhich we will take for PLN 0.
Payday loan for free? Yes, but only under certain conditions
Borrowing money from banks, in addition to being expensive, also involves a number of formalities. Before providing us with support, the financial institution must examine our creditworthiness and check whether we are reliable borrowers. As a rule, people with stable employment, high income and no other burdens have the best chance of obtaining a positive credit decision. Others may encounter difficulties on their way to a cash loan or even be refused. Instead of receiving money, they will lose time and nerves.
The situation is completely different in the case of loan companies whose flagship product is payday loans. It is provided online, on an ID card, without unnecessary formalities and long waiting times. Most importantly, new customers who have not used the services of a given entity before can get it for PLN 0 (usually up to PLN 3,000). This is the only option currently available on the financial market to borrow money from an external entity without any own costs. However, there is one condition that is worth remembering – the liability must be settled on time, in accordance with the concluded contract.
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