Free payday loans are a convenient option if you need extra cash without unnecessary formalities. Currently, the vast majority of lenders will borrow money the first time without charging additional costs. What distinguishes free loans? Let’s check the best offers!
Free loan – how does it work?
In our imagination, when the word “free” or “free” is mentioned, we immediately have the vision of a defective product or fraudulent activity. In addition, by combining the words “loan” and “for $ 0”, we have an even greater paradox. How can an online loan cost nothing?
However, there is no lie. You will find loans for free with the APRC 0% on the network, thanks to which you will receive the necessary funds to your account even within 15 minutes of submitting the application. You will complete all formalities online and without income certificates. And what’s more – you only need a valid ID card. What is the purpose of loan companies in this? The free payday loan is intended to attract the attention of potential customers who will use their services again in an emergency. So this is a form of promotion and stand out on the highly competitive loan market.
Instant delivery for free in emergency situations
A full basket of products, clothes already packed in a bag and suddenly it turns out that you can’t pay for anything. The card fails and the terminal displays a refusal message. In my head a race of thoughts, have I spent everything? When and how? Or is it just a connection problem?
What connects the lack of funds on the account at the time of payment with the possibility of being in the register of debtors? Shame. Poles considered these two situations to be the most embarrassing and stressful in the event of possible financial-related events. For 40 percent respondents are the most embarrassing moment. This is the result of a study carried out by Quality Watch for the Register of Debtors BIG InfoMonitor 1. Therefore, if you have not used a free loan on simple terms before, maybe it is worth applying for it to avoid such problems in the future?
First loan for free – discover its possibilities!
Free loans are not an empty slogan – and to prove their power, we will briefly present the most important advantages of this type of commitment. Instant cash for $ 0 is a special offer, granted for a short – usually 30-day loan period. It is available from most non-bank companies that are in strong competition with banks. What does this mean for the average Kowalski?
The slogan: “payday loan for free” is a product addressed to new customers who have never applied for a loan in a particular company. In her thought: “you give back only as much as you borrowed.” There is only one condition. You must remember about timely refunds! Otherwise, the lender has the right to charge penalty interest for each day of delay.
What distinguishes a free first loan?
- High amounts for new customers – many lenders offer their first loans in the range of $ 1,000 – 3,000. However, there will be those who will borrow up to $ 6,000 for the first time.
- Evidence loans – loan companies do not require income proof documents. Therefore, when you apply for a loan, you do not need to provide an income certificate or account statement. A valid ID is enough to submit the application.
- Without income declarations – when completing the application for additional cash, you only indicate the amount of your income and source. This is only your statement without presenting a series of formalities and approvals from the employer.
- Payday loans based on various sources of income – a free payday loan is a product that you can take, not only by working on a contract of employment. You might as well have income from a mandate / work contract, pensions, but also social benefits such as the “500+” Family.
- Large age range – loans for 18 years are one of the most popular products. Lenders are happy to support people between 18 and 75 years old.
Interest-free loans have a deadline. Only then the APRC of your liability is 0%. (“Block with quote”)
First loan for free – verification process
If you were intrigued by the option of quick interest-free loans, then look at the application stages. Because if the lack of unnecessary formalities and stringent requirements increases the interest of customers – yes, the loan company takes some kind of risk by making money available to a completely stranger. Hence, every new customer must go through the safe stages of applying for a loan.
Look at the verification process in six easy steps!
1. Using the Major Major loan comparison tool, find a lender who offers the best first loan for $ 0. Check it both in terms of loan amount and loan period.
2. Go to the website of the selected loan company. On the available calculator, select the amount you need and the period in which you are able to repay the liability. Then click: “Take a loan”.
3. You will be transferred to the loan form, in which you provide your most important personal data, such as: name and surname, PESEL, residence and registered address, telephone number and bank account, as well as e-mail. Also, don’t forget to approve the regulations and required marketing consents.
4. Go to identity verification. This is the most important moment that depends on whether you receive additional funds. Depending on the lender, you will be asked for a verification transfer of $ 1 or $ 0.01. Some of them also offer the Kontomatik or Instantor service.
5. Look forward to the lender’s response. It should come within the next dozen or so minutes.
6. Enjoy the transfer of cash and remember about timely repayment. You can use the APRC 0% loan for any purpose!
Free online loans – how fast will you get the money?
We immediately emphasize that loans for $ 0 due to the growing interest of customers are available in virtually every non-bank institution. Little is needed to receive money: a valid ID, bank account, phone number and current email. These are usually the main requirements to guarantee a cash injection.
It is completely different in banks that ask for an additional pile of documents, as a result of which the application process itself takes no less than a few weeks. Additionally, when applying for a bank loan, you may be asked to take out insurance, but also a certificate of earnings that you must obtain from the workplace. You skip all these steps when taking your first online loan. Thanks to this you save valuable time – but is it completely safe?
Free payday service does not preclude safety and convenience! Prerequisite is responsible lending.
- Check opinions about the lender – you will find them both on Internet forums and on thematic websites. In fact, some of them may be the result of competition, so be careful when assessing them.
- Verify the lender’s details – in order not to be fooled, determine the most important information about the company: NIP and REGON numbers, as well as the address of its business. By the way, look at the list of public warnings visible on the KNF 2 website, and also go to the list of warnings kept by the Major Major comparison engine.
- Use proven comparison engines – to save time looking for attractive offers and promotions, find a comparison engine that will help you with this task.
- Read the Loan Agreement – never skip this section! The loan agreement contains the most important information, such as: APRC, commissions, preparation fee and penalty interest for late repayment.
Did you know that using payday loans for free is safe when you consider the most important aspects of online caution? (block with quote)
0% loans – where can you borrow for free?
If you decided on a solution, which is the first interest-free loan – check exactly which offer is best suited to your expectations and financial possibilities. How to do it? Just take a look at the suggestions below, which have recently been the most-chosen by customers.
Fast free loans offer, among others:
- Instant Care Bank – has one of the highest amounts for new customers. For the first time you can borrow up to $ 6,000 for 65 days in a company.
- MyCredit Lender – one of the most popular lenders that offers up to $ 3,000 out of 45 for applicants for the first time.
- Agree Bank – the first promotional loan issued by this company oscillates around $ 5,000 with a 30-day repayment period.
- Lite Lender – we don’t have to introduce this company to anyone. Lite Lender has in its ranks quite affordable amount of the first loan from the APRC 0% up to $ 3,000 and for 61 days.
- Fine Bank – you can get a free loan of up to $ 3,000 for 30 days. It is also a loan for any purpose. The company is not interested in what you spend the money on and when you will spend it!
Free payday loans for 60 days – is it possible?
Loans for $ 0 is undoubtedly an attractive product that gains even more in the eyes of customers when you have a little more time to pay it back than the classic 30-45 days. And in fact, several lenders have an alternative to short-term payday loans.
A 60-day loan is a great solution if you “live from the first to the first” and it is difficult for you to pay back the liability during the statutory month. Similarly to the classic first payday payday payday payday, you can take it completely online, without income certificates and only on ID card. Why is it worth considering a free loan for 2 months?
- A moment of breath for your wallet – you have more time to return your funds, so you don’t have to stress over the approaching repayment date.
- Reduces the risk of delays – you do not put all your cash at once. You do it calmly in two equal and monthly installments.
- An alternative to payday loans for 30 days and installment loans.
- Opportunity for additional income – while paying back the loan you can find an additional source of income, e.g. tutoring, inventory, home help, childcare or copywriting.
Currently, only some lenders offer free loans for 60 days. These include companies such as Instant Care Bank, Lite Lender, Fine Bank (loan offer for 60 days for $ 10) and Agree Bank (“Loan for Start”, ie offer for $ 0 for up to 5 months).
Free payday loans – how do they differ from a regular loan?
When taking a bank loan or loan from a non-bank company, you usually have to turn a blind eye to the goal of financial institutions – which is undoubtedly earnings. Which means you usually give more than you borrow. Of course, we skip the $ 0 loan solution here. In other cases classic fees are charged to the borrowed amount, such as:
- nominal interest – is a percentage that cannot be higher than four times the current NBP Lombard loan rate. It fully depicts the value imposed on borrowed funds,
- margin – this is the amount individually determined by the lender. It is a “pure” profit for the institution,
- costs of additional services – sometimes it happens that you need to use, for example, insurance or third party surety to receive funding.
The fact is that other costs that depend on the company may also be added to the loan. All of the above factors are included in one indicator called the so-called APRC. What exactly does this value mean?
APRC, or Actual Annual Interest Rate, determines the total cost of the commitment that you must pay back at a set time to avoid additional charges. For example, if a free loan has an APRC equal to 0%, it means that its total cost is 0 $ and you give back exactly the same as what you borrowed.
Advantages of free loans
Many of us think that there is a catch in free loans. Since they are completely free, they must have a hidden bottom. Because, apart from guaranteeing additional funds for $ 0, they are free of fixed fees and interest. What’s more, they also have other assets up their sleeve.
Let’s look at the main interest-free loans!
- Convenience and time saving – this is a service that matches modern times. You borrow money without explaining why you need cash. In addition, you do all the formalities 100% online without leaving your home.
- Loan for any purpose – you spend money on whatever you want. So you can pay off your previous obligations, buy home electronics / appliances or go on a well-deserved vacation.
- Flexibility – you individually select the amount you need along with the loan period.
- Money not only to a bank account – interestingly, many lenders offer funds transfer not only to the client’s account. Some offer cheap loans for a GIRO check with cash collection at a Bank Pocztowy office or post office. Some of them also have loans at the client’s home, where the cash is delivered by a company representative.
- Public access – you can find free loans for new customers from most lenders. All interesting proposals are included in the ranking prepared by Czerwona-Piggy Bank.
- Large age range – people from 18 to 75 years old can apply for financial support.
- Cash for debt – loan companies do not pay too much attention to the obligations of customers. That is why you will often come across offers such as payday loans without BIK or loans without verification transfer.
All these advantages make a loan for free an interesting investment. Just remember that as before any commitment – it is worth reading all the terms of the contract. Then, without remorse, you can enjoy the flow of funds on clear terms.
Free payday payday has also some disadvantages
Being objective, let us pay attention to the disadvantages of free payday loans. Despite their undoubted advantages, they also have a dark side. We can include to their disadvantages.
- Risk of falling into a spiral of debt – a free first loan is an attractive offer. However, if you are not consistent in saving, you will easily fall into a loan whirl.
- Further loans are payable – loans for $ 0 are not infinite. Most companies only grant the first free loan, you have to pay for the next. Although sometimes lenders offer returning customers interesting discounts and promotions, e.g. reduction of payday pay by 50% or every 5th loan for free.
- Loss of saving skills – frequent use of non-bank financing deprives you of the ability to save. Therefore, keep in mind that it is worth borrowing, but also consciously manage your budget. This will definitely translate into better money management in the future.
Free loans are responsible borrowing!
A quick loan for 0 $ is not bad. The most important thing is responsible lending. The amount of the commitment should be tailored to your financial capacity. Therefore, if you are unable to pay back the loan amount, try to apply for a lower amount. It won’t hurt to wait out the hard time and take advantage of the promotion in a month. You must take into account the black scenario, which is related to the fact that if you fail to pay the funds within the deadline, the lender has the right to charge penalty interest for each day of delay.
After all, an interest-free loan will only fulfill its function if it is friendly to your pocket and finances.
If you do not want to drown in a sea of offers, then use the loan comparison engine – Major Major. This tool quickly and conveniently illustrates the best offers that you have access to at your fingertips.