Instant payment or cash loan?
Let’s start with the subtle differences between these products.
Payday loan is a type of loan. As a rule, it can be provided both by a financial institution (e.g. bank, loan company ) and a private person – for any purpose. It is also important that the money lent belongs to the lender. On the other hand, the loan can be granted only by the bank.
The differences also apply to legal regulations. Non –bank loans are subject to civil law. This means that in some cases (up to PLN 500) it is not necessary to write a contract, and the service itself can be free.
The loans are covered by the Banking Act, which always requires the preparation of a document regarding the provisions of the contracting parties (bank and customer). In this case, costs cannot be avoided – you have to pay commission and / or interest.
Difficult applications for consumer credit
A bank loan is a financial product with numerous restrictions. The applicant must:
- specify the purpose for which the money will be allocated (although this is not the rule),
- present a number of documents confirming his creditworthiness or history of previous commitments.
This often requires an appearance in the facility. The problem is that a trip to the ward can be difficult – especially if we need to find time between work and other responsibilities.
The bank checks all information before deciding whether to grant or refuse a loan. This means that you have to wait up to several days for money – and assuming that the conditions offered suit us. Before we make the final decision, we should check whether the costs and installments of the loan are not too high in relation to our possibilities.
Easy payday payday loan
Instantaneous payment in installments is a loan whose repayment period usually varies from 2 to 48 months. Many loan companies offer it. You can almost always use it without leaving your home.
The application is submitted via the Internet. Thanks to this solution, it is processed within a few minutes, and the funds can be on our personal account the same day.
If we don’t have time to look for the best offer, we can check payday installments at enerad.pl. We will find there a ranking of online loans.
To obtain such a loan, you do not need to meet a number of conditions. To submit the application we need:
- bank account number,
- ID card number,
- mobile phone,
- email address.
Later, we only provide data on the amount of income and liabilities (usually without the need to send certificates) and await verification.
It is worth adding that although non-bank entities check registers of debtors, their listing does not eliminate the chance of receiving money.
Cash loan or payday loan – what to choose?
The answer to this question depends on what is more important to us. If we need money quickly and without major formalities, payday pay may be a better option. If we care about using the bank’s services, we should consider a loan.
However, regardless of the option chosen, we must carefully check the conditions for granting the funds. The point is that commitment should not be a burden beyond our strength.