The biggest advantage of free online payday loans is that they are … free. One could calculate that they are fast, without any formalities and without leaving home. However, their biggest disadvantage may be that they are usually available in small amounts. A person who needs a larger amount but has not yet dealt with loan companies, so he has quite limited actions when it comes to payday loans.
Why are the amounts of the first payday loans low?
A new customer who addresses a given loan company is a white, unsaved card for her. It is true that it will be verified in the BIK database and on the list of debtors, its earnings will also be reviewed, but it has not yet worked in practice. The company does not know what the risk of lending him money is, so he tries to minimize this potential risk as much as possible by reducing the amount they could lose.
In addition, depending on the amount of borrowed amount on the number of returns of the borrower, the company somehow ties him to himself. Despite the fact that the customer knows that the next loan will be associated with additional costs, he may decide to use the services of the company once again, in case he needs a higher amount of cash. Let us remember that loan companies are private institutions, so they are generally profit-oriented. The first payday loan is free, so it is logical that some restrictions must apply to it, so that in the long run it brings profit.
What do you need to remember?
The bank account used for the verification transfer or Quick Verification through the application must belong exclusively to the applicant. It is not possible for this account to be shared with your spouse or other person. The situation is similar with a cell phone number. He should also be registered in the customer’s name, even if he works as a prepaid card. This is another way for a loan company to ensure the borrower’s security and to protect him against a loan in which someone who has tricked access to his bank account and ID card. Another loan does not require re-verification, so the duration of the loan procedure will be shorter, and in many companies this can also be done by phone, SMS or application.
The lender has a statutory obligation to inform the loan company of any change in the data contained in the loan application, especially if the loan is still active. This applies above all to changes in personal data (e.g. change of surname after marriage), changes in the place of residence, telephone number, e-mail address, bank account number or new identity card. The obligation to inform the loan company also covers the financial and professional situation, so a change of job or a change in earnings should also be noted. You have to be aware that if the above data changes, you will have to go through the procedure again for subsequent loans.
How do you delete your data from a loan company?
Every online loan requires a customer profile to be set up on the loan company’s website. It is active even after repayment, and the loan company has customer data. Unfortunately, he cannot delete this account himself, from the user level. In order for the cancellation of the profile to take place, it is necessary to send a written request to delete the data. Usually it is enough by e-mail, although it is also worth doing it by post. Unfortunately, this procedure usually excludes the possibility of taking another loan from the same company.
Deleting an account also means losing all customer-sensitive data: loan agreements, annexes and offers. Just in case, before closing your account, it’s a good idea to download all available documents.