Recently, we have heard more and more often in TV commercials about free loans granted by so-called parabanki. Such a free payday loan is based on the fact that we borrow a certain amount and pay exactly the same amount within the set time limit. We have no commissions, interest or other additional costs, and the APRC is 0%. For example, we borrow 1000 USD and after 30 days we give away exactly 1000 USD.
Is it possible?
It is wondering how the loan can be free and how the companies offering it earn. Loan companies have decided to give up costs up to a certain loan amount to promote their brand and encourage customers to use their offer. This is a marketing procedure, most often targeted at new borrowers.
These non-bank institutions hope that a satisfied customer will come back to them and take advantage of the already paid offer once again. Where’s the proverbial catch? We must make sure you pay your debts on time. Failure to meet the deadline usually results in cancellation of the promotion and accruing loan costs and interest. However, always remember to read the offer and contract carefully.
Increase of payday loans for free
Until recently, free payday loans were offered by selected parabanks, now they are already available in most such financial institutions. They are a great advertisement, they attract customers and encourage them to take advantage of this company’s offer.
Until now, it was possible to take a loan without costs up to the amount of about USD 1,500. However, in the era of growing competition, companies are outdoing themselves in the attractiveness of their offers and are beginning to tempt with the amount of free loans. We are currently observing the trend of increasing limits on free payday loans. It is worth using it as a customer, because we can find the SuperGrosz offer, where a free loan can reach up to USD 6,000.
Who will we borrow more from?
Recently, several companies have increased or introduced their offer of free payday loans. All companies offer this promotion to new customers for a maximum of 30 days. It is worth looking at the proposal of 3 companies belonging to the same. All these companies increased the amount of the free loan from USD 1,500 to USD 2,000. Good Finance Bank, on the other hand, introduced it as a complete novelty for its clients, because until now it only offered payday spreads. The offer of these parabanks can be directed to different age groups – they differ in the maximum age to which they can incur a financial commitment. When it comes to verification in the registers of debtors, Kasa Ekspres checks customers in GFI and, the other two companies check in GFI.
If we need quick cash up to USD 2,500, Good Finance has recently entered this offer, increasing the limit of free loans for new customers from USD 1,500. Interestingly, Good Finance officially indicates on its website that the borrower cannot appear in the databases as a debtor, however, customer reviews show that this verification is not as accurate and taken into account. As in other companies, the loan application process is simple and quick, and everything is done via the Internet, and money can be obtained even 15 minutes after positive verification by Good Finance.
In line with the trend of raising the maximum amount of the first free loan went also Good Credit. Here the amount was raised from USD 2,000 to USD 3,000. You can see that Good Credit wants to stand out from the competition and is a pioneer in introducing higher free loans. As in most companies, the process of applying for a loan is simple and takes place completely via the Internet. It is not surprising that you must have an ID card, mobile phone and your own bank account. It is worth emphasizing that Good Credit checks its clients in all registers of debtors: GFI. If we appear in one of these registers, we have little chance of a high loan in Good Credit.
And finally, an absolute hit – a loan free of charge up to USD 6,000 for new Fast Cash customers. A person with 18 years of age who has Polish citizenship, ID card, account number and telephone number can apply for this loan. The lender will also check that the potential customer does not appear as a debtor in FS and GFI. It is worth emphasizing that this is a narrower verification than in Good Credit. You just have to remember that it is a 30-day loan, so after that time it should be repaid in full. Before we let ourselves be seduced by the Sure Cash offer, we should think carefully about whether we will have such cash to pay the debt in 30 days.
How do I apply for a free loan?
The process is similar for all companies. Go to the website of the company you are interested in, select the loan amount and repayment date, fill out the form. Then make a verification transfer and wait for feedback from the lender. If we pass the verification, we can get money even in 15 minutes if we have an account in the same bank as the loan company. All the companies mentioned above require an ID card, telephone number and bank account. Another common feature is the verification transfer of USD 0.01, as well as the maximum loan period – this reaches 30 days. However, all differences are presented in the table below.
What if I don’t pay back on time?
A free payday loan is a promotion for new customers and it is only possible to use it once with a given lender. The companies reserve that in the absence of timely repayment, the promotion is canceled, and the customer is charged the cost of granting the loan and interest resulting from late repayment and any additional costs of monitoring.
As a last resort, as in the case of any non-payment of liabilities, we may be entered in the National Debt Register. Therefore, if we want to enjoy a truly free loan, think carefully whether we will have the money to repay it within the set time limit.
Is it worth it?
Definitely yes. When we need quick cash and do not want to expose ourselves to additional costs, it is worth using the offers of loan companies. It’s like borrowing from the family and paying back exactly the same. Only here we don’t have to ask anyone and explain what we need money for. Just submit an application and wait for its positive consideration.
And as we have seen, we can apply for high amounts of free loans that can improve our budget after the holidays or be useful for other unexpected expenses. It is also worth noting that at the same time we can apply for several loans for free. The only thing we have to remember when deciding to take a free payday payday is the consequences of not paying back on time.