Payday loans have recently become a very popular way to borrow money. However, this is a very specific product and we should be aware of certain things before we make that commitment.
What is the characteristics of the payday loan?
Of course, in all advertisements we will learn first of all that payday loans are a loan for proof, without unnecessary formalities, in 15 minutes, and even without leaving home. While all this is true and the payday loan is available to everyone, it is no different from a bank loan or loan from another important angle. It is a financial commitment that we take on our shoulders and which we will have to pay back together with interest.
What’s more, the specifics of payday loans are not only the quick access to cash but also the short repayment period. We usually have 30 or 60 days to return money borrowed in this form. Therefore, repayment is usually made in one or two installments. So we have to give up all our capital at once. If we borrow 1 thousand. PLN for 30 days we have to give back 1 thousand. PLN plus interest. It is not a long-term or medium-term loan. Borrowing 1 thousand PLN in the bank, we can spread the repayment for example over 12 times and pay it back in low monthly installments. The payday loan, as the name suggests, is for a while. Therefore, we borrow and give away all the capital, usually once, and this is what we should first and foremost know when deciding on payday loans.
Is it easy to pay off payday payday?
If we are aware of the specifics of the payday loan, repayment should not be a problem. If we quickly need an injection of cash but we expect to receive money into the account any day, we will definitely put it off to pay off the debt. Problems with repayment are not a surprise and do not really appear suddenly. Everything is caused by unreasonable and ill-considered debt. First of all, in the case of payday loans, loans or credits, we should answer to ourselves whether we will be able to repay the liability. In this case, whether in 30 or 60 days.
We will be able to pay all the debt and interest.
If we approach our obligations with due diligence and after analyzing our options, we are practically sure that we will not have problems with repayment either. When, despite the lack of income, we decide on payday pay, a miracle will not happen and it will not pay off itself. The repayment date will come very quickly and our situation will not change and just as we did not have the cash a month ago, so now we do not have it to settle our debt. Then, too, thoughts appear on the back of the head that it’s hard to pay back payday pay. However, in our opinion, this is only a consequence of unreasonable actions, and not necessarily a permanent feature. We may also have problems with repayments with money borrowed from our family if we do not take it responsibly and decide to borrow it when we cannot afford it.