Loan companies have taken over from bank customers who urgently need a small cash injection. Wanting to encourage them to their services, they often give the opportunity to take advantage of a free first loan, i.e. one that we pay back without incurring additional costs. We compared such offers and additionally checked loan offers for a higher amount with repayment spread over 12 months.
The offer of loan companies operating on the non-banking market
It is primarily addressed to people who need a small amount and intends to return it in the short term. Thanks to this, banking institutions have taken over a large part of customers who want to receive money quickly, without unnecessary formalities. Thus, they filled the gap in the banks’ offer, which focus mainly on clients in need of support of at least several thousand zlotys.
Some companies, however, specialize only in granting larger loans, so this time we check where it pays to borrow 2,000. USD, which we plan to give back within 12 months.
We analyzed the proposals of nearly 30 institutions, of which the Good Credit loan turned out to be the cheapest. By using this offer, we will give away USD 749 more than we borrowed, and we will pay the liability in 52 weekly installments, USD 53 each.
Good Credit has a slightly more expensive solution. In this case, we will refund the capital increased by USD 775, and the monthly installment will amount to USD 236.
Free first loans
If we are interested in a lower amount and repayment period of up to two months, we have free loans at our disposal. We can use such a solution if we reach for the offer of the company chosen by us for the first time. We have nearly 30 lenders at our disposal.
The highest amount we can get for free is 2 thousand. USD. Four companies will give us this loan. In the case of credit. we will have 61 days to return. At Good Finance we can receive a loan with repayment delayed by 45 days. For 30 days, we can pay the loan back.
We can get a free first loan from 600 to 2 thousand. USD. On average, it is about 1.4 thousand. USD. On average, we have approximately 36 days to return. Only in two cases, we have to pay back the money in less than 30 days. Each time, however, we must remember that the amount we borrowed will only be returned if we do it on time. Otherwise, we have to reckon with additional costs.