First loan for free – who can get a loan on such preferential terms?

Who can get a loan for free? How often are we tempted by such an offer? What do we use the acquired funds for?

Among lenders from the non-bank institutions sector, the first free loan has almost become a standard. This promotion, like any other, attracts crowds of customers. Each of us likes to take advantage of price opportunities, except for discounts granted by loan companies.

First loan for free – who can get a loan on such preferential terms?

First loan for free - who can get a loan on such preferential terms?

Among lenders from the non-bank institutions sector, the first free loan has almost become a standard. This promotion, like any other, attracts crowds of customers. Each of us likes to take advantage of price opportunities, except for discounts granted by loan companies. Who can get a loan under these conditions? How often are we tempted by such an offer? What do we use the acquired funds for?

What is the first loan for free?

What is the first loan for free?

The first free loan is an offer of non-bank loan companies addressed to new clients. It is aimed at attracting their attention and encouraging them to later request further commitments. However, it is worth noting that, as the name suggests, it only applies to the first amount received. Thus, the next ones will be covered by standard costs. However, another factor prompting you to apply for further financial support is the gradually increased maximum loan amount. Finally, for payday loans, an upper limit of PLN 10,000 can be reached.

Thanks to the free loan, we simply have the option of repaying the funds received without adding the loan costs. This means that we pay exactly as much as we borrowed. We do not pay any additional fees. The exception is when the borrower is late with the repayment on the date agreed in the contract. In addition to standard costs, default interest is added.

For the first loan for free, the APRC is 0%. This is synonymous with the fact that the cost of financing will also be equal to PLN 0. Why? The actual Annual Interest Rate is the value expressed as a percentage that we will be obliged to pay as part of the fees associated with the commitment. The discount eliminates the commission, interest and preparation fee.

Where’s the first loan for free?

Where

The promotion of the free loan mainly applies to the payday loans industry. When it comes to online installment loans, they don’t happen very often due to both a longer repayment period and higher amounts of liabilities. However, some of them allow you to take advantage of the discount, limiting the repayment period to, for example, one month and the amount to the sum equal to the short-term. When deciding on such an obligation, we cannot be blinded by a promotional offer. If we even take out a free loan, after a short time we have to pay it back just like other debts. You should be prudent when making such decisions.

First loan for free for 60 days

First loan for free for 60 days

Payday loans are characterized by a short repayment period, which should be a maximum of 60 days. With free loans it is often shortened. It is worth remembering that the repayment is one-time, so with higher amounts it can be difficult. Therefore, one of the frequently asked questions relates to the extended repayment period of up to 60 days, because then it is often possible to pay the liability in two installments. There are few such lenders on the market, but undoubtedly it is possible to find them.

The conditions that must be met to receive a free loan do not differ from the standard. However, it is worth repeating two of them, i.e. the need to have the status of a new customer and timely repayment of the commitment. Some lenders offer the option to extend the repayment deadline, which costs about 25% of the amount borrowed.

First loan for free ranking

First loan for free ranking

Many customers, especially those who use such services for the first time, use rankings. They are placed on the websites of loan comparison websites. You can find both the cheapest offers and those that do not require a positive credit history, etc. Depending on the selected criterion, you can quickly see how the individual offers differ from each other. Then we can easily select the best one for us.

First loan for free online – who takes?

First loan for free online - who takes?

According to the latest data from 2017, it can be stated that the support provided by financial institutions is very popular among Poles. Every second adult citizen of Poland has a contract, i.e. exactly 15.2 million people. Slightly more than half of this group are women – male sex is 48.5%, while female sex is 51.5%. It should be emphasized that the majority of borrowers ensure that deadlines are met and that only 8% of all customers are late paying monthly fees.

Most clients with active liabilities are in the age range from 35 to 44 years. They constitute 23%, i.e. almost ¼ of all borrowers. The average amount of loans repaid by a person of this age is PLN 67,825. The data of the Credit Information Bureau emphasizes that as much as 40% of the value of incurred liabilities belongs to young Poles between 35 and 44 years of age.

Inhabitants whose voivodships are more eager to use financial products? The inhabitants of western Poland have the most liabilities of this type. This may be due to the financial status of the average citizen in this region. According to GDP data, Poles living in eastern voivodships earn less than those from the western part of the country. That is why it is amazing that the people from the East are paying off their liabilities better.

People living in the following voivodships have the most loans: lubuskie, wielkopolskie, dolnośląskie. On the other hand, the least liabilities are paid by the inhabitants of Podkarpackie, Podlasie and Świętokrzyskie. In turn, West Pomeranian residents, Silesians and people from the Lubuskie Voivodship have the biggest problem with repayment quality.

It is worth noting that among the clients of non-bank financial institutions are both persons reaching for banking services and clients currently active only in loan companies. ¾ of this group are young Poles who are at least 35 years old. As many as 67% of these borrowers have never applied for a bank loan.

First loan for free without BIK

First loan for free without BIK

What about the other two groups of people using non-bank institutions? In both cases, they are mainly clients active in bank branches. However, they often use the products of loan companies due to the temporary lack of funds on the account to pay off another liability. There are also people who have taken too many loans and are unable to pay them back while covering their usual expenses.

These people probably use the services of lenders who do not take into account reports from the BIK or BIG databases. We will never get a loan receipt without a positive credit history. However, there are companies that consider such requests and often grant the necessary funds.

What do we use the money from loans for?

What do we use the money from loans for?

It turns out that the majority of borrowers finance their basic life needs from the funds obtained. Second place is the repayment of outstanding installments, which is a cause for particular concern. People who make one commitment to help pay off another can easily fall into a debt loop. How to deal with this problem we wrote in the article – 5 tips on how to get out of the debt loop. Treatment comes third, followed by the payment of bills. Pleasures, such as trips or Christmas presents, are only in fifth place. The list concerned all men and women.