Mobile applications, thanks to which we can borrow money, are gaining more and more popularity in the banking and non-banking sector. How to do it and what services do smartphone institutions offer financial institutions? That’s what this text is about.
Loan companies offer their clients more and more opportunities. The competition is so high that they meet the expectations of even the most demanding borrowers. The innovativeness of their offers and the journey with the times are not without significance. Today, each of us has a mobile phone with us all the time.
Currently, we can do almost anything on the phone: pay for bills or shopping, book a cinema ticket, sign up for a foreign language school or just take a quick loan. The availability of this type of solution tempts potential customers. Non-bank companies see great potential in these solutions. They are constantly working on expanding the offer and modernizing their products. We write about online loans in this article , and you can read more about their benefits HERE .
Loan via smartphone – how does it work?
Statistics of many websites prove that the majority of website visits are made via smartphone. Computers are slowly becoming a thing of the past and serve many of us solely for longer and more demanding technical work. Loans through the application on the phone have become common, and companies, to survive on the market, must come up with more and more perfect methods for granting them. We come to the point where with one click we are able to borrow up to several thousand zlotys. It is without a doubt a convenient, fast and user-friendly solution. We can supplement an incomplete home budget from anywhere on earth, at any time of the day or night.
How do you reach for payday loan?
You can get instant payday loans quickly and easily. These are the two main features that characterize this type of loan. The downside, which many borrowers are unaware of, is the need for quick debt repayment. However, if we need cash, it is worth to opt for such a solution. Research on the credit and loan market clearly shows that around 24 percent of payday loans are loans taken through a smartphone.
Who can take a loan via smartphone?
There are several basic requirements that must be met to get payday pay thanks to the mobile application. One of the key is coming of age. It is also necessary to register, where in the form we provide data from the identity card: name and surname, PESEL number, number and series of the ID, as well as the address of residence. This is not all. Although the procedure takes several minutes, it requires several verification steps, including sending a scan of the document to confirm our identity.
What to watch out for
You should think carefully about every step and move that we make in the application. It is all about a reasonable choice of the amount we are requesting and the repayment period. Through a smartphone, we can borrow – depending on the application – from several hundred to even several thousand zlotys. For example, many applications offer payday payday up to PLN 5,000,000 without any income statements.
Cost-effectiveness of time and energy?
What other possibilities does the use of the loan offer on our smartphone give? In addition to the comfort, which has already been mentioned many times, it is important that we can manage our payday loan, installments and repayment history at any time. In a small device we have the most important information, which we can reach in just a few minutes.
Is that safe?
Our compatriots have been afraid of all kinds of loans for years. Trust weakens not only in non-bank institutions, but also in banks. Are payday loans taken over the phone completely safe – this is a question many of us ask ourselves. The threat can be found at every step, but currently it is leveled by many institutions created precisely to improve security. One of them is the Association of Loan Companies, which brings together trusted and proven companies that provide payday loans, among others. In addition, it is possible to reserve your PESEL number. This is a new solution, which is still not much talked about, which is a pity, because it can save us from fraud. You don’t have to write about modern technical security, authentication codes and various restrictive requirements that every application must meet before putting it into service.
How to choose an application?
It’s best to seek advice or opinions from other clients. A good way would be to review the reviews in the forums. There are also many objective and detailed rankings on the internet. First of all, we need to think carefully about whether and for what we need a loan, read all formal requirements for its receipt. Be aware of the additional and often hidden fees involved in making the commitment. For example, many lenders introduce an obligation to pay for verification by informing them in a small print. It’s just pulling clients into unconscious expenditure. Fees may also be charged for so-called Prompts: sending us an SMS notification about the status of the debt or sending offers or advertising products by registered post on delivery. If we are not sure about something, we can use the advice of specialists from the given company. People from the customer service office should inform us about any payments and planned changes in the price list.
Check the repayment method
One of the prosaic things we should check is how you pay off your debt. It happens that we request a payday loan via smartphone, but in the contract we do not state that we will pay the debt in person at the company’s outlet. Such situations occur very rarely, but it is worth defending against it, the more that for each day of delay, if we are not aware that a transfer is not an option, interest will be charged. With short-term and quick loans, they can even devastate our portfolio. Let’s not get a letter asking for payment.
Virtual money can be disastrous. Many borrowers admit that they think about payday loans in terms of “free money”, and only then wonder how to get out of financial problems. Often, instead of getting liquidity in the home budget, the opposite happens and we fall into the so-called debt spiral. It consists in the fact that we repay one loan with another, and in fact we get into even more trouble. We’ve already written about how to deal with payday payday loans.