Second payday loan in the same company – where is the best?
Payday loans are quite specific financial products – most often we take them on impulse – that is when some unexpected expense appears and cash is needed “for now”. Quick loans over the Internet quite efficiently help us deal with adversities. The first free loan is a convenient way to inject money, and the loan rankings are full of trustworthy companies.
Unfortunately, someday the possibility of using the $ 0 loan will end, or you will need a larger amount and you will have to reach for a paid loan. It is worth thinking about this possibility beforehand, and choosing a good company should be based on forward thinking. That is why it is good to take out a loan based on what the next ones will look like in a given company. The more that many companies offer beneficial loyalty programs that can provide additional profits.
Second and subsequent payday loans
Our comparison tool will definitely help with choosing the best paid loan, which includes not only the cheapest, but also the most advantageous companies in other respects – e.g. the company’s credibility, the amount of the loan amount, customer service or additional benefits in another form.
What are the benefits of taking out a loan at the same company again?
Each subsequent loan taken out in one company is much simpler than the first. As all customer data is already in the company’s database, he must complete only a simplified application. It also does not need to verify unless the basic data have changed in the meantime. Secondly, the loan company already knows its client, so it will not be so meticulous to verify its creditworthiness. It assumes that the data on employment and income received are still true, since the customer is obliged to update the data each time and inform the lender of changes. This will translate into the time when you can get this loan. It will even be willingly declared by companies 15 minutes.
Costs and repayment period – the basic combination
The costs of the second payday loan will not differ significantly – they are usually set close to the maximum ceiling of 25% percent of the loan amount and an additional 30% of the costs incurred annually. Currently, however, you can observe a trend of decreasing costs, so it is worth looking for a cheaper loan and take it into account, especially when it goes hand in hand with a longer repayment term – possibly longer than 30 days. It will not be a problem, because most companies increase the loan amount and the financing period with the next loan. It is also worth noting for which loan we will receive the maximum amount, and the practice of companies in this matter varies. Some institutions apply the amount differentiation only for the first and each loan, while in others the maximum amount can only be reached after a few (even nine) loans, and the amount is increased systematically, usually by several hundred or one thousand zlotys.
Extension of the repayment period – additional loan security
No less important is the extension of the loan repayment period. They are usually offered by companies that have a repayment period of 30 days typical for payday loans, although there are exceptions to this rule. These are additional costs, but disproportionate to those that would result from non-payment of the loan.
Top 3 loan companies ideal for long-term cooperation
Buki. Buki maintains a monthly repayment period of 30 days, but for this offers its clients the highest possible amount on the market – $ 8,000 already available for the second loan. With this amount, the cost of the loan can be amazing. We will pay for it $ 1519, which means less than 20% of the costs. The good news is that the loan can be extended there for up to 30 days. This offer is really worth checking out.
Livus. In this case, the financial issues look similar – the borrower can borrow $ 7,500 each time for 30 days and will pay $ 1,350 for such a loan. Just perfect proportions between quality and price and, as in the case of Buki, the possibility of postponing the repayment.
Wise Wallet. Here, too, there is a good mix of costs, loan amount and repayment period. It is true that this period is typical for payday loans and is standard 30 days, however, the maximum amount of $ 5,000 is available the second time, and the company offers the possibility of refinancing a loan with one of its partners. The cost of such a loan is $ 1,491.