Whether you are in BIK or not, if you apply for a payday loan, you are credited with the funds right away or within 24 hours. Before we go to the dangers associated with payday loans, we have to first go through the basics. For those who are in BIK, it is easier to get a payday loan. But for those who are not, they should go in search of other alternatives that and the solutions seems to be only chwilówka bez bik.
An important point which as a borrower you should know is that, how much can you request as a payday?
The limit on the amount which a borrower could request and regulations concerning these were enforced in 2016. Due to these regulations, borrowers cannot site costs that exceed a certain amount. The cost amount for the non-interest loan is calculated by using the following formula:
(K*25%)+(K*n/R*30%)
Where, ‘K’ represents the total loan amount, ‘n’ represents the period for repayment which is expressed I days, and ‘R’ is the number of days in a year. These regulations are applicable to those alternate solutions: chwilówka bez bik where in, you are not in a BIK.
Coming to the dangers associated with a payday loan
A payday loan lends out a certain amount of money, which the borrower should repay within a short period of time. Very often, the lenders impose heavy service charges, and the requirement of repaying the loan amount quickly makes most borrowers dependent on them. Furthermore, most of these borrowers would likely have loans taken from other businesses as well. This would only worsen the situation.
Once you take a loan, it is inevitable that you have to pay it back. This means that you have a smaller amount to spend on your business that month. This in turn will force you to take another loan from a different business. This cycle repeats and finally you would land in a big debt.
An efficient way to help yourself out is by properly managing your finances. It is always advisable to ensure that you have enough financial back-up before you begin a business. But if you still feel the need for an extra hand, consider some alternatives to payday loans. Recently, a few banks and credit unions have begun to offer services similar to payday loans at smaller interest rates.
Lending and repaying loans is a staple activity of the financial sector. Most businesses do it. But keep in mind that if a situation arises where you cannot repay what you have borrowed, things could quickly spiral out of control. So before you borrow, make sure you have the means to repay too.
