How can you get a payday loan consolidation?
Many people borrow money, but often without any receipts, let alone contracts – which is a big mistake. Of course, there are also situations that when you need to consolidate payday loan. There may also be many other reasons why it is not easy to take out a payday loan consolidation. The answer to such problems and needs can become just consolidate payday loans via Pushbuttonfor.org.
They allow you to finance small expenses, but you can borrow several tens of thousands of zlotys (in the case of entrepreneurs, it can even be several hundred thousand zlotys). Loans are taken from people called investors – via online platforms, bypassing financial institutions. The intermediary becomes the chosen internet platform, which charges a commission for borrowing money using it. As for the interest rate on the loan, it is usually set individually: by the investor and the borrower. It is worth knowing that on the Internet you can find smaller and larger portals offering consolidated loans, or you can divide them into those that offer loans to natural persons or entrepreneurs.
Consolidated loans – what they characterize
If you want to download it online, you must first register on the selected portal, which takes just a few minutes. Usually, you have to enter there: name and surname, telephone number and e-mail address. Later, you will also need your ID card number and, of course, your bank account number. Verification of a registered person very often takes place in two stages. The first one is necessary and the second is voluntary, but it increases the credibility of the borrower. This means that after positive verification, the borrower is located at a specified, higher level (“rating”). The higher the level, the greater the credibility, the greater the chance for a loan (on really good terms). This verification “at your own request” allows you to climb the various levels of the selected portal with consolidated loans. It is also worth knowing that the first, or basic verification usually consists of:
- checking the compliance of the data from the scanned ID card with those provided when setting up the account in the portal,
- checking the telephone number, by sending a code which must be entered later in the appropriate place after logging in to the account,
- clicking on the activation link sent to the email,
- checking the number and details of the bank account – by sending a symbolic amount from it to the given account number.
On the other hand, exemplary activities in voluntary verification may include:
- consent to check BIK and BIGs, as well as to check the point score of BIK,
- sending a scan of another identity document (which will be compared with the proof),
- sending a face photo,
- verification of the address of residence: either by attaching bills to the media or by entering a code sent by post in the portal,
- attaching a certificate of employment (this can be confirmed by telephone conversation with the employer),
- confirmation of income achieved,
- signing a declaration regarding the lack of obligations for court and administrative proceedings and the lack of court, debt collection or enforcement proceedings that would be pending in the matter of debts.
It should be noted, however, that the high position in the consolidated loans portal is not given once and for all. In order to maintain it, every now and then you have to undergo various types of voluntary verification (because, for example, certificates of employment and income, or BIK verification will be valid for several months).
Consolidated loans – principles of obtaining and acting
After registering and verifying your account on the portal, the next step is to submit a loan application. The willing borrower defines its purpose here (eg the purchase of something), as well as the terms of the loan (amount, repayment period and preferred interest rate). Even before submitting the offer, you will receive information about the amount of the installment and commission charged by the online platform. After approval, the application is submitted and the offer becomes visible at the auction for investors (lenders). Later, there are waiting for proposals and applications from investors who want to grant loans on the conditions presented.
Then the borrower chooses the most cost-effective option and after finalizing the loan (you must usually pay a small fee) and enter into a suitable contract, waiting for the transfer of money (usually a few days). A consolidated loan is repaid in previously determined installments – immediately to the lender’s account. As for the costs of the loan, they include interest (often 10% per annum), a few percent commission on the loan payout amount – charged by the loan portal. Additional fees are also charged for the opportunity to promote your offer and additional verification methods.
Advantages and disadvantages of consolidated loans
The disadvantages of such loans include:
- service fees,
- costs related to additional verification,
- slightly longer waiting time for a loan than in a non-banking company or a bank,
- the need to show a large number of documents (to achieve a higher rating).
Among the advantages, you can mention is that:
- few initial formalities,
- cash borrows cheaper than in a non-banking company,
- there is no need to have a very good BIK,
- these may be loans for indebted individuals
- the money can be used for any purpose,
- the borrower decides how much he/she wants to pay for the loan,
- the whole is repaid in installments adjusted to its possibilities,
- everything is done without leaving home.
Finally, it is worth mentioning that in Poland they do not exist yet legal solutions regarding this type of loans. Therefore, both borrowers and lenders – in order to maintain security – should use portals with an established market position, enjoying a good reputation. Of course, it is also important to read the terms of the website carefully – so that taking a consolidated loan goes without any problems.