The payday loans shall always be paid in full after the deadline specified in the contract. The basic duration of the contract (30 days) may be too short for many consumers.
Unexpected expenses will appear quickly, and it may take some time for everyone to get back to a stable financial position. Products with a longer repayment period have been prepared for such people.
Free payday loan for 60 days at Fast Loan company
You will get the fastest time for 60 days on the internet. All you have to do is log in to the website of the selected company and then apply for a loan. The company will assess your creditworthiness and make a withdrawal to your bank account. The whole procedure can take several minutes.
There are 3 companies on the market that offer products with extended repayment dates. Two of them are free (Quick Loan and Money Man). You have to pay PLN 10 for a loan from Wonga – which does not change the fact that it is a very safe and popular product.
Advantages of payday loans for 60 days
The main advantage of a longer repayment period is a greater chance of changing your financial situation (increasing your income). In this way, loan companies minimize the chance of difficulties in repaying the liability.
There are many non-bank loans with a longer repayment period on the market – but they are hard to call payday loans. In instant loans, the most important thing is instant access to funds.
When collecting an installment loan, the company will require you to provide relevant documents, and this will extend the time to withdraw funds. In addition, with installment loans, companies analyze the customer’s creditworthiness in detail – for payday loans, this check is a cursory.
Most companies that provide typical payday loans (limited checks + instant payout) only do this for 30 days. The purpose of free loans is to expand the customer base – therefore it is more profitable for companies to sell shorter products. Further loans in the selected company are already payable.
Remember that payday pay remains free only if you meet your obligations on time. If you exceed this deadline – the company will impose additional fees on you.
Disadvantages of payday loans for 60 days
When collecting loans – the most important thing is to correctly assess your financial standing. Companies do not perform a detailed analysis of each client’s creditworthiness. Without providing different documents, this is simply not possible. On the other hand, requiring documents significantly delays the loan payment date. Therefore, in the case of payday loans, the burden of creditworthiness assessment lies with the customer.
Many consumers of payday loans overestimate their options and charge more than they can pay back. Then various problems arise. Most companies charge significant fees for the extension of payday pay (most often it is from 100 to 200 PLN for extending the deadline by 7 days). If the repayment deadline is significantly exceeded – the contract may be terminated and penalty interest and recovery costs will be charged to the client.