Online payday loans

When we need quick cash for unannounced expenses, we try to get a loan or a loan. We usually go to banks for this and it is a good way out of the situation if we have adequate earnings and are not in arrears with other financial liabilities. Banks approach their potential borrowers quite restrictively. We can count on greater flexibility in this respect in loan companies. They offer simple and convenient online payday loans. Here, the chances of quick cash increase significantly. Even low-income people and indebted people who appear on the BIK database as unreliable borrowers can get such loans. The formalities associated with granting payday pay are not complicated. The procedure takes place in an express time and the money on our account can land after a few minutes. In this article, we will try to show you the nature of these types of loans and all issues related to them.

Online payday loans

Online payday loans

How do you get payday loans online? All you have to do is fill out the loan application on the loan company’s website. This is a very simple activity. It is enough if we provide basic information in the application – personal data, type of employment and amount of earnings, number of dependents or the nature of other financial obligations. On this basis, the loan company will analyze our creditworthiness. But it will not be as restrictive as it is in the case of banks. At this stage, the loan company also checks our credit history in the BIK, BIG and KRD databases. But beware – not all companies do this. Some of them omit BIK at all, limiting themselves to others. What does it mean? This situation opens the door for people in debt to obtain a loan. These persons, through late repayment of liabilities, are listed in the BIK database as unreliable borrowers. Such people have no chance of a bank loan. Thanks to payday loans they gain access to cash.

Payday expenses

Payday expenses

Borrowing in loan companies, as in the case of banks, involves costs. In the case of payday loans, these costs are much higher than in the case of bank loans. With one small exception, which is discussed later in the article. To estimate the total cost of the loan, we should pay attention to the APRC, i.e. the Actual Annual Interest Rate. It includes not only the interest rate on the loan, but also the commission and preparation fee. The APRC is calculated by both banks and loan companies on the same terms as set out in the Consumer Credit Act.

However, some specialists believe that the APRC meter is not perfect at comparing different loan offers. This involves a period for which they are granted. It is usually a maximum of 12 months, and payday loans for 30 days are the most popular. With such a short period, due to the calculation method, the APRC is gaining horrendously high levels, reaching far over 1000 percent. According to these specialists, the APRC is a good measure for loans with similar parameters – a similar amount and repayment period.

Payday loan for free

Payday loan for free

We mentioned earlier the exception, as a rule, according to which loans are always cheaper than payday loans granted by loan companies. This exception is the first free payday loans. This is a promotion addressed to new customers. If this is your first time using a loan company offer, you will get a loan for free. This type of promotion was first introduced to the Polish market . Later, more companies began to model on it. The promotion turned out to be a great promotional idea.

What is this type of loan? The rule is simple: you pay back as much as you borrow, within a strictly defined period. If you are late with the repayment, the promotion will expire and the loan company will charge you with costs – commission and interest, such as in the standard offer. Usually payday loans are granted for 30, 45 or 60 days. Although you can also come across offers where the repayment deadline is 90 days, or even 12 months. If you are able to pay the payday loan on time, it is an ideal loan offer. You get cash completely free.

You must remember that the offer is only for new customers. If you want to take another payday loan in the same company, you will have to reckon with specific costs. The commission, preparation fee and above all interest rates can be high in this case. It is good to think about whether we can repay this financial commitment. Maybe installment payouts will be a better option in this case? Then the repayment will be spread over time into acceptable monthly installments.

Non-repayable loans – Loans

The non -repayable loans represent a valid car for all those newly established companies or those that carry out activities of public interest. Basically, they are contributions granted by public bodies or financial companies that are provided to encourage and help new entrepreneurs to start a business. They consist of capital contributions and, therefore, they must neither be returned to a specific date nor can an interest rate be applied to them.

The subject that provides the non- repayable loans will never ask for their return.
It is, as you may have guessed, important tools to support entrepreneurship, very important especially in times of economic crisis.
These loans tend to be granted by regional, local, state or European bodies and have a very specific purpose: to encourage and help the development of new business activities in the territory. In order to access these contributions, specific calls are made periodically.

To apply for a non -repayable loan, it will be necessary to fill in the specific application related to the call for applications: the application must include the business plan and a series of documents containing information on the emerging company and the objectives to be achieved.

New companies set up by young people ( so-called start-ups) or all those companies that are mostly made up of women can benefit from this type of funding.
Non-repayable loans are disbursed by companies owned by public bodies or by the same public bodies through affiliated credit institutions. Often the National Authorities such as the State and the Regions provide the capital. In these cases, the disbursement of the contributions is connected to EU regulations.

It is not excluded, however, that private entities can also provide non-repayable loans. In fact, it may happen that an association or a foundation wants to help a specific company to realize welfare goals through the granting of non-repayable contributions.

But who, in concrete terms, are the subjects that can benefit from this category of financing?

The beneficiaries of the non-repayable loans

The beneficiaries of the non-repayable loans

As we have amply pointed out, these contributions respond to the need to help the development of new entrepreneurial activities in disadvantaged areas or of companies that – due to their peculiar characteristics – are considered “weak” in the national market. These are the companies that can enjoy non -repayable loans because they need specific and dedicated measures to be able to concretely “leave”.

For this reason, the first category of subjects that can enjoy these contributions is represented by the new entrepreneurs. Non-repayable loans are mainly aimed at those new entrepreneurs who need access to liquidity to undertake new business activities. They are the so-called “start-ups”. And it is to help young entrepreneurs who are periodically prepared for specific calls at national level to help these new businesses grow.

The second category of subjects that can benefit from this contribution is composed of young entrepreneurs who are under 35 years old. Many tenders for granting non-repayable loans were then carried out to support and protect female entrepreneurship. Thanks to these contributions, many companies, mostly women, have managed to start, grow and establish themselves on the market.

Finally, these contributions are often paid also to companies operating in determining particularly disadvantaged territorial areas both in the economic and in terms of competitiveness. Also in this case the ratio is clear: to favor the development of these companies and help them grow.

Non-repayable loans granted by the State

Non-repayable loans granted by the State

The State is one of the main providers of this type of contribution. Non-repayable state funding is provided by Invitalia or by the national agency for attracting investments and for developing the company. Specific regulations are issued periodically governing the methods and requirements to be able to access contributions.
Let’s see what are the main forms of non -repayable state funding at present:

– financing for self-employment. These contributions are made to promote the creation of new businesses or to promote the development of existing companies. They tend to turn to those companies that are composed, for the majority, of young people aged between 18 and 35 years. These grants are provided to provide support to those young people who want to make investments of no more than 2.5 million euros to undertake a business activity linked to the supply of new services and the production of goods.
They are disbursed in the form of a subsidized loan or a non-repayable loan.

– loans for self-employment. These contributions are made to incentivize and help unemployed people or people looking for a first job to start small business activities or self-employment or franchising activities. They are disbursed in the form of a non-repayable grant and a subsidized loan.

– Smart & Start loans. These contributions are usually provided to support those innovative business projects. They are dedicated to those companies that operate in the South: Basilicata, Calabria, Campania, Puglia, Sardinia and Sicily, and the municipalities of the eagle affected by the earthquake.

Finally, as we have pointed out above, there are also non -repayable loans granted by the European Union. These contributions are normally paid on the basis of European Structural Funds. They are funded to support different types of business activities. They can be provided to finance the construction of infrastructures or to help companies create new jobs. These contributions are also provided within the European Social Fund which is intended for training and education.

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