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Facts and myths about online cash loans

Hardly any topic arouses as much emotion as borrowing money. It is hardly surprising, then, that so many myths have accumulated about online loans. However, it is worth knowing what is involved in borrowing online and what is far from the truth.

It is not profitable to use loans online – MYTH

It is not profitable to use loans online - MYTH

On the Internet, you can find a huge number of loan offers. Each of them has its own specificity as well as pros and cons. Some provide better and worse financial conditions. However, if you find the right offer, then an online loan can really be financially beneficial. Suffice it to note that there are even online loans that have absolutely zero interest in the market.

And if you want to get a really good offer without spending a lot of time on analysis and comparison, it’s worth using a professional comparison engine. Thanks to it, you can instantly receive an offer that will be tailored to the requirements and capabilities of the person.

You can borrow up to several thousand dollars on the network – MYTH

Some associate the internet loan market only with the so-called payday loans, i.e. short-term loans up to several thousand dollars. In fact, the online loan market can be divided into many segments.

Therefore, you can also borrow large amounts, e.g. PLN 20,000, on the network. Loans for higher amounts are usually broken down into installments, which makes repayment easier.

The online loans market is developing very quickly – FACT

The online loans market is developing very quickly - FACT

The dynamic development of the online loan industry in Poland is impressive. The number of loan companies is increasing so quickly that it is difficult to count how many of them currently operate. The growing supply of online loan offers is a response to the growing demand. There are more and more people in Poland who are interested in borrowing online. This is hardly surprising since you can borrow online quickly and without unnecessary formalities.

Most specialists indicate that the online loan industry in the country on the Vistula should continue to grow rapidly. It is worth noting that borrowing on the Internet is popular not only in Poland but also in many other European countries.

An online loan can be obtained with negative entries in the BIK – FACT

Negative entries in the catalogs of debtors such as KRD or BIK appear when a given person has not repaid their obligations related to e.g. a bank loan, within a contractually agreed period. One such entry is enough to have trouble getting another bank loan. The entries you have, e.g. in KRD, can be checked on the website, although you may have to pay a small fee.

In the case of online lending institutions, however, the situation is different, and numerous loan offers can also be obtained if you previously had a problem with timely repayment. After all, it is worth paying off obligations on time and taking care of positive credit history. Thanks to this, you can count on better loan offers in the future.

It is worth knowing that people who are currently struggling with debt also have a chance to receive a loan. Some online loan companies grant so-called loans for those in debt.

Lies in the online loan application go unnoticed – MYTH

When applying for a loan online, you don’t have to submit a file of documents, and as a rule, the formalities are kept to a minimum. Lenders assess, therefore, the credibility of their clients mainly on the basis of information that they enter in the application form.

Such a situation may lead to the temptation to enter false information in the application, e.g. overstated income. However, you should be aware that loan companies can verify that the information provided by customers is true. Therefore, a lie has short legs and catching it results in rejection of the application and loss of the possibility of obtaining a loan.

You can’t trust loan companies – MIT

You can

Loan companies carry out legal activities in accordance with the law. The vast majority of them are trustworthy. Of course, as in any industry, you can also come across suspicious entities on the online loan market.

Therefore, you should always borrow reasonably and pay attention to who you borrow from and read the loan agreement carefully. You can also use the list of loan companies, which are provided by the PFSA.

It is worth remembering about the security of your personal data – FACT

When applying for a loan online, you enter a number of your personal data. Nowadays, their safety on the Internet is extremely important. Loan companies also have this in mind and store personal information on secure servers.

However, it is also worth taking care of your own safety. Therefore, it is recommended that you complete the loan application from your private computer using your home Internet network. You should also follow the principle that personal data is only entered on pages whose address begins with “https” instead of “https” because such pages are secured.

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