First free loan - how does it work?

Free loans are becoming more and more popular. They have numerous advantages. First of all, they are convenient, accessible and flexible. They also allow you to save a lot of time. You can allocate funds for any purpose. Check what the first free loan is and is it really free!

Who can get a free loan?

A free payday loan is granted to new clients of a given loan company without unnecessary formalities. This means that if you have never applied for a loan with a given loan company and this one offers the first free payday loan, you can take the opportunity. You must also meet the conditions for receiving financing, and these vary depending on the lender. Most often, however, this will be an age criterion: usually you must be 18 or 21 years old.

How to apply for your first free loan?

You just need to submit a quick online application. You do not need to submit income statements or provide unnecessary forms from your employer. All you need to do is prepare a scan or photo of your ID card and provide the necessary information, i.e. personal data, address details and information about your earnings. To increase your chances, make sure you have good creditworthiness . The first free loan primarily attracts the attention of people who find themselves in a difficult financial situation. A payday loan for $ 0 is granted for a short time (usually 30, 45 or 60 days), and its amount is usually from $ 100 to $ 5,000, although some lenders propose higher amounts. Therefore, go through the offers carefully before making your final decision.

What is worth remembering when applying for a free loan?

If you send your application during business hours, it will most likely be processed within several minutes. If the decision is positive, the funds can be transferred immediately, then it will be a quick loan in 15 minutes . It is very important if you are on time. However, it is worth remembering that it all depends on which bank you and the potential lender have account in. If you have accounts in the same institution or the loan company uses fast transfers, the funds will be with you immediately.

Most non-banking companies target their offer to people who are 18 and under 75. In the application, you must provide personal data, employer name, ID number and series, PESEL, home address, mobile phone number, e-mail address (check how to complete the loan application! ). If you want to receive a payday loan, you must have a bank account. The first loan for free can be granted after confirming the customer's identity. More and more companies are moving away from the traditional verification transfer (in the amount of $ 0.01 or $ 1) in favor of modern methods such as Instantor, Kontomatik or KontoConnect. The new methods consist in verifying the creditworthiness of customers with regard to the bank account - transaction history, received receipts and personal data.

Read the loan agreement!

Remember to borrow responsibly. Then you will avoid the debt spiral. Read the contract carefully. First of all, pay attention to the repayment date and APRC. If you have any doubts, consult a consultant. Then nothing will surprise you. Loan companies accept different sources of income. You do not have to work under an employment contract to receive payday loans. You may have income from other sources, e.g. a mandate contract or a specific specific task contract, receive social benefits, retirement pension or disability pension. Borrowers usually check clients in debtors' databases, such as BIG InfoMonitor, BIK (Biuro Informacji Kredytowej), ERIF and KRD. Therefore, try to build a positive credit history.

If you have paid your debt on time so far, you have a better chance of getting a loan. Currently, it is offered by most popular loan companies. By paying off the liability on time, you will not incur any additional costs. Otherwise, expect penalty interest for each day you are late.

1500 $
min. $ 100 max. $ 25,000
24 months
min. 3 months max. 60 months

Installment from: $ 100 *

APRC from 0.00 % *