Is it worth taking a payday loan of less than PLN 1,000?
We can borrow loans in various sums – both a few hundred zlotys and a few hundred thousand zlotys. Is it worth to take payday loans in the amount below PLN 1 000? Or maybe it’s better to borrow more at once?
Today, borrowing money from a bank or a non-banking company is not as difficult as it may seem. We can do it quickly and conveniently – without leaving home, because we can take advantage of on-line loans.
A quick loan will help us when we need additional money to cover various costs, such as buying new home equipment, going out, paying bills, which were not enough for us this month. When it comes to longer cash loans, which are concluded for a few or even more than ten years, they are usually spent on higher expenses, for example for the renovation of an apartment or its equipment. Such loans are also for larger sums.
What is the smallest sum we can borrow?
Not in every bank we can get a loan for less than PLN 1,000. It happens that this is the limit amount from which the bank can borrow us funds. Usually, the repayment period is then at least 3 months.
If we want to borrow a smaller sum, in that case we should go to a non-banking company. Many of them offer us quick loans from just PLN 100. We can also take them for a shorter period – even a month. Then we talk about payday loans whose payback time can be 14 days or 30 days.
So if we need a payday loan, we should check the non-bank offer. Is such a payday loan profitable?
A payday loan below PLN 1,000 – pluses and minuses
People who want to take a payday loan usually decide on it because they do not need a larger sum. Such amount will be helpful if we do not have too high costs to pay, for example, we ran out of money at the end of the month, we want to settle the bill.
The advantage of such a payday loan is the fact that we will not pay much for it.
Basically, the smaller the loan amount and the shorter the repayment time, the loan will cost us less. You can check it very easily on the websites of loan companies that have special loan calculators. By determining the amount of the loan and its repayment time, we can then see how much we will have to give back. The differences are visible on the palm of your hand.
On the other hand, a small installment loan or a payday loan may be insufficient.
It happens that the expenditure we want to cover is growing, so we will need more money, and thus we will have to take another loan. So when there is such a danger, it is always worth thinking about taking a slightly larger sum. In this way, we protect ourselves against the situation when the money may not be enough.
In summary, payday loans are also helpful, especially when we need an additional, small sum. However, it is worth remembering that loans below PLN 1,000 will not be received in any bank.