Fast payday loans have the characteristic that they are usually granted for a short period of time – for 1-2 months. However, non-bank companies also offer loans for 90 days, i.e. for 3 months. A 90-day loan has the feature that the loan period is longer than average.
Therefore, payday loans for 90 days can be granted in a relatively higher amount than a loan for 2-4 weeks. Let’s check what offers in this loan category can be found in the Polish financial market. Are they offering free 90 day loans?
90-day loan – what’s the offer?
The offers of many loan companies operating on the Polish financial market include loans with longer repayment terms. An example is a 90-day loan. Usually, such obligations in non-banking companies are identified directly with payday loans granted “for a while”, for a period of up to 1-2 months.
They are paid once at the end of the loan period. Once we know what payday pay is, it is worth paying attention to slightly less standard financial commitments granted on similar terms. A quick loan for 90 days can also be described as a payday loan.
The loan period here is slightly longer than the standard one, but it is still much shorter than in the case of bank loans. The loan offer for 90 days, in which the liability is repaid after 3 months or in 3 monthly installments, is a convenient solution for many borrowers.
Repayment can be arranged with the lender in such a way that it does not pose too many problems for the borrower. It is also important from the point of view of a potential customer that some loan companies may present an offer for a free loan in the version with an extended loan period. A 3-month loan for free is unlikely to be available.
Free loan for 90 days – is it possible?
A free loan is a real opportunity and a highly desirable offer for potential borrowers. For 90 days, however, it can’t usually be taken. With shorter repayment periods, free loans are available and can be obtained at no additional cost.
The first free loan is a promotional offer that is supposed to attract new clients to the loan company. A 90-day free loan is unlikely to be granted, but it doesn’t have to be expensive.
3-month loan – what costs?
A 3-month loan is usually charged with the following costs:
- commission for joining the committee,
- other costs, e.g. providing money from a loan to the customer’s own hands.
It is usually cheaper to get a loan for 3 months online because the non-bank company that provides it does not bear the costs of personal customer service.
The maximum statutory interest rate is taken into account when determining the interest rate on the loan. Loan companies that offer a 3-month online loan must respect the law.
The legal basis determining the maximum amount of interest on loans and credits is the Civil Code. Article 359 provides that the maximum interest rate on loans is equal to twice the sum of the reference rate of the National Bank of Poland and 3.5 percentage points. Currently, when the reference rate is 1.5 percent, non-bank loans, including those granted for 3 months, maybe interest-bearing at a maximum of 10 percent. per year.
In addition, the amendment to the Act on Financial Market Supervision and the entry into force of the new Anti-usury Act in 2016 meant that the cost of the loan may not be higher than 25 percent. the amount borrowed on an annual basis.
Payday loan for 90 days – is it worth it?
If we know that we will not be able to repay the loan within one or two months, then typical payday loans will not be suitable for us. However, we can take a loan for 3 months and pay it back in accordance with the loan agreement. Payday loans for 90 days can be in the form of a one-off loan or installment loan, which is repaid in monthly installments.
Short-term payday loans for 90 days may be a profitable solution due to the lack of many formalities related to its granting and the possibility of finding an offer that will have attractive price conditions.
Is it possible to pay for 90 days without income certificates?
On the non-bank financial market, companies that grant payday loans and long-term loans are not required to carefully examine the creditworthiness of customers applying for loans. Banking institutions must comply with the recommendations issued by the Polish Financial Supervision Authority, while loan companies are not bound by them.
Therefore, they can simplify the procedures for applying for a loan. A payday loan for 90 days can be granted without the customer having to provide income statements. In many cases, a statement submitted on the loan application form is enough for the prospective borrower to earn.