Have you noticed that the faces of loan institutions are usually happy, smiling people, straight from dental clinic ads? You’ll see them on most company pages. Their appearance suggests that the adventure with payday loans will almost certainly have a positive ending, but in order for this to happen, we must meet several conditions, first and foremost – pay off the debt on time. When we take out a loan, we are convinced that we will be able to return the money quickly, the problem is that everything is not always going according to plan. There are many reasons that may delay the payment of receivables, so it is worth familiarizing yourself carefully with the offer of the non-bank company and obtaining information on how to pay off new payday loans and what to do when we lack funds for it. Let’s look at two such companies and see what they offer their clients in such a situation.

New payday loans – 3 steps method

New payday loans - 3 steps method

Let’s start with a very simple loan application process, limited to 3 steps. We must first register on the company’s website. Then we fill out the application form – this is the second stage. Registration confirmation can take two forms: a traditional transfer (from our personal account for $ 0.01, to Mega’s account) or using the Instantor service for this purpose. What is that?

Instantor is an option that allows instant verification of customer data: his bank account number, as well as an estimate of his creditworthiness, without the need for a verification transfer. It significantly improves the loan application process.

Collecting all this information is very important for the company, because on the basis of it it estimates the risk associated with paying us money, carries out our identification and supplements statistical data with further indications. Immediately after confirming registration, the company begins to consider our application. The Mega Lending Department is responsible for the response. The decision is sent via SMS – if it is positive, the third step is ahead of us – checking whether the funds have already been credited to the account (waiting time is from 10 minutes to 24 hours). And what can we do to make it happen?

Online loan – sample offer

Online loan - sample offer

Mega grants loans exclusively to Polish citizens who are not less than 21 and not more than 70 years old. It is also a requirement to have a personal account in one of the Polish banks and to be a user of any of the cellular networks. New customers can borrow up to $ 2,500. The amount will increase with subsequent loans up to $ 5,000, but will depend on repayment timeliness. We will receive the second loan in Mega only when the first repayment period ends. If, at the time of applying for a loan, we still have a loan from another institution, let us consider whether we will not have difficulties in settling both liabilities at the same time. Although our financial standing will be considered during the verification of the application and, despite other charges, the loan may be granted to us, but with it the chance of repayment is reduced. Important information is also the fact that we will receive money from Mega without having any residents or liens.

Loan refinancing

Loan refinancing

Financial institutions are more willing to respond to clients who have so far demonstrated integrity and timeliness. Mega also promotes this attitude. New payday loans often offer non-standard forms of repayment. Exemplary customers can, for example, join a loyalty program. Joining it is associated with privileges when applying for another loan. Although all information regarding the loan can be found in user profiles, Mega reminds you of the upcoming repayment dates for the next installment.

What if we know that we can’t keep this commitment? The company gives us the opportunity to refinance a loan with one of the lenders cooperating with the company. Thanks to this, we can delay the repayment date by 10, 20 or even 30 days. Of course, not without consequences – the total cost of using such a solution will be checked after logging into the Customer Area. Interest for late repayment of a loan is twice the amount of statutory interest for late payment (this is regulated by the Civil Code articles). We will not be able to pay if this amount is paid. Mega may transfer our data to the Economic Information Bureau.

Online payday loan in Tongabank

Chwilówka online in Wonga

The second loan company we are looking at today is Tongabank. Surely you know her from television and radio commercials. Like Mega, it enjoys great trust from borrowers (and not only in Poland), which is why it has been honored with the award for companies from the internet financial services sector several times. Wongi’s scope of activities includes short-term and installment loans granted via the Internet. In the short-term option, you can borrow from 50 to 1500 $, for a period of 1 to 60 days, in installments – up to 10,000 $ for up to 24 months. The application is submitted via the Internet, and regular customers can issue appropriate instructions in a telephone conversation with a consultant. It takes, like Mega, a few minutes. All you have to do is enter your bank account number to which the money is to be transferred, ID card number, telephone number, and choose the amount we apply for, along with your preferred debt repayment period.

We can choose between the Start, Plus, Premium and Max programs – remember that the less you borrow, the more interest you pay. Providing data is necessary, because thanks to this Tongabank checks our financial standing. To receive a loan, we also need to make a verification transfer from our personal account ($ 0.10) – in this way the company confirms our identity. The credit decision will be announced at the latest the next day. Now all we have to do is familiarize ourselves with the content of the contract, sign it, send it (e.g. electronically), and then wait for the moment when cash will appear on our account.

Benefits Program

Benefits Program

Tongabank, like other payday loans, has an individual table of fees for taking out a loan. The cost of the former is at a constant level, while in the case of subsequent ones it depends on our situation in the Benefits Program. The better we act as customers, the greater the chance that we will pay less. The Benefits program gives you the opportunity to develop more favorable conditions for borrowing money in Tongabank. How to do it

Repay receivables on time, systematically build a positive history in the Credit Information Bureau and economic information offices, as well as take courses and other forms of education available on various platforms. Their idea is broadly understood financial education of society, which is why we will find both specialized articles (including on how to save and borrow money), as well as expert advice and financial calculators. There are also financial personality tests we have recently written about. Completing subsequent stages of this internal education system from Wong allows you to be promoted in the Benefits Program, and thus – to benefit from larger discounts.

New repayment plan

New repayment plan

If we are only at the beginning of cooperation with the Tongabank company and we have not deserved such privileges yet, we should remember that repayment of the loan ahead of schedule also saves us. We have this certain bonus. Not all new payday loans place this in their offer, but in the case of Tongabank, we can join the PayBack program at the time of application. In the case of timely repayments, we get 1 point for every $ 2. Tongabank is distinguished by one more thing, a little less pleasant – the loan repayment deadline cannot be extended. If after 60 days we know that we will not keep it, all we have to do is contact us and request a new repayment plan. Otherwise, we have to reckon with additional interest.

The question about how to pay off new payday loans can be answered briefly – as soon as possible. Then we will avoid additional costs, and our credit history in the Credit Information Bureau will not suffer.