Having non-bank obligations and paying them back even on time, at some point we will lose control over them and we fall into the so-called financial spiral.
This is because the cost of such products where taking e.g. USD 1000 to start, we have USD 1800 and in addition, there are interest costs. To pay off a payday loan, we reach for the next payday and the next payday and the debt does not decrease because short-term off-bank bills are very hard to pay back after 30 days.
What should you do to get out of payday loans?
The way out of this situation is saving with a bank loan, but it is not so simple that we go to the first better bank and get a loan. I skip the capacity issues but you have to be aware that nowadays almost every bank sees payday loans and thus accepts them to calculate the ability.
Having installments payable, the monthly installment corresponds to that visible in Credit Checker. However, the problem is the debt in short-term payday loans due to the fact that the entire payday loan is reported as an installment. In this case, taking a payday payout of USD 1,000 will take that away from us, even though the debt is not high.
Which bank should you go to?
You should also be aware that payday loans in the eyes of analysts do not help and cause that the analyst examining our ability may have concerns whether we are not inclined to debt and thus may give a negative decision. Not every bank will also be willing to provide financing if it sees that we have payday loans, so I will try to present banks where it is worth submitting applications.
- Good Finance – is one of the smallest banks in Poland, however, this does not prevent you from obtaining a loan even with payday loans. I consolidate all installments and monthly payments but I know from experience that you need to have a good adviser in a bank who knows how to do it and will introduce the application accordingly. I met various employees and some were unable to enter such applications and generate a contract, so if you are interested please contact me and I will be happy to help you with the application for free of course. The bank also seeing a large number of non-bank usually rejects the application, so it is worth asking if there is a chance.
- E-Money Bank – this bank has recently changed its policy and those in debt in non-bank products may have a problem because the bank accepts up to 3 paid payday loans in the last 90 days. Above this number the system does not give an offer and hence there is no chance for a loan and you have to try at another bank. Get in consolidates both short-term and installment products.
- Good Credit Bank – has one of the longest loan periods on the market, even up to 12 years. This bank is very sensitive to credit inquiries as well as to the history of Credit Checker. People with delays mostly do not receive an offer and there is a negative decision. You can pay off non-bank loans for consolidation, but the bank also consolidates installment loans and some monthly payday loans, and it depends mainly on reporting a given product in Credit Checker and if it is broken down into installments, consolidation can be done. Otherwise, the bank will not give you this option and only a high income can help us.
- Good Lender Bank – This bank consolidates but only installment products, so having a monthly payday we are not able to consolidate it and the whole amount is charged. DB also pays a lot of attention to the timeliness of paid payday loans, so if you have any delays, you need to pay the payday payday pay and delete the entry in the Credit Checker (the appropriate entry will appear on the page).
How to get rid of non-bank?
I have prepared the list based on my experience and it is difficult to determine which bank is the best because it depends on the given situation. The cheapest is at Good Lender Bank and here are the largest amounts and a long period, however, if you have monthly out-of-bank bills, nothing can come out.
An offer is often made at Good Finance, but the application may be refused without giving a reason when it reaches the analyst. Other banks that I have on offer are rather reluctant to payday loans, which is why I omitted them in the text.