Due to the fact that there are many loan companies on the Polish financial market that provide payday loans – both stationary and online – it is difficult to choose an offer that will meet all our expectations. Learn more at http://www.startorn.com/delaware-payday-loan/ See https://www.nippon-cargo.com/2019/10/16/advance-payday-loans-what-is-the-best-payday-loan-company/ for a summary
The ranking of such loans will be a great help for a consumer who wants to take payday loans.
What is the payday ranking? This is the list of offers for payday loans that meet specific requirements. The ranking list is usually made up of financial services that sometimes work with loan companies.
They send individual lenders an inquiry for a payday loan offer for a specific amount and with the appropriate loan period.
If we want to check what are the best payday loans at a given time, the ranking of such loan obligations will make it easier to identify the one that will be the cheapest for the consumer. The full offer of payday pay should appear in the ranking, together with an indication:
- the name of the loan company;
- payday offer name;
- payday pay;
- the length of the loan period;
- costs related to the granting and repayment of payday loans – these are the interest rate, commission, preparation fee, APRC (annual real interest rate);
- the installment amount when paying the installment payday pay;
- the amount to be repaid.
It is important to always use the payday ranking created reliably, based only on current offers. Thanks to this, the client will be able to choose the best payday loan at the moment
It can be safely said that the ranking of payday loans is nothing more than a list of payday loans offers with predetermined parameters, which have been ranked from the cheapest, most beneficial payday loans to the most expensive offers.
So it’s very easy to reach the top of the ranking list and choose a payday loan based on the ranking.
What is payday pay?
“Good Finance” is a term that can often be seen in various types of commercials – on television, radio, newspapers and on the internet. What is payday pay? How does it work in practice?
Well, a payday loan is a low-value cash loan granted to a client by a non-banking company. The name “payday loan” results from the fact that such a loan is granted in a very short time, even within a dozen or so minutes from the moment of submitting the loan application, and also has a short loan period – it usually lasts from several days to 2-3 months.
In order for our payday information to be complete, we should find out who grants these loans and for whom they are the best solution.
Good Finance is granted by loan companies operating outside the banking sphere – the borrowers are usually customers who care about the time of obtaining money for any credit purposes.
Instantaneous legal regulations
In legal terms, the following provisions apply to loan products referred to as payday loans.
- Civil Code,
- anti-usury act,
- Consumer Credit Act.
In civil law regulations, you can find a definition of the loan as such. Article 720 stipulates that a loan agreement is an agreement under which the lender, i.e. the lender, undertakes to transfer the ownership of the recipient a certain amount of money or items marked only as to the species.
The other party to the loan agreement is the borrower, i.e. the person or entity taking the loan. He undertakes to return the same amount of money or the same number of items of the same grade and quality.
In the event that the payday loan is granted for the amount of over USD 1 thousand. USD, the Civil Code requires that its contract is concluded in the documentary – written form.
Each loan company providing payday loans – on-site or online – must comply with the provisions of the Civil Code, and the cost of such loans must be determined in accordance with the applicable provisions of the Anti-usury Act.
In many cases, payday loans will fall under the definition of consumer credit, although credit is a term strictly related to banking products.
Nevertheless, from the definition of such an obligation contained in the Act of 12 May 2011 on consumer credit, amended in 2016, it follows that such an agreement will be any agreement, including a payday loan agreement, providing for liability in the amount of not more than USD 255 550 or the equivalent of this amount in a currency other than the Polish currency.
The loan company must also grant payday loans in the scope of its activity and in accordance with the law or promise to grant it to the consumer.
Only free payday loans will not fit into this concept, and they are very popular among Polish consumers.