When you took your first loan, your wallet could not even feel it. All because the payday loans for new customers are usually free. When you apply for a loan once again, you can no longer count on such privileges. But are you sure? Let’s see how the prices of second and subsequent loans form in the most popular non-banking companies operating online.
According to the changes in the anti-usury law in force from March 11, 2016, all loan costs can not exceed 25% of the borrowed amount and 30% of this amount per year. Moreover, during the entire period of using the loan, the non-banking institution can not demand from us more than 100% of the borrowed amount. So much in theory.
In practice, this means that in any non-banking company we should expect similar fees for a loan. And this is true, with the reservation that the cost of loans in individual companies may differ from each other by several / several zlotys. It is true that these are not large amounts, but why overpay for something that you can have at a lower cost.
Second loan in Hypocredit
As you can see in the above list, you can get the cheapest second time at Hypocredit. The fees for this loan include commission and interest (10%). Hypocredit, however, sets the limits of payday loans for borrowers once again. So if you take a loan in this company for the second time, you can borrow a maximum of PLN 2,600, and for the third time no more than PLN 3,000. The highest amount you can get in this company is PLN 5,000. However, in order to have a chance for such a loan, you must use the company’s services at least … eight times.
Zengga – second loan
In our summary, we did not include the Zengga brand. This is because Zengga is one of those companies that guard information very well about the cost of another payday. In the information sheet of this lender, we find only information that the payday is not interest-bearing, and the only fee you have to pay is commission. In the case of the second and subsequent loans, it ranges from 1% to 40%. However, the company does not provide exactly when you can count on the lowest and when the highest commission. In his documents he uses only generalities, according to which the amount of commission depends on:
- the length of the payment period;
- information obtained about the client at BIK. The better the BIK score, the lower the commission; (If you have a bad story at BIK please check our BIK newsletter)
- history of cooperation with Zengga, in particular timely repayment of previous payments.
In fact, the costs of the second loan will be given to customer information only when he returns the first time in this company. You will not know anything beforehand by calling the helpline or during a conversation with a consultant in a chat.
Discounts for regular customers
The costs of subsequent payday payments given in the table of fees for individual lenders may sometimes be reduced. All this thanks to the promotions that loan companies have prepared for regular customers. You can usually count on reducing the cost of a loan, for example, when you tell a friend how to pay. Sometimes, the cost of borrowing depends on how many times you have used the services of your company. When you come back for a third or fourth time, you can sometimes count on a few percent discount.
Promotions for regular customers are unfortunately not as attractive as those prepared for new ones. Thanks to them, you can sometimes get a loan with a lower financial outlay, but in most cases you will have to incur costs in accordance with the table of fees. Unless you use another solution.
How not to overpay, ie the second loan from the competition
Being a loyal customer does not really pay off. Although the loan companies will probably persuade you to do it, you do not have to take another payday from your current lender. You will gain much more if you go to the competition after the second loan. In the ranking posted on our home page you will find several offers of free loans. Remember that you will be treated as a new client at the competition, and therefore you have the chance to get free cash.
Use this solution until all options of free loans are exhausted. And for a second to the current lender return only when you will no longer have a chance for a free loan or you will need a higher amount of payday.