More and more Poles take out loans and credits. Statistical surveys carried out by numerous organizations as well as the financial sector institutions themselves show that the total debt of our countrymen increases every year. Many of us have to include numerous debts to pay in our monthly expenses. Loans are sometimes the last resort, but there is nothing to hide that in the long term they burden our home budget significantly. A new installment loan in Personal Loan Now can help you. Learn more!

We need money for many things

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A new car, purchase or renovation of an apartment or house, a trip abroad – that’s how most of us imagine a loan goal. Nothing could be more wrong. A large part of Polish society earns so little that there is not enough funds for basic and current life needs, such as food or rent for an apartment.

Record debt

The most objective data on the debt of Poles come from the National Register of Debtors. The KRD provides a full report from time to time. It shows, for example, that more than 15 million of our compatriots who have signed a total of over 30 million contracts already have financial commitments in loan companies but also in banks.

What do we owe?

First of all for consumption, i.e. shopping and current needs items. In this group, products such as home appliances and electronics play a large role. It turns out that Poles think about loans, payday loans or installment loans, especially when they are faced with the need to buy a device for the home. We are talking about, among others, TV, washing machine, fridge, computer, and certainly cell phones. Research shows that we are less likely to incur liabilities for slightly luxury goods, i.e. those without which we are able to do every day. In this group you can replace a coffee machine or a dishwasher.

Online installment loan for various purposes

The credit preferences of our countrymen depend not only on the material status of borrowers. Age is also important. Elderly people decide to apply for a loan or credit because they cannot afford, for example, maintaining a flat or paying bills. Money from loans for these people is also allocated to medicine. Young, if not for basic shopping needs, spend on vacation or on the implementation of their passion.

Further loans and the debt spiral

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In summary, we are a nation that is indebted to power. For some time now, financial market experts have been sounding the alarm. The loans themselves are, of course, nothing special or dangerous to our budget. Of course, provided that we take them consciously and we are sure that we will not have a problem with their repayment. In many cases, however, one commitment is followed by another. There are situations that we do not have the means to return any amount due. Deadlines are unfortunately a sacred thing. We decide to take another payday loan. This can lead to a so-called debt spiral , which it will be difficult to get out of. What is this phenomenon? It is repayment of one loan from funds obtained as a result of incurring another commitment.

What is consolidation?

A good way out of this difficult situation is the so-called consolidation of payday loans. From an economic point of view, a combination of two or more previously incurred liabilities (loans, credits, etc.) into one receivable is defined. This is naturally accompanied by a standardization of the interest rate and loan period, as well as modification of several other contractual terms. In the case of our article we will talk about the product loan for paying off debts

Online loans and consolidation

In the case of short-term liabilities, the costs to be borne by the customer if he does not pay the receivables on time are enormous. However, many borrowers get short of breath at some point. The prospect of high interest trims wings. One of the solutions in the field of consolidation of payday loans is repayment in installments of a long-term loan. Only a few years ago such an option was out of the question. Loan companies, following the spirit of the times and wanting to provide customers with the best conditions, are slowly introducing it to the offer.

Online installment loan – what is it about?

An online installment loan can effectively reduce the hassle of paying off your previous obligations. Everything is based on setting a new loan period. It is also a good opportunity to renegotiate the terms of the payday loan you have taken earlier. The plus is certainly that all receivables go somewhere in one place. In the long run, a non-bank loan for repayment of debt will be a cheaper option than, for example, extending the repayment date. One of these options on the financial market is Personal Loan Now installment loan.

Installment loan in Personal Loan Now?

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Personal Loan Now is one of the best installment loan companies on the Polish market. The brand belongs to the Kreditech company. It is her latest product and has replaced Pandamoney and Kredito24 in the industry. Her main specialty? Online installment loan granted without unnecessary formalities. Personal Loan Now operates in several countries around the world such as Mexico, Russia, Czech Republic, Spain, India and Poland. Nearly 3 million customers have already used its services. Installment loan in Personal Loan Now – this product can also serve customers as a loan to pay off their liabilities

Installment loans in Personal Loan in practice

Personal Loan Now is primarily a wide range of optimal loan selection. The institution respects the time and energy of customers, which is why the entire application process is carried out via the Internet. The company borrows from PLN 1,500 to 10,000. The repayment period, however, is between 6 and 24 months.

Personal Loan installment loan – how to apply?

The potential borrower must be at least 18 years old, citizenship of the Republic of Poland and have a bank account. The application must be submitted on the official Personal Loan Now website. You will need basic personal and contact details, such as your PESEL number, ID card number and series, as well as your cell phone number and email address.

Disbursement of funds

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Personal Loan Now carefully examines the financial standing and credit standing of its clients. He checks their registers of debtors BIG, BIK or KRD. However, the persons appearing in the databases of these entities do not have to worry about failure in advance. The company approaches each borrower individually. If all formalities and conditions are met, the decision to grant an installment loan will be made within a few minutes. The institution will transfer funds to the account number provided in the application.

Is consolidation of payday loans profitable?

Unfortunately, few loan companies provide for the possibility of consolidation. Those who have such a solution in their offer use them somewhat indirectly. One of the ways is just a loan for repayment of debt, which allows you to spread repayment over a dozen or even several dozen months. In the event that we have several payday loans, we can, with a corresponding individual contract, use the online loan in Personal Loan Now. Of course, it is best to return the amount due from your own funds. However, not everyone has such an opportunity. Sometimes it is better to communicate with a financial institution and joint forces to work out the optimal solution.