Early repayment of short-term loan. What do you need to know?
You took out a loan for 30 days, but it turned out that you can pay it back faster? You can do it, but before you order a transfer, check what you need to remember.
Payday loans are loans often used by people who need extra funds urgently. You may also have taken advantage of such a loan. If you want to be sure that in the future the loan company will positively consider your loan application, you must pay the debt back on time.
Have you received your salary earlier than you expected? Or maybe faster than you expected, you have accumulated funds to repay your commitment? You may wonder whether early repayment, e.g. payday pay without BIK, is a good idea. Will you have additional profits from this?
Before you order a transfer – what information is in your contract?
Lending companies care about reliable and reliable clients who settle their obligations on time. However, not all of them provide for the option of early repayment, e.g. loans without BIK. So before you order a transfer, look at the content of the contract you received. It is here that you should find information about the possibility (or inability) of earlier repayment of the contracted obligation.
What if the company does not provide for early repayment? This is a very rare situation, because non-bank companies meet clients’ expectations.
When you pay back a loan earlier – what do you need to remember?
If you have made sure that the company you used allows for early repayment, then just issue a transfer order. In this way you can quickly and safely pay back the loan and build a positive credit history. However, this is not all. Suppose you have signed a loan agreement without BIK. The fees charged in connection with such granting are quite high. When paying back a loan earlier, you should find out if the company will give you back some of your money.
Each online loan company maintains a helpline and responds to customer questions via email. You will do well if you contact the employees of the company where you took out the loan before paying off the debt. For what? This way you will find out how much money you should transfer to your bank account number. It is very likely that the amount will be lower than what is stated in the contract.
Have you transferred the amount on the contract? You can request a refund
You repaid your liability and only now you thought that the company you borrowed from should pay you back some of the costs? Nothing lost – all you need to do is contact her representatives and find out if you have a chance to receive a partial refund.
Some companies operating on the market assume that overpayments due to earlier repayment will only be made when the customer repays the liabilities. This is because the customer can issue a transfer order, but from a different bank than the one for which he received the money. As a result, a non-bank company can post the payment later. As you might guess, the amount that the customer will have to give back directly influences. Therefore, it is worth paying attention to which bank you will repay the liability from, since it has an impact on the amount that the loan company will reimburse you for earlier repayment. It is best for you to repay the liability from the bank in which the non-bank company has its bank account.
Early repayment – is it worth it?
Is it profitable to pay back the loan early? Or maybe it’s just zeal. It turns out that there is no one correct answer – a lot depends on which loan you are talking about.
Suppose you are using non-bank companies for the first time. In that case, you have surely entered the so-called “Payday” for a period of 30 days. As a customer taking out a loan for the first time, you won’t pay a penny for the fee – you’ll be required to pay back exactly what you borrowed. In this situation, it is not necessary to return the money earlier – you will not gain anything (unless you are talking about a mental aspect – you will be relieved that you have already repaid the obligation on your account).
If you borrowed money from a non-bank company once again, you will no longer be able to take advantage of such attractive conditions as in the case of the first loan. Then you have to reckon with the fact that you will have to give back more than you borrowed. To reduce costs, early repayment seems a sensible solution.