If we do not have an ID card – be it due to its loss or waiting for a new one – unfortunately we will not be able to take a payday loan. Parabanks require only an ID card as an identity document. With only a driving license, we will not be able to prove that we are us. What’s more, remember that your ID card must be a valid document on the day you apply for payday payday loans. So if it has expired, we can forget about the overnight payday.

Many people ask why an ID is needed to receive a payday loan. It should be clearly stated that the loan agreement must include data such as the number and series of the ID card. Only then is the contract between the lender and the borrower valid. Meanwhile, on no other document – be it on the driving license or passport – we will not find information about the number and series of the ID card. Therefore, the lack of an ID card closes our way to receive payday loans.

No payday loan

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Identity cards are required by payday loans companies not only because of the number and series that appear on the loan agreement, but also because it is a document confirming the age of the person applying for payday loans. It should be clearly stated that payday loans are only granted to those who have reached the age of majority. Therefore, if we do not have an ID card, no payday loan will be granted to us. Therefore, an ID card is necessary to borrow money.

Payday loans are instant loans, the popularity of which is very high today. It results, among others, from an extremely shortened, simplified loan procedure. Lots of people wonder if you can get a payday loan by documenting your identity not with an ID card, but with a driving license.

What is the best instant pay?

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Chwilówki are so-called quick loans, whose popularity is increasing every year. More and more people who have no chance of receiving a bank loan are deciding to borrow money in a so-called parabank. Chowówki have a number of advantages that translate into the fact that they are so popular. However, it should be remembered that extreme caution is recommended with them. Otherwise, you can quickly fall into a debt loop, from which it can be very difficult to get out. What to watch out for when deciding to take a payday loan?

Late repayment is an element of payday pay, which can really give us a headache. Everyone who is considering taking a payday loan should know that late payment of subsequent installments is a really high interest. As a consequence, we will give back a significantly larger amount to the parabank that we decided to borrow. That is why it is so important for payday loans to pay each installment on time. This will avoid significant additional costs.

Admittedly, parabanks already allow the so-called credit holidays, but it is expensive for them. The borrower must pay for postponing the repayment date. This makes the loan a bit more expensive. What’s more, the parabank may of course refuse to grant us such assistance in paying off the debt.

The biggest disadvantage of payday loans is, above all, high interest rates. The total annual interest rate is much higher for them than for traditional bank loans. What does this mean in practice? To the parabank we have to pay back the amount definitely greater than the one we decided to borrow. That is why it is so important to approach the amount you want to borrow with caution. You should seriously consider whether we will be able to pay it back.

What is the risk of not paying for instant loans?

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Borrowing without hesitation can eventually lead to considerable financial problems. It can lead to entering a so-called debt spiral, from which exit is not so easy. Below are some tips on what to do if you find yourself in such financial trouble, a remarkable solution is to try to negotiate with your creditors. It should be remembered that they do not have to bring the expected effect, but they are definitely a better solution than waiting for the case to go to court and a bailiff knocks on our door. When negotiating, there are a few rules to keep in mind. First of all, never take a claim attitude, raising expectations of cancellation of debt. It is good, however, to present your life situation and explain exactly why there were such serious financial difficulties. You should also think about the amount that you can easily give back to your creditors every month.

In the case of a debt loop, it is really important not to take further loans or credits. They will not help in this situation. Instead, they will increase debt and the number of creditors. Therefore, it is a much better solution to negotiate with existing creditors. With a little good will on their part, it will be possible to set a repayment schedule such that the debt will gradually decrease.

Consumer bankruptcy is a solution included in the current law. However, it should be remembered that the declaration of consumer bankruptcy is connected with court proceedings. It is possible only if the strictly defined conditions are met.

If we are in a debt loop, we need to check the issues related to debt aging very carefully. Perhaps we will have a bit of luck and it turns out that the debt has expired. In this situation, paying off the debt is not an option. It is worth remembering that the claim will be time-barred after ten years and in the case of interest after only three.

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