Payday loans in 15 minutes – cost overview

Payday loans have many advantages. Some of them are available immediately. Others, in turn, require long verification. Payday loans in 15 minutes have its own rules. Especially when it comes to costs.

Not always free

Not always free

Very often the payday loan in 15 minutes is available for free if we use the service of a given company for the first time. Of course, this will involve the need to reduce the amount of payday pay.

Some companies immediately indicate at what maximum amount such payday pay could be granted. It should be remembered that everything depends on the policy of the selected company and at the same time on the specific offer.

See also what are the advantages of a quick payday loan in 24 hours.

Contractual costs

Of course, if the “free” payday loan in 15 minutes is not repaid on time, you will have to pay the appropriate costs. Their amount will be the same as for any other loan.

Of course, you will have to add to this amount of criminal costs, which amount to as much as 14 percent per annum (on the current loan amount). Some companies may also charge additional handling costs, eg for extending the repayment period or refinancing a loan.

You can find more information on how to pay back payday loans in this article.

Non-financial expenses

payday loan

Each payday loan in 15 minutes is also associated with certain restrictions that result from the creditor’s caution. These are among others:

  • lower amount of liability resulting from the lack of loan history in the selected company,
  • longer waiting time for money (sometimes definitely more than the 15 minutes mentioned),
  • shortening the repayment period to the required 30 days,
  • additional restrictions regarding the age of the applicant,
  • the need to provide additional documents (eg income statement),
  • higher costs in the event of a later repayment,
  • longer and more complicated verification process.

Bank offers differ from each other in the rules for granting quick payday loans and their costs. Therefore, when deciding on such a solution, it is worth using the payday ranking to choose the best offer for you.

To sum up, getting a payday loan in several minutes is possible, but it is not always profitable. Especially if we consider the actual waiting time for payment.