Online Payday Loans No Credit Check are now very easy to access, which can get some people into trouble. Let’s look at which questions you have to answer before you apply for a loan.

Do I want to borrow or do I need to borrow?

The key decision. Two seemingly similar questions need to be distinguished. It turns out that people often get indebted for things like holiday or Christmas gifts. It is during the pre-Christmas period that there is a growing interest in loans. It is good to think and answer yourself if you really need to borrow some things. If you are able to repay, you may be able to make a reservation for example on a savings account.

Can I repay the loan?

You know that easily. If a provider no longer has a loan request, you have received a clear signal that something is wrong. So do not try to succeed elsewhere. “Tenders promising” loans without registers “are more of a marketing trick. The new Consumer Credit Act introduced an obligation to thoroughly verify the creditworthiness of the applicant for credit. Although it does not specify how the client information registers are primary, ” says Robin Stránský, marketing manager of Czech company Louise. “If someone does not properly check the creditworthiness of the borrower, he is going to thin ice, because such a company can target the central bank as supervisory authority,” adds Robin Stránský.

What if I think about it?

The Consumer Credit Act defines something like a reflection period. The Provider has to create a specific offer, the terms of which are guaranteed for an additional 14 days. “The ideal course of every borrower would be to reach out to several providers and let each one make an offer,” recommends Robin Stránský. The applicant then has great backgrounds to choose the most advantageous loan.

Do I deal with a serious provider?

Check it out. The consumer lending market has been significantly cleared by the new law. On the website of the Louise you will find a list of entities authorized to provide loans under the new conditions. These are companies already licensed, but also providers currently operating under the interim regime of the so-called transitional period. Check whether you are borrowing from a provider that suits the new stricter legislation.

Do I know everything I need?

Search for and demand transparency. Before signing the contract, consider whether you are familiar with all terms, fees and whether you understand the contract. Serious providers have all the documents available in advance on the website, so you should not be able to see the contract just before you sign it. Problems are the internet graders. “Almost all graders are only intermediaries and often distribute user-entered data to multiple providers. The moment you submit a completed online form, you can not know how much, whether it is at all and who will lend you, ” warns Robin Stránský. You do not know who your data gets and who will call you.