The amounts of payday loans we can apply for range from USD 500 in Fashionable Loan to up to USD 5,000 in New Credit and Best Credit.
Payday loans for high amounts
However, high amounts are not available to everyone, but only to regular customers. In New Credit, a loan of USD 5,000 can be requested by a customer who uses the services of the company for the 8th time. It is worth noting that both companies have pre-determined amounts that a new customer can apply for, and so in Best Credit, it is USD 1,500, while New Credit offers the first free loan up to USD 1,600.
A slightly lower loan amount, i.e. USD 4,000, is offered by New Credit, but here the amount of the first free loan is the highest and amounts to USD 2,000. All the abovementioned institutions offer their clients a loan for a maximum period of 30 days, however, it is possible to postpone this deadline by further weeks.
There are also companies on the market that do not impose a limit on the amount of the first loan, which means that regardless of whether we borrow for the first time or the next one, we can always apply for the maximum amount that a given company grants. This is how Kredito24 works, allowing you to apply for a loan of up to USD 3,000, Pandamoney with a loan of up to USD 1,800 or a Woman with Cash up to USD 1,500, however, these companies do not offer the first free loan.
The first free payday loan
Many companies providing payday loans wanting to convince new clients to use their services offer the first loan for free . Due to the high interest in payday loans, non-bank institutions increase the limits granted to new clients, and as we wrote above, the highest free loan in our offer has New Credit – USD 2,000, Cheap Loan offers new clients USD 1,700, and USD 1,500 offered by a significant number of companies loans, as many as 8 out of 30 verified by us. Among these companies is Wonga, whose loan is admittedly free, but the low cost of USD 10 is not noticeable due to the possibility of paying off the liability after 60 days.
We can also apply for a free loan of up to USD 1,500. It is worth remembering that most non-bank institutions treat the first free loan as a loan granted for a predetermined period, so if we decide to extend it, we will also have to take into account costs such as commission or interest, which will be automatically added. So when deciding on a free loan, we should try to repay it on time.
Payday loans with a long repayment period
Most loan companies grant payday loans with a repayment period of up to 30 days, which we can extend in urgent cases by transferring the designated amount, i.e. the extension fee. Remember that we should do it before the agreed repayment date because otherwise the extension may not be accepted by the loan company and we will face unpleasantness due to unpaid obligations.
Among loan institutions, we can find offers of payday loans with a 45-day repayment period, such as Extra Cash or Lender Good, and a 60-day repayment period.