MonthOctober 2019

Tips for safe online borrowing

Since the internet industry began to develop, the financial industry has decided to provide its services in it. The standard has become the use of online banking or incurring financial obligations without leaving home.

However, you must remember to be reasonable when sharing data on the internet. When you get a loan online, there are a few useful tips to follow.

Sending the application


The loan application should be completed only on websites that we trust and we are certain that they were not created solely for the purpose of phishing. Legally operating sites have a number of safeguards to protect data. We will immediately notice if such safeguards will be available.

The most advantageous solution will be to analyze the application and send it during your stay at home. We will be able to read everything carefully. Then you can eliminate many mistakes. At home, we will also be more vigilant than at work, which will be accompanied by rush.

Searching on trusted websites

Searching on trusted websites

You must remember to look for payday loans only on trusted websites. It is worth to use only websites that specialize in this type of offers and financial services. It is a good idea to use comparison websites. They publish reliable and verified offers on their websites.

They are also created by people who are interested in finances and are familiar with financial services. Therefore, for example, compare payday loans. This is a site run by professionals. It offers a wide range of high quality loan offers. In this case, you can be guaranteed reliability and honesty.

Verification transfer

Please note that before the payday loan is given to us, the non-banking company may ask us to perform a verification transfer. Usually, this is a symbolic amount of up to PLN 1.

However, if the lender wants a transfer for a higher amount, for example PLN 10, you should turn on a red light that something is wrong and that such lender may turn out to be dishonest. In such a situation you should quickly give up the offer. You can also work around the verification transfer, check out the article “Chwilówki without verification transfer”.

Thorough checking of the loan company


Due to the fact that the loan application must provide personal data, as well as send an ID card scan, the credibility of the company whose services we want to use should be checked very carefully. To do this, read the reviews on the internet. Thanks to this, you will be convinced that our data will not fall into the wrong hands.

It should be remembered that even if we conclude a contract via the Internet, we are obliged to meet the conditions contained in the contract. We must stick to the agreed repayment deadlines so that we do not have serious problems.

It is therefore very important to read the contract carefully before signing the documents, which the loan company will send us in PDF form. You will then be able to see if any of the points of the contract are unfavorable to us.

Credit Account – How Credit Cards Work

Some of the loans and credits we present here at Porthos are of the type of online credit, or credit accounts with a different name. This type of loan is becoming more common and will be even more common in the coming years. Above all, the type of loan is very common among new fast loans.

A common way of describing credit accounts is to present them as “credit cards without cards”. It is a comparison that holds in some parts, but there are also some differences between credit accounts and credit cards. In this article, we present the typical features of credit accounts so that you can see if this type of loan / credit may be suitable for you.


A current credit online

credit online

A credit account is a standing credit that you can use on an ongoing basis with withdrawals and deposits. Each withdrawal basically acts as a separate quick loan on which interest is calculated. Withdrawals normally take place via the lender’s website, but there are also lenders who can pay out money upon request in an app or by phone.

Unlike a quick loan, your credit can be dormant. When you are granted a quick loan, the money is paid out directly, but the same does not apply to credit accounts. Of course, however, you can of course request a payment immediately upon granting if you wish. The fact that you are applying for a credit account is probably because you need to take out a loan right now.

Credit accounts do not accrue interest until you make a withdrawal. Therefore, this type of credit is an alternative to having your own buffer. However, a small set-up fee may sometimes apply. The reason is that the lender has credit check costs and more even if you do not make a withdrawal.


Loan amounts of up to $ 50,000

Loan amounts of up to $ 50,000

The majority of lenders offering credit accounts offer amounts between $ 5000 – 20,000. However, there are players who have significantly higher ceilings than that, in fact up to $ 50,000. It is, as usual, creditworthiness and ability to pay that determine the individual maximum limit.


Credit account costs

Credit account costs

In total, there may be three costs associated with credit accounts. It is about:

  • Setup fee
  • Redemption fee
  • Interest

The setup fee is the least common. Only a few lenders charge one. Withdrawal fees are much more common. It is then that you are charged a direct interest rate of a few percent for each withdrawal. Even if you pay back the loan after just one day, you are obliged to pay the withdrawal fee.

Some lenders are content with the withdrawal fee, at least for the first time. In others, interest starts to run from the first day. Since different operators have different principles for costs, it is important that you compare credit accounts.


How to withdraw money

How to withdraw money

With a credit account, you can transfer money from your online lender account to your bank account when you need a deposit. It’s a simple thing to make withdrawals. Normally, you just need to log in to the lender’s website and specify the amount you want to transfer. Just like regular quick loans, it usually takes a maximum of one business day before you see the money in your account.


Advantages and disadvantages

A natural question in this context is why you should / should / can choose a credit account over a regular fast loan. To answer that question, you need to know the advantages and disadvantages of the loan type.

The most obvious advantage of credit accounts is that you get more freedom of choice. You do not have to settle for ready-made offers within fast loans, but can tailor your loan exactly as you want it (through your withdrawals). If you need a supplement of, for example, $ 3500 for ten days, you can withdraw just that sum and pay back within ten days. Of course, having a larger frame to withdraw from is also an advantage.

Another benefit is that you often have more flexibility when it comes to repayment. A quick loan must be repaid within a certain time. Instead, for credit card withdrawals, you can often postpone the repayment much like you can for credit cards.

What can be seen as the biggest disadvantage of credit accounts is the usually tougher credit check that is done. Generally, it is more difficult to get a credit account granted than a quick loan and there are also fast loans without UC (ie without control at the Information Center). Of course, the loan amount plays a certain role in this context, but it is generally necessary to have a more stable economy in order to have a credit account granted. It becomes particularly problematic if you have payment notes.


Credit card comparison

Credit card comparison

That said, it is not uncommon for credit accounts to be compared to credit cards. It is a comparison that is both clearly valid and which at the same time holds something.

The obvious similarity is that the credit account functions as a current credit. Just as you can use your credit card only when you need it, you can claim the credit in your account when the need arises. In this aspect, the credit account functions as a “card without credit”.

The fact that the comparison is limiting is due to the fact that withdrawals in credit accounts can never be seen as interest-free loans. When you pay with a credit card, you always have at least 30 days interest-free credit. If you pay the invoice on time, the credit costs you nothing. However, withdrawing from a credit account costs money from the first day.