Payday loans for free – how does it work?


You can take advantage of a non-bank loan for free. Sounds incredible? We calm down: payday loans are found in many loan companies, but they are not available to everyone. There are two basic conditions.

Ads for free loans don’t lie. The money you need can be borrowed in addition, without unnecessary formalities, online, but not everyone will be able to use this option. To be able to enjoy payday loans for free, you must meet two requirements: have the status of a new customer and pay back the loan on time.

Free loans only for new customers

Free loans only for new customers

The non-bank loan industry abounds in a large number of companies that constantly compete with each other for clients. The effect of the existence of strong market competition is a flood of various types of promotions aimed at attracting the attention of potential recipients. The most popular special offers are free loans.

Free payday loans are offered to all those who have not yet used the services of a given company. Exemption from repayment costs is a way of encouraging new customers. Often: very effective. It is difficult to resist borrowing cash for free if we are in financial need. And there is nothing wrong with it, as long as we use loans in moderation. Even with interest-free ones.

The first payday loan for free if you pay it back on time

The first payday loan for free if you pay it back on time

By entering into a promotional loan agreement, a new customer acquires the right to use it without commission and interest, but in order to keep it, he must meet an additional requirement. It is timely fulfillment of the refund.

If the debt is repaid at the latest on the due date, i.e. the date indicated in the contract, the customer will not be charged with any loan costs.

However, if he is late by paying the amount due even by a day, he will irrevocably lose his right to a free payday loan.

Warning! The actual repayment date will be the one in which the required amount has been credited to the lender’s account. Sending a transfer to the loan account on the last day of the contract is not enough if the money does not reach the lender’s bank.

If you intend to pay off the debt on the last day of the contract and you want to be sure that the cash will be credited to the bank of the loan company on time:
• order a transfer in the morning if the lender’s account is kept by a bank other than yours or
• deposit money from the account in the same bank that maintains the loan repayment account (if you can) or
• use an instant transfer (payable in most banks, its cost is usually USD 5).

How much are the next loans?

How much are the next loans?

After paying the first payday loan for free, the customer no longer has the right to re-use the interest-free loan, but most often he gets the opportunity to borrow higher amounts – as part of subsequent payday loans. These will be settled on standard terms, and the final cost depends on the price list of the company.

Although the costs imposed on borrowers by individual entities may vary significantly, they cannot exceed the statutory limits.


The maximum amount of annual interest charged on capital is equal to twice the sum of the reference rate and 3.5 pp, which means that it cannot currently exceed 10% per annum.


Legislators have reduced not only interest rates on loans, but also non-interest repayment costs, which are the sum of all fees except interest. Non-interest costs may not exceed:
25% of the loan amount once and 30% for each year of the contract,

the equivalent of the total loan amount (applies to all costs),

The non-interest cost limit applies not only to a given contract, but also to subsequent loans if they are contracted with the same company within 120 days of the first contract. Thanks to this, the costs of “rolling the debt” have been reduced.

Example: loan costs for 2,000 USD repaid once after 30 days are limited to a maximum of:
• USD 16.44 interest and
• USD 549 of non-interest expenses (commissions and other fees).

Due to the fact that promotional offers are usually limited in time, and the loan market is constantly changing, we encourage you to keep up to date with the latest information on special offers.

You can check the current offers of payday loans in our online loan comparison engine.

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