By knowing the characteristics of all non-bank loans operating on the market, you can consciously decide on the type that suits you best. Contrary to appearances, in addition to payday loans or installment loans, there are also other forms of financial obligations – non-bank, which are available on the Polish loan market.
Short-term non-bank loans
Among this type of financial liabilities, the so-called payday loans in 15 minutes with a 30, 60 or 90 day repayment period should be mentioned. Payday loan is currently the most popular product on the loan market that operates outside the Banking Act. Most loan companies offer their clients the option of entering into this type of financial commitment for a short period. In this way, you can borrow small sums of money, which pay off in a relatively short time. However, a small number of installments or a short repayment period are not the rule here.
Some loan companies offer this type of financial liability up to $ 75,000 for a much longer loan period of up to three calendar months, or 90 days. Many lenders grant quick loans – without additional costs, which is extremely beneficial for those who need to borrow small amounts of money without worrying about paying off interest. This means that the borrower returns only the amount of money borrowed and does not bear any costs associated with handling this type of financial liability.
There are also so-called mini payday loans on the loan market, i.e. a quick loan for an account whose amount does not exceed $ 1,000. The possibility of obtaining this type of financial liability is available to everyone, even those with poor creditworthiness, as well as persons employed solely on the basis of a civil law contract, in which the monthly net income is below $ 1,000.
Some loan companies also provide so-called mini payday loans for people living on social benefits, 500+, maintenance or other benefits not accepted by banks and credit unions, operating on the basis of the Banking Act. In addition, payday loans without BIK and KRD have also appeared on the market, which allow borrowing small amounts of money to indebted persons with large financial obligations, as well as those who are in arrears with timely repayment of installments or appear in the KRD register as debtors with unpaid financial liabilities.
Rules for concluding short-term non-bank loans
Payday loans in 15 minutes , as well as other types of short-term non-bank loans, may be concluded outside the headquarters of the given financial institution or loan company. The entire procedure takes place online – the person interested in financial support completes the registration application, confirms his personal data, and also encloses the required documents in the form of a bank account number, ID card scan and confirmation of obtaining monthly income in the amount required by the given financial entity.
The online procedure is simplified to an absolute minimum, which means that the consumer spends only 30 minutes on registering and completing the entire loan process. In addition, many loan companies accept attaching scans of required documents – both in traditional form and photos taken with a tablet or smartphone. This type of activity requires only access to the internet, as well as computer and smartphone skills.
Operating the loan platform does not require IT or financial knowledge, as navigating the website is intuitive and easy to understand, even for seniors or people who have not used this type of products so far. What distinguishes fast loans online is the fact that each person can without the need to register on the website of a loan company, calculate the amount of interest, as well as set an exact repayment date. As a result, she has knowledge of the total amount of her future debt, as well as the associated additional fees, which in the case of payday loans in 15 minutes basically do not occur.
Non-bank installment loans for individual and corporate clients
Another financial product worth paying attention to are online loans in installments , which can be repaid up to 48 months. It is definitely the best solution for everyone who needs a much larger injection of cash amounting to up to several tens of thousands of dollars. Customers can apply for an installment loan of up to $ 400,000. At the same time, there is no need to provide the exact purpose of the loan.
Long-term online installment loans can be concluded without having to go to the headquarters of a loan company or other financial institution offering such products. It is worth adding that non-bank loans in installments are associated with a simplified credit procedure, in the form of enclosing the required set of documents, without the need to have confirmation of the length of employment or total work experience by the employer. Installment non-bank loans are also a great support for entrepreneurs and sole proprietors. This is quick cash on your account , which you can spend on any purchase or fulfill current and future consumer needs. A non-bank installment loan resembles a cash loan – in terms of repayment deadline and amounts, but in the case of the application process, both financial products differ significantly.
A quick installment loan can be obtained without additional, restrictive requirements and complicated formalities, in particular a credit analyst testing creditworthiness or analyzing the credit history and the amount of funds on the bank account in the last 12 or 24 months. This means that a person who earns minimum income, or who does not have regular income to the bank account, can successfully apply for a non-bank loan in installments. In the case of cash loans, this type of effort is pointless, even if the person has permanent employment or is a pensioner, but does not achieve the required amount of monthly income calculated only in the net amount. Fast online installment loans involve repayment of interest, which is presented to the client at the beginning of the contract. The total cost of the loan is clearly indicated in the loan agreement along with the number of installments.
Non-bank long-term loans are also available to companies – especially those that need to grow their business. Quick loans can help you deal with the financial disadvantage of your business. You can also get the right amount of support with a long loan term. Taking out this type of non-bank loan does not require the submission of company income declarations and thorough scrutiny of creditworthiness. This is excellent investment and rotational support for companies struggling with an impasse in the services or production market. Online installment loans improve the functioning of the company, as well as support the current financial condition of the company and the possibility of patching the hole in the company’s budget.
There have been many online loan offers on the loan market that are tailored to the needs of particularly demanding clients and people in financial difficulties. The large selection of this type of financial products means that most consumers have no idea what the specific financial obligations offered by loan companies or non-bank institutions really differ from each other. For this reason, it is worth familiarizing yourself with the detailed characteristics of all non-bank loans and choosing the best offers available on the market.