Lenders offer financial support on affordable terms, thanks to which we have a better chance of receiving a positive decision. However, where will the non-bank loan be the most advantageous?
Non-bank loan companies
When we need financial support, usually the first thought that comes to our minds is going to the bank. However, the criteria set for borrowers for many people prove to be an insurmountable obstacle. Although compared to previous years, the current financial situation of Poles can be described as good, not everyone can enjoy stable employment or a lack of negative entries in the databases.
If we do not meet these conditions, most banks will reject our application, and we will be left with baggage of bad emotions and the question of where to go for help then. Fortunately, the development of the financial market has resulted in new opportunities.
Institutions providing access to financial support also included non-bank loan companies. They have been available on the Polish market for years, but many of us may be associated with negative stories from the past. Today the situation has changed radically.
Home service was replaced by requests made available on websites, and costs that have raised doubts until recently have been regulated by the amendment to the Anti-usury Act. In addition, the introduction of the register of lending institutions by the Polish Financial Supervision Authority enabled borrowers to verify the credibility of the service provider.
Currently, there are over 420 entities, and this number is still increasing. The choice is huge, so making the right decision to take out a specific loan will require us to analyze the offers and home budget.
The spread of the internet has opened up many new opportunities for both consumers and service providers. Thanks to this, we can save not only money but also a valuable time in today’s world. Non-bank loan companies have also joined the group of institutions providing their products online.
Transferring forms from stationary branches to the network guarantees borrowers an express service and the opportunity to receive the money they need without leaving home. In addition, limiting the required formalities to a minimum gives us confidence that we will have a maximum of several minutes to complete the application. A lot depends on computer literacy and the extent to which we are aware of our financial situation. Let’s also remember that you will need a device with internet access. What other conditions must be met to receive a positive decision?
Online loan terms
Non-bank loans are only available to Polish citizens or residents of the country. It all depends on the internal arrangements of the institution. This means that in most cases a person who is not at least a Polish resident will not receive approval from a loan company.
In addition, each applicant should be at least 18 years old, which is confirmed by a valid ID card. In some companies, this limit is 20 years or more. The age criterion can be adjusted individually at the lender’s discretion. You will also need to have your own bank account, which can be used to verify your identity and provide a loan to the customer.
In order to improve communication between the consumer and service providers, you should expect to need to provide a mobile phone number and email address. Due to the necessity of timely repayment of liabilities, applicants are required to obtain regular income enabling trouble-free reimbursement.
In addition, it should be remembered that in most companies, the basis for accepting the application will be the receipt of a positive result of creditworthiness verification, including no entries in the debtors’ databases.
A payday loan or installment loan?
The available non-bank offers include both short-term and long-term liabilities. The final choice is ours, so we should analyze your needs and options to avoid any repayment problems. The payday loans are characterized by lower amounts. This is the result of the rules applicable during the refund.
Traditionally, the loan period is 30 days, which means that within a month we have to accumulate the amount needed to settle the debt. There are more and more offers with longer repayment periods of up to two months. However, this does not change the fact that in the case of loans for several thousand zlotys, it is still not enough time.
Therefore, if we need a larger loan, it is better to lean towards installment commitments. As a result, we will be able to split the debt into several or several smaller installments. This will allow us to properly plan the household budget and avoid the consequences of failure to comply with the provisions of the contract.
It is true that the longer the loan period, the higher the costs. However, after spreading them over 12 installments, they will not be felt for the wallet. It’s better to opt for higher fees than worrying about the lack of funds on your account when the repayment date is approaching inexorably. Let’s remember that an entry in the debtor’s database can cast a shadow over our creditworthiness for a long time.
Despite the introduction of restrictions related to non-interest loan costs, there are still companies that enable the use of home service. This involves concluding a contract with the lender at your place of residence. It will be an attractive solution for people who value personal contact with a customer advisor and receive cash in hand.
However, everything has a price, and travels to the home of the consumer are associated with additional, often high fees. In addition, we must remember that each subsequent monthly or weekly installment assumes the arrival of a company representative. If the borrower is not at home, the fee is also charged.
Maybe a private loan?
Private loans are granted by natural persons who do not have registered activities related to this type of financial service. For many, they may seem an attractive solution due to the possibility of adapting parameters to individual needs. However, we must remember that they carry huge risks.
We are not able to check whether a private lender is a reliable and trustworthy person. The costs associated with such an obligation are not subject to the regulations contained in the Anti-usury Act. Each creditor can set rules according to their own rules without any restrictions, leaving provisions that are unfavorable to us in the contract.
Undoubtedly, the aforementioned online loan will be a better solution, which guarantees transparent conditions and the possibility of verifying the lender. If you want to make sure that your choice is the right one, check out the Aasa installment loan offer.