Have you ever used non-bank loans? payday loans? You must know that companies offering them have also added installment loans to their offers. They are characterized by a higher amount that the customer can apply for and a longer repayment period.
Pursuant to the law in force in Poland, not only banks can offer loans – non-bank companies that willingly use this option may also have in their offer, being an alternative to banks. If you have not always paid your money back on time, it is very likely that the bank will not want to borrow you money. Why? Because his employees carefully check the credit history of people applying for a loan. This does not mean that you have no chance of a loan – you can get one at a non-bank company. Interested? Get the details.
Installment loans without BIK or with BIK?
When you want to borrow money, you must be aware that the amount you receive will depend on two factors. Talking about:
- credit history
With a good credit history and a stable source of income, you can count on a non-bank company to give you a high loan. If you have not yet repaid your obligations on time, you can still apply for an installment loan, but you may not receive the maximum amount offered by the lender – it’s worth keeping that in mind.
Installment loans without BIK are more expensive than those with BIK. If you have been honestly paying off your obligations, do not overpay – choose lenders who check their clients in BIK. In this way you will reduce the amount of additional fees charged by non-bank companies.
Also remember that BIK is not the only database where information about our debt and its repayments are collected. Non-bank companies also use other databases, e.g. the ERIF Register of Debtors. If you appear as a debtor in such a database, your loan application will also be rejected. Today, non-bank companies pay a lot of attention not to lend money to people who are already in debt and who have serious problems with paying their debts.
How much and for how long can you borrow?
When it comes to installment loans, there is a big difference between those offered by banks and those offered by non-bank companies. This applies to both the maximum amount that the customer can apply for and the repayment period.
Banks grant cash loans (cash loans) for a period of 6 months to 10 years. To receive money for 10 years, you do not need to have collateral in the form of e.g. real estate or real estate – all you need is creditworthiness. Received funds can be used for any purpose – a bank employee will not ask you what you will use them for. The amount you can apply for is up to $ 200,000.
Non-bank companies grant loans for a shorter period – up to 3 years. The maximum amount is also lower – currently the highest, $ 25,000, is offered by Progre Credit to its clients. If you want to check where and how much you can borrow, see HERE. Thinking about you, we have prepared a statement that will allow you to quickly find the maximum loan amounts offered by non-bank companies.
Which non-bank companies offer installment loans?
Only a few years ago, only a few non-bank companies offered installment loans. Today the situation is different – as an interested person you must know that you have a lot to choose from.
Among the companies offering their clients to take out such a loan, we can mention, among others: Caplo, Monego Now, OnCredit or Progress.
Perhaps in one of the above-mentioned companies you took so-called online payday loan.
Since the choice is large, it is worth that you carefully read the offers of individual companies. This way you can check which entity offers the most favorable conditions. Particular attention should be paid to the amount of borrowing costs (e.g. commission, additional fees).
What to look for when looking for a long-term loan?
The costs you will pay to get a loan are, of course, one of the most important things you should pay attention to. However, there are others that are worth remembering. Talking about:
Aged lender. Only some companies decide to grant installment loans to people who are 18 years old – most require that the lender be at least 20 years old. In addition, some companies set the maximum age of the lender, e.g. 70 years.
Deadline for issuing the decision. Not all non-bank companies work 7 days a week, some only process loan applications on business days. If you want to receive funds quickly, you must take this into account.
The formalities you’ll have to complete. An installment loan is a greater obligation than the so-called online payday loan. It should not be surprising then that the non-banking company wants to protect itself. Check whether you will be required to provide a certificate from your workplace by completing the application.
Remember – an installment loan is a long-term commitment. Decisions should not be taken lightly – it is necessary to carefully check the conditions under which the company will borrow funds. Only then can you be sure that you have chosen Progretably for yourself.