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Non-bank loans – what do you need to know about them?

The idea of ​​a non-bank loan is the same as a bank loan – getting the amount of money you need. Even the preparation stage for this process looks similar.

What does the process of applying for a non-bank loan look like?

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First, we do some research among lenders operating on the market. For this purpose, it is worth using loan comparison websites, which such as Loan-Portal gather many offers in one place. Then, using the calculators available on their websites, we make calculations and find out which option is most advantageous for us. If we are sure that the offer will be suitable for us, we go to submitting the application and wait for its verification. At the end of this road is the desired transfer of funds to our account. This is the theory, in practice credit and non-bank loans differ in the manner and time of implementation of individual elements of this process. The requirements of these lenders for customers, debt repayment processes, their deadlines and the total costs of such liabilities are also different. Let’s check the details.

Bank or non-bank cash loans?

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Currently, almost all of us have a bank account. That is why we have certainly come across cash loan offers sent through all possible communication channels. By deciding to use such a product in a bank where we have a personal account, we can count on more favorable terms of cooperation and lower requirements for us as potential borrowers. We are reliable for the bank if our account has been paid for the last 3 months.

When the bank has doubts about our credibility, it has easy access to all operations carried out on our account. Thus, it can quickly estimate whether we will be able to meet the financial commitment we are interested in. Signing a loan agreement with another bank will be a more complicated undertaking. The lender, not knowing the history of our revenues and expenses, will expect us to prove that we deserve his trust.

Non-bank loans oblige us to provide proof of identity, indicate the place of work and the amount of remuneration, as well as the number of persons in the household. If we pass the verification process positively, we will receive the money up to 2 business days. The loan repayment time is adapted to our needs and requirements – it may, as in the case of ING Bank Śląski, even up to 8 years. The total cost of the loan depends on the number of installments. For example – in the case of a loan for PLN 10,000 with a 5-year repayment period, we must add approx. PLN 500-800 to the loan amount, depending on the offer. Now that we know how banking products work, let’s check what non-bank loans are.

Who can apply for non-bank loans without BIK?

The requirements of loan companies for clients are certainly less stringent than those of banks. Let’s start with the fact that most lenders will be satisfied with the fact that we have an ID card and a bank account, and then we will send the lender a correctly completed loan application. Nothing more is needed to verify us as potential customers, because we enter the necessary information in the form fields, and the company will receive their confirmation after going through the identity verification process. Let’s not forget about age requirements. Initially, to receive payday it was enough to reach the age of majority. However, currently more and more companies are raising their age criteria. For example, in Wonga the border is over 18 years old, but Extra Portfel and Lendon already serve clients of at least 23 years old.

Many of us are interested in non-bank loans without BIK. That is why it is worth knowing that every lender is obliged to verify their client in terms of credit history. However, there are companies that check databases for the information itself, and the result is not a decisive factor. It may happen that the entry relates to debts that we have already repaid, because BIK stores information for as long as 5 years. If our delay in repayment was one-off, we also have a chance to accept the application. Particular attention should be paid to the fact that such products are primarily intended for people with no credit history at all. Lack of any payment information can have the same consequences as negative ones. Simply, the lender has no proof that we are reliable payers.

What characterizes a quick non-bank loan?

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Payday loans are much lower than bank loans. They usually range from 100 to about 5,000 PLN. At the same time, we can easily find offers up to PLN 10,000. However, we must remember that the higher the amount, the greater the risk of late repayment. Therefore, due to the amount of financial support, its purpose is to cover current costs more than larger, long-planned investments. If we apply for installment loans, we will of course borrow more, but we will also have to pay back more. We expect that it will be even twice the original amount. Still, with higher amounts it is worth taking advantage of this option, because repayment in installments reduces the risk and allows the customer to match the commitment to the household budget. However, there is no doubt that when we need a smaller amount, it is more profitable to pay attention to free payday loans. We have a chance on it, provided that we submit an application to the company for the first time. As new customers, we receive a rebate on the costs from the lender – APRC 0%. This means that we simply pay back exactly what we borrowed.

Non-bank loans and consumer loans – which is better?

We often give such an answer and this time we also have to repeat it – it depends. It depends on the amount you want to borrow and the monthly budget we have. If we think that it cannot bear a one-time repayment of a loan of at least several hundred zlotys, we can safely use the selected offer of the loan company. But if we decide that it will be more convenient for us to divide the amount into installments, we decide on either a installment loan in a parabank or a cash loan in a bank. Let us take into account the urgency of our need to raise money and our attitude towards completing formalities.

Loan companies are much more efficient in this respect. The more so because most of them allow you to take loans online without leaving your home, and some of them even have their own loan applications for smartphones. It cannot be hidden that the convenience of using financial products plays an important role in the decision-making process. The most important, however, should be our knowledge about the offer we choose, i.e. knowledge of the regulations, the table of fees and commissions, repayment conditions etc. Only in this way will we ensure full financial security, regardless of who our lender is. Non-bank loans are loans that are constantly changing. Therefore, it is worth following the market news on a regular basis, so as not to miss any important information that may affect our budget.

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