Quick non-bank loan – what do you need to know?

If for various reasons you cannot take a loan from a bank or if you need money urgently, an online non-bank quick loan is an option that you should definitely consider. You can complete all formalities without leaving your home. A non-bank loan via the Internet is available 7 days a week.

What is a quick non-bank loan?

What is a quick non-bank loan?

The non-bank loan is offered by private individuals or loan institutions. At present, you can get cash without a problem online all you have to do is spend a few minutes filling out your loan application. Quick non-bank loans are available without unnecessary formalities.

Banks’ requirements for borrowers are much more restrictive and the conditions for granting loans are dictated by banking law. Non-bank institutions are not subject to the same regulations as banks, which makes their approach to clients more flexible.

The operating principles of non-bank loan institutions are regulated by the Consumer Credit Act and the Civil Code. This applies to both short-term loans and installment loans. Of course, have no illusions – you will have to pay more for this freedom and a lighter approach to the issue of formalities.

A quick non-bank cash loan is easily available – due to the limited requirements for borrowers. Loan companies process applications for payment of up to USD 15,000 in a few minutes, but in the case of high amounts they often act similarly to banks – and this means that they check clients in the credit information bureau’s databases.

If you have no creditworthiness, quick non-bank loans as proof will solve the problem, but you must take into account that you will not receive more than a few thousand dollars.

Quick non-bank loans – on what terms?

Quick non-bank loans - on what terms?

Fast online non-bank loans require only submitting an electronic application to the chosen loan company. Each non-bank institution sets its own rules for granting loans. Some of them verify the customer’s creditworthiness history and require earnings certification, but fast non-bank loans without a Credit Checker are also available.

Then you have to meet the minimum formalities – the borrower must be over 18 years of age, although some companies provide financial support only to people who are at least 21 years old. You need an ID card and a bank account. The application should include a phone number and an email address. Instead of a statement of earnings, only a statement is necessary, i.e. written information on the amount of income.

Remember to fill out the form in accordance with the actual state, as misleading the lender involves criminal liability. After submitting the application, a quick non-bank loan is granted almost instantly, but first, you will be asked to perform a verification transfer to the lender’s bank account, thanks to which your data will be confirmed.

The verification transfer is purely symbolic, usually USD 1. The rest of the decision is returned to your account.

Remember that the verification transfer is also a kind of security for you. Thanks to this, no one else will take a loan, even if it has access to your data, because it would also need access to your account. Fast online loans are completely secure.

Fast online non-bank loan – benefits

Fast online non-bank loan - benefits

Choose quick non-bank loans online if you are looking for instant access to cash. Quick loans, although demonized, have many advantages. These include:

  • negative credit history does not affect the granting of the loan. Some loan companies do not check the Credit Checker databases. This means that if you have a history of late payment, you can still get a loan.
  • formalities are kept to a minimum. You must have an ID card, provide the bank account number, telephone number and e-mail address. Borrowers do not require an income certificate in many cases.
  • you can receive up to several thousand dollars. The maximum amount you can borrow is usually around 15,000 USD.
  • you don’t waste time visiting the facility. All formalities are carried out via the Internet, guaranteeing the comfort of applying for a loan anywhere, anytime.

Remember that quick non-bank loans cost more than bank loans. It is important to pay the liability within the set deadline because exceeding it involves high fees.

Problem-free quick obtaining non-bank ID cards are for clients who:

  • they do not have time for banking procedures and they need cash in the shortest possible time,
  • have a negative credit history and the bank does not want to support them,
  • they are indebted and with debt bailiffs,
  • have irregular income,
  • they are pensioners,
  • they are only 18 years old,
  • value comfort and efficiency of service via the Internet,
  • they want to use the extra cash without revealing why they want to spend it.

Loan with collateral – is it worth it?

Receiving a given product at a lower price will certainly please us. In the case of cash loans, our joy will be double. So how do you reduce the cost of our loan? Which of its elements are subject to any negotiations? We invite you to read!

Ways to get a cheaper loan …

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There are many legal options to lower your monthly credit obligations. These include, among others:

  • Consolidation, i.e. combining repaid loans into one,
  • Transferring the invoice with the proceeds received, thanks to which it will be possible to take advantage of the conditions as for regular customers (reduced commission and/or interest rate),
  • The use of guarantees with the offer, e.g. the Lowest Installment Guarantee at Alior Bank or the Lowest Interest Rate Guarantee at Fine Bank – which will reduce the price conditions received in another institution,
  • Selecting a special offer – most often, however, contains additional criteria that must be met to use it, e.g. the purchase of an additional product.

In addition, it is also possible to take out a loan with security. Is it a viable solution? What can be the subject of collateral? We checked!

Secured loan = cheaper loan?

Secured loan = cheaper loan?

We decided to check how much cheaper loans with established collateral will turn out to be. We also wanted to ensure that the establishment of repayment collateral was not in itself a complicated occupation and did not generate unnecessary costs.
Below is a comparison of loans with repayment collateral established.

What can be a collateral?

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To take advantage of a secured loan offer, it is sufficient, for example, to place a block on a term deposit kept by the bank where you want to take out a loan.

Unfortunately, the catalog of security measures that can be used is quite limited. Most often it is based on ordinary bank deposits kept in the Polish currency in the amount that will allow repayment of the loan principal and interest.

Cheaper but reasonable?

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The monthly installment for a secured loan is on average several dozen zlotys lower than the unsecured one. This is not a small amount, because over the entire repayment period it can bring even several thousand lower interest.

On the other hand, for the entire duration of the loan agreement, we block our savings against the repayment guarantee, which means that any larger expenditure cannot be financed from our own funds but from the loan …

Moderate sales success …

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The recent interest rate cut by the Good Finance has changed a lot. The interest rate on even the most expensive loan offers may not exceed 12% per annum, i.e. four times the interest rate of the NBP Lombard loan. It is already a relatively low-interest rate, which means that even those with secured loans are not so tempting …

From sources similar to bank analysts, we know that low nominal rates are to encourage customers to visit the branch and check the available loan offer. Product options with collateral constitute only a margin of all credit sales of banks.

Customers are not willing to freeze their savings for a longer period if they have them at all … If the loan repayment collateral in the form of a deposit lock is not our only financial cushion, then you should be interested in such a proposal. Otherwise, we are forced to pay higher installments, but without any restrictions or additional obligations.