Many Poles, if they find themselves in a difficult financial situation, try to save themselves with a loan online. This is quite normal. The market responds to the huge demand for such financial products. Not only by an increasing number of banks, but also non-bank financial institutions. These do not grant loans, but loans. Not only payday loans but also long-term liabilities. What are online loans and how to apply for monthly installments?
Instantaneous payment and installment loan
First, the term ‘payday loans’ should be distinguished from installment loans, although both of these financial products are taken out by loan companies. So payday loans are short-term loans with a repayment period of 15, 30 or 60 days. Installment loans, which can be repaid each month for six years and more, look completely different in this area. This is obviously due to the higher amount of such a commitment. While the maximum loan amount is usually not more than PLN 2,000 with payday loans, it can be as much as PLN 25,000 with installment loans. It is logical that repayment of such debt in a month or two is not possible.
Who are installment loans in Credither for?
Those who need more cash and cannot apply for a bank loan can apply for online installment loans. There is no denying that banks have fairly restrictive lending conditions. They count scoring and check the applicant’s creditworthiness. That’s not all, because borrowers are also checked in credit databases, and above all in the Credit Information Bureau. As a consequence, many Poles cannot apply for a bank loan. One problem is low wages, another is the lack of income from the employment contract, and another the debt arising from unpaid liabilities in the past. Therefore, banks come to the borrower distrustfully and if they have any doubts, they will not grant him a loan. Especially when the amount of such commitment is high and therefore spread over time.
Loan companies have a different policy, which is certainly not so strict with their clients. Credither lend money to people who do not have a regular source of income from their employment contract. It may as well be a civil law contract, or even some kind of retirement or disability pension. It happens that the borrower does not even have to document his income, although sometimes a certificate from the employer is necessary. Other times, a bank statement will be sufficient. Moreover, non-bank financial companies grant loans to indebted persons. Sometimes they do not even check them in the debtors’ databases, although with amounts of PLN 10,000 or 20,000 thousand, the borrower’s verification in the Credit Information Bureau, National Register of Debtors or the Economic Information Bureau cannot be surprising.
How to apply for an installment loan?
Loans for monthly installments via the Internet are currently very differentiated, which is not surprising, seeing the number of loan companies operating on the market. It is understood that the amounts of such loans vary, from a few to PLN 25,000. Spreading them into installments and repayment within a few years allows you to deal with such a commitment. Of course, the applicant for such a loan must meet certain conditions, including:
- be at the age specified by the lender
- have an ID card
- have a steady and proven income
- live in Poland
- have a phone
- have a bank account
The easiest way is to get a loan if the applicant is not on the debtor’s database records. Non-bank companies also check them, but due to cost cutting, they usually verify clients only in selected databases. Therefore, loans for monthly installments over the internet can be granted even to indebted persons. But what if the lender is found in such a register of debtors? Much depends on the amount of debt. If it is small, it does not disqualify the applicant.
The process of applying for loans for monthly installments via the Internet is also simple. As the name suggests, you only need a computer and internet connection to apply for such loans. The entire process the applicant goes through using this network, and submitting the application takes no more than a few minutes. All you have to do is fill in the application with real data, completing all the fields in it. After its approval, money on the borrower’s bank account appears within several dozen or even several minutes.
How do you find the best loan online?
Currently, there are so many loan companies that it is difficult to find the best loan offer. The ranking is helpful here, which includes loans for monthly installments via the Internet. Thanks to this, loans in other companies can be compared in terms of repayment period, maximum amount to borrow, commission, additional fees or interest.
Although these are installment loans, which are easier to repay at least theoretically, they should be taken with care and on the basis of calculated financial possibilities. Not just those present. If you do not want to fall into a spiral of debt, it is worth going ahead a few years with calculations, trying to predict your financial situation throughout the loan period.