Non-bank loans – types and characteristics

 

 

Non-bank loans are eagerly chosen by Poles. Their main advantage is the ability to receive them quickly – without unnecessary formalities and many visits to the bank. This is a type of loans that are granted by loan companies, i.e. financial institutions similar to banks, but operating on slightly different principles.

 

Non-bank loans are, however, divided into different types that are worth knowing if you intend to use them one day. What characterizes non-bank loans and what exactly do companies have in their offers?

Payday loans, non-bank loans

Payday loans, non-bank loans

Payday loans are the most popular type of non-bank loans. These are short-term loans that are granted in a rather small amount and in a fairly easy way. They can be taken in person, by phone or online by sending a loan application to the lender of your choice. The name fits them perfectly, because the credit decision is granted quickly, the money goes to the customer’s account even in a few or several minutes, and the entire loan is granted for a while. The loan period is, for example, 30 or 60 days. In many cases, you can extend your repayment by another 2 weeks or a month if you pay the right amount.

The payday loans offer is interesting because in many places the first loan is granted for free – it means that you pay exactly as much as you borrowed. For regular customers there are also some discounts and promotions. However, since payday loans are relatively high interest rate, they should be paid back on time – maybe they are not granted for large sums, however, the debt may increase very quickly. Usually, loan companies  offer  payday loans, for example up to PLN 3,000 or PLN 5,000. You can borrow PLN 500 as well as PLN 4,500, depending on your creditworthiness and the offer of the particular lender.

Long-term non-bank loans

Long-term non-bank loans

For most customers, it seems that loan companies only grant short-term loans – i.e. so-called payday loans. Meanwhile, at the moment, their offers also include long-term loans , i.e. installments. They can be used, for example, to buy a car or for some other purpose. They have a longer loan period, which means that they can be granted for higher amounts. However, it is more difficult to receive them. The customer’s credit history and financial capabilities are already important. It also depends on how much money you want to borrow and for how long. These types of financial products usually exceed PLN 5,000, and the loan periods vary – from several months to several years. 

Non-bank loans with proof and without BIK

Non-bank loans with proof and without BIK

Payday loans are often given as proof – which is why they are so popular. These are loans in which you only need to provide your basic data to receive a credit decision. A special kind of loans are loans without BIK , i.e. without checking your credit history at the Credit Information Bureau. At this point you can check if someone has accidentally got into financial trouble or if he has ever delayed paying off the loan. Such information makes it impossible to incur another liability in banks.

Many loan companies also check that a person is trustworthy and will pay back their commitment within the prescribed period. However, if these are loans without BIK , then the Credit Information Bureau database is not checked – then the most important thing is the ability to repay related to the amount of earnings and having a permanent job. However, it may happen that a company sends inquiries to the databases of economic information offices. If one of the checked databases is already interested in the offer, then he probably will not receive a loan because he was considered as an unreliable borrower. 

Non-bank loans via telephone and via the internet

Non-bank loans via telephone and via the internet

Non-bank loans can be granted in various ways. You can go to a fixed-line branch of a loan company – if one exists, because many companies only operate online. However, you can also do everything by phone or online. All you have to do is send a special loan application, which you will find on the lender’s website, the offer of which we consider to be the best. In response, a consultant will call us back, agreeing further details of the offer or we will receive all the information by e-mail. It is possible to sign a contract online (using special verification), in a branch or in the presence of a courier who delivers the contract to your home. Such loans are extremely popular right now, because you don’t even have to leave the house – and for many people, convenience is now of great importance. To choose the best offer, 

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