Types of quick non-bank loans

A non-bank loan is one of the possibilities to obtain additional cash for your chosen purpose. It is worth knowing what this form of financial support really is and what are the general principles for providing it.

Quick loans, otherwise known as non-bank loans, are so-called amounts of cash that are granted to the person concerned by a loan company or other entity that, in principle, does not operate under the Banking Law and is not a bank. A quick loan is subject to the provisions of the Civil Code as well as the Consumer Credit Act. In this case, the lender may be a private person or a company, with the proviso that the funds obtained as a result of the loan must only belong to a natural person or an enterprise. I am not able to ask for financial support to take out a loan on behalf of third parties and the repayment burden is assigned to the applicant for financial support. A non-bank loan is subject to different legal regulations than those taken at banks.

Before using a loan company, check it on the PFSA website

Before using a loan company, check it on the PFSA website

Companies providing such financial benefits must be on the website of the Polish Financial Supervision Authority. Thanks to this, every customer has a chance to check the credibility of a loan company and get to know the opinions of other people using its services. On the Internet platform of the Polish Financial Supervision Authority you can find useful information about the selected loan company, which ensures customer protection on the financial services market and alerts you to any type of irregularities in the operations of entities supervised by the PFSA.

For many years, the Financial Supervision Authority also has warning alerts for natural persons who want to take advantage of newly established or unrelated loan companies, as well as those who use prohibited financial practices, including the so-called usury percentage. Operating the KNF website is uncomplicated and does not require IT knowledge. The website provides information on all banking and non-banking institutions that exist on the Polish financial market. To facilitate, the Polish Financial Supervision Authority has also decided to introduce facilities for the visually impaired and visually impaired.

Online non-bank loans – operating principles

Online non-bank loans - operating principles

People who need immediate financial support may opt for short-term non-bank loans – quick loans over the internet that are concluded online, usually as proof or on another ID document accepted by a selected non-bank institution that provides this type of financial support. Online loans are called payday loans. They allow you to get both very small amounts and larger sums of money, which range from several thousand USD. The credit procedure itself is simplified to a minimum. This means that the process of completing the registration form, as well as completing documents, takes from 15 to a maximum of 30 minutes.

A great convenience is the fact that a person applying for a payday loan can work from any place that has an internet connection, as well as the ability to scan documents. The current development of cellular technology has resulted in the fact that many loan companies also consider the possibility of sending documents in the form of photos taken with a smartphone with good screen resolution. This is a convenience for people who do not have a scanner at home or any copying equipment.

The deadline for repayment of non-bank loans taken online

The deadline for repayment of non-bank loans taken online

Loan Online 15 minutes is a fast form of financial support – attach documents in one file to the loan application. Taking out this type of loan requires a current ID card, phone number and email address, as well as a bank account number. The whole procedure takes place only via the Internet, and the customer does not have to go to the chosen location of the loan company.

Payday loans in 15 minutes usually have a short repayment period of between 7 and 30 days. There are also loans with repayment periods ranging from one day to twelve months, but in this case you should indicate the amount of the monthly installment that the customer declares as a form of debt repayment. The payday loans are not only short-term repayment, but only for adults. Some loan companies set their own age limits, because few of them grant loans to persons over 18 years of age.

Short-term loan – accepted sources of income

Short-term loan - accepted sources of income

Financial products, advertised as a quick loan to an account without certificates, do not mean that anyone can apply for them. In most cases, the lender, after passing the personal verification, requests to attach documents confirming having a permanent source of income and the amount of net monthly income. This means that the person applying for a loan via the internet must attach documents that prove his or her possession of any regular source of income. There are companies that accept sources such as alimony, funding from the City Hall or other social institutions, so-called 500+, as well as grants or scholarships. However, a person who does not have a regular source of income in the form of an employment contract, mandate contract, or work contract may have some trouble finding a loan provider online.

Confirmation of customer data requesting a quick loan

Confirmation of customer data requesting a quick loan

Fast online loans cannot be granted to persons permanently residing outside of Poland and using only a foreign bank account. A non-bank loan without certificates requires the verification of customer data using a bank account in the electronic banking system. The most popular method of checking data is a verification transfer or logging into your account using the application.

The data in the application can also be verified and confirmed by phone by an employee of the selected non-bank institution. The online cash received on the account can also be repaid in installments, especially if the amount is high. It is about financial products enabling the granting of loans exceeding $ 5,000, up to the upper limit offered to a given client by a selected loan company.

Online loans in installments may allow the applicant to obtain an amount of up to several hundred thousand USD. I am talking here about financial products in the offer of private investors, parabanks as well as selected loan companies. This is a good method to repair the financial budget for those in debt or those who do not have the creditworthiness required by banks. Many non-bank institutions offer the possibility of obtaining a long-term loan without checking BIK and KRD. This type of quick loan makes it easier to pay off your current debt and allows you to convert multiple installments into one.

There are quick online loans on the Polish financial services market – both in the form of payday loans and products with extended repayment periods. They allow people who need an immediate cash injection to get financial help and, for example, cannot personally go to the headquarters of the selected financial institution. Online loans are also a form of help for people in debt and with so-called bad credit history.

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