The most popular product of the non-banking financial market are, of course, payday loans, i.e. short-term loans. Their name does not come from nowhere. They are awarded for a really short time.
In general, their loan period is from a few to a maximum of sixty days.
Initially, non-bank companies offered their clients loans for a short period of time as well as a relatively small amount – they were not loans higher than a maximum of PLN 1,000. Currently the situation has changed significantly. As for payday payday, you can borrow up to six thousand zlotys today. The lowest amount that comes into play in most parabanks is fifty zlotys. It is worth adding that a lot of parabanks offer their clients a free first loan. What does it mean? We will not pay any interest or commission on the first loan. Thanks to this, we will refund exactly the amount that the parabank lent us.
Among the loans currently enjoying great interest include the so-called payday loans. They are offered by parabanks, of which there are more every year. Few people know, however, that their offer is not only payday loans. Below we present what we can count on when deciding to take advantage of the parabanks offer.
Parabanks are constantly expanding their offer. Currently, these are not only payday loans, but also installment loans granted for higher amounts and longer periods. It’s a good choice for people who need a much higher amount of money, but don’t get a traditional loan at any bank. Such a loan is even thirty thousand zlotys today. What loan period can be used? It depends of course on the lender, but you can bet for up to four years. When choosing a loan, you need to consider the potential costs that are associated with it.
At What Bank A Quick Credit Decision?
Verification by bank transfer – This method of verification works very well when it comes to payday loans. The person who submits the application is required to perform the verification transfer. Importantly, this transfer must be made from an account that we own. His task is to confirm our identity. So if it is made from another person’s account, it will not allow you to grant a loan. The lender will only start processing the application once the transfer we have made has been on its account. No transfer means you cannot borrow money.
Loan companies most often verify the identity of their clients based on the ID card provided. The loan application must include the series as well as the ID number. Sometimes a photocopy of the document is required, which is then attached to the application. If we take out a loan using the Internet, we must provide a scan of your ID card. However, you can do this by using email.
Everyone who decided to borrow money would like to make the loan decision almost immediately. Meanwhile, you have to wait a little for her. In the case of parabanks, which provide so-called payday loans, everything is done very quickly. Let’s see what lenders use to verify customers.
Parabanks use verification not only using an identity document and bank transfer, but also a special application. To confirm your identity, log in to your own bank account. The application will download all the data it needs. A lot of people will ask here if it is a secure solution. It should be emphasized that such applications have very extensive security. Therefore, you should not be afraid that confidential information will reach unauthorized persons.
Where did I get a loan without a credit history?
Admittedly, parabanks already allow the so-called credit holidays, but it is expensive for them. For deferring the repayment date of subsequent installments, one should pay. As a result, the loan becomes even more expensive. What’s more, the parabank may of course refuse to give us such help in paying off the debt.
The most important disadvantage of payday loans is, above all, significant interest rate. APRC, i.e. the total annual interest rate is much higher in their case than in the case of classic bank loans. What does this mean for the customer? To the parabank we have to give back a much larger amount than the one we decided to borrow. That is why it is so important to think sensibly about the amount you want to borrow. You should seriously think about whether we can deal with its repayment.
Late repayment is an element of payday payday, which can translate into significant costs. Everyone who decided to take a payday should know that not paying installments on time is a necessity to pay considerable interest. As a result, we will refund a much larger amount to the parabank than the one we decided to borrow. For this reason, it is important for payday loans to ensure that each installment is repaid on the date agreed when signing the contract. This will avoid unnecessary additional costs.