The market of non-bank services is so diverse that everyone has a chance to find an offer ideally suited to their needs. You can choose between short-term payday loans or installment loans, considered as an alternative to traditional bank loans. Installment offers are becoming more and more popular, as they give more freedom in determining repayment terms and constitute a smaller burden on the household budget. It is difficult to choose the best offer among such a big competition, so what should you look for in a non-bank loan with a longer repayment period?

Installment loan – basic information

Installment loan - basic information

People who use non-bank services for the first time may have difficulty finding the best offer. This is because they often opt for short-term payday loans , considering online long-term loans as products that are just as difficult to get as a bank loan. New installment loans have been simplified as much as possible and formalities have been kept to a minimum so that they can compete with popular payday loans. Due to the fact that it is a long-term commitment, you have to reckon with the need to meet certain requirements for customers. In addition to basic formalities, such as living in the country, Polish citizenship and age between 20 and 70 years old, other conditions must be met.

New installment loans – requirements for customers

New installment loans - requirements for customers

Non-banking companies try to flexibly approach the needs of customers, which is why the offers are designed to be as attractive as possible. Long-term online loans carry a higher risk of late repayment because they are granted for higher amounts than traditional payday loans. For this reason, to secure their interests, lenders check clients for credibility. Although there is no need to show a certificate from the employer and sources of income, you have to take into account the possibility of checking in the debtors’ databases. In the event of arrears, the lender may offer a lower loan amount or reject the application until the debt has been settled. However, monthly installment loans via the Internet are flexible products, which is why non-bank companies check their creditworthiness less rigorously than banks.

What is the procedure for granting long-term loans online?

What is the procedure for granting long-term loans online?

For an even easier loan granting process, all procedures have been limited to online activities. After selecting the offer, go to the lender’s website and register your profile. The next step is to fill in the application with your ID card details and specify the loan parameters. A very important step is identity verification, because without this a quick loan will not be granted. The customer has two methods to choose from, one of which involves transferring a penny from his own bank account, and the other by logging into electronic banking. Important in all this is that the bank account must be set up on the same data to which the non-bank loan application was written. Therefore, it is not possible to make a verification transfer or cash withdrawal to an account shared with a spouse or belonging to someone else.

Comparison of offers – a useful tool for looking for loans

Comparison of offers - a useful tool for looking for loans

Finding the perfect offer can be difficult, especially if you don’t know which parameters to look for. Due to the high competitiveness on the non-banking market, it is hard to imagine checking the details of each offer separately. To facilitate the decision-making process, prospective customers can use the offer comparison engine, which details loan details. The ranking contains a list of the most frequently selected offers based on the APRC, repayment terms and complexity of the credit procedure. Long-term online loans are compared in terms of the same criteria, which allows you to choose the best and most advantageous offer in a given category.

What else should you pay attention to?

The choice of the best offer should be tailored to your needs and financial possibilities. Although new installment loans are available on attractive terms, you cannot overdo the amount requested . PLN 3,000 is enough if you have to pay for your current expenses, and monthly installments are affordable, which is why this amount is the optimal solution for additional financial support. It is also worth remembering that late repayment triggers the consequences of default. This means that additional charges for non-repayment must be paid on time, which can generate serious costs if it is delayed. For this reason, non-bank loans must be approached rationally and wisely. It is safer to take PLN 3,000 and spread the repayment over a longer period, and if necessary to apply for another loan than to apply for the maximum grant amount right away. Regular fulfillment of obligations also allows you to build a positive credit history and increase your credibility with financial institutions.