Loan companies have an increasingly stronger position on the financial products market. There is also no indication that this would change in the near future. Bank loans are getting harder and harder. Not only do they thoroughly screen the credit history of the applicant, they also have much higher requirements for creditworthiness. It is much simpler in parabanks. Here, even those with low debts and who are entered in the debtors’ database can apply for loans. However, loans in parabanks are not just payday loans. Increasingly, non-bank loan companies also offer long-term loans to their clients without certification. What is such a financial product?
What are non-bank long-term loans?
Long-term loans without certificates are available from several non-bank financial institutions. Importantly, such additional funds can be obtained in a few dozen minutes without leaving home, because the entire process of applying for funds and their allocation takes place via the network. The obstacle is not low income or lack of certificates, and even indebted companies can apply for a loan in selected companies, although a lot depends on the loan company itself.
With long-term non-bank loans, the loan period is from 2 to 72 months, although a loan for two, three or even six months is hardly a long-term one. They are paid in monthly installments.
What is the total cost of long-term loans?
The total cost of a long-term loan in a parabank depends on several factors. The exact data can be found on the website of the loan company. You can also ask a consultant in a telephone conversation about credit terms. Access to it can be obtained after clicking the “Submit Application” button or other similar widget on the site. Advisors from loan companies call back immediately and present the offer. At this stage, you can also ask a few other things about the consultant. From the borrower’s point of view, the most important are:
* total loan amount
* loan period
* amount of monthly loan installment
* total cost of the loan
* the amount of the preparation fee
* the amount of the commission fee
* interest rate per annum
* Actual Annual Interest Rate (APRC)
Installment loans outside the bank and earnings certificate
Long-term loans in non-bank companies are different in terms of the amount offered, the duration of the loan or APRC. You can borrow up to PLN 25,000 in installments. However, the first loans are not so high everywhere. Sometimes, the maximum loan amount for the first such commitment in a given company is several times lower than the maximum loan in such a parabank.
With a few thousand zlotys, these are usually long-term loans without certificates. The limit at which you must provide an income certificate is usually reduced to PLN 10,000, although it is the individual choice of the loan company. It also happens that the lender agrees to grant a loan to the customer on a statement, not a certificate of source and amount of income.
Due to the fact that the offer of non-bank loan companies that lend money, repayment in installments is quite wide, it allows you to find the optimal product for you. Both in terms of the amount borrowed and the length of the loan period. Customers who want a quick loan of several thousand zlotys can also pay attention to companies offering long-term loans without online certification. Otherwise, a statement about the source and amount of income is not enough, and you will need a certificate from your employer confirming it.
Importantly, not all companies, even with such high amounts, check their clients in the bases of debtors, or at least the most popular of them, i.e. the Credit Information Bureau (BIK). To reduce the associated risk, however, most of them do it, apart from BIK, they also check them in the Economic Information Bureau (BIG) or the National Debt Register (KRD). This does not mean, however, that customers who are in the registers of these entities have no chance for such a loan. Some also grant them to people in debt, although the amount of arrears may be decisive.
How to apply for a long-term non-bank loan?
There is also no problem with the application for such a loan. Borrowers who have a bank account, which is now the norm, only need an ID card, because in addition to contact details, you also need your ID card number and PESEL number. You also need a cell phone number and email address.
Such a loan is therefore a very good solution. After accepting the application, funds are transferred to the borrower’s account within several dozen minutes. The application verification time is also short, for which the loan company needs a quarter or a bit longer. Of course, long-term loan applications without certificates are verified much faster.
However, you have to watch out for the costs of such loans. Although it is easier to get them here, they are relatively high interest-bearing. In addition, long-term loans without certificates also carry higher commissions.