Online loans can turn out to be an instant injection of money – you don’t even have to leave your home for new funds to appear on your account. Compare loan offers, check all conditions and make a wise decision.
Non-bank loans, as the name implies, are granted by institutions other than banks and called loan companies or parabanks. For this reason, online loans are also referred to as private loans via the internet.
Non-bank loans over the internet – what’s that?
The undoubted advantage of non-bank loans is their high availability, speed of processing applications and formalities reduced to the necessary minimum. Often, you do not have to provide income proofs or have a good credit history.
Non-bank loans via the Internet deserve special attention. What is this about? You can submit an application online, provide your bank account number, PESEL number, and several other data, and then wait for the application to be processed – it often takes just a few minutes. Money is transferred directly to your account. Quick, easy and without leaving home.
Non-bank online loans are usually granted to persons who have an open bank account. If you want to get cash in hand, you will most likely have to go to the headquarters of the non-bank company.
What are the characteristics of online non-bank loans?
A non-bank loan online is a financial product that allows you to borrow money quickly and easily. Here are the key features of non-bank online loans:
- you don’t have to have a good credit history – many lenders don’t pay attention to the National Debt Register or Credit Information Bureau databases. Therefore, if you have not repaid your obligations on time in the past, an online non-bank loan may be a solution that will help you get out of financial trouble;
- you do not have to complete many formalities – often to get a loan online, all you need is proof, phone number, bank account number. It may happen that you need an income certificate, but this is not the rule. Thanks to this, loans can also be used by the unemployed and people with debt collectors;
- you can borrow money for a short time – online loans are usually granted for a period of 15 days to 3 years. Among other things, therefore (and because of the speed of completing the formalities) payday loans are also said for non-bank loans via the Internet;
- you can borrow up to several thousand dollars – the minimum amount you can borrow is usually USD 100 and the maximum amount is up to USD 15,000.
Non-bank loans over the internet have many advantages, but remember that, like all other financial liabilities, you must pay them back. If you exceed the repayment deadline or if you are late with paying the installments, you will most likely have to pay extra for it.
Online non-bank loan and bank loan – differences
Loans and credit are often considered synonymous, but they do not actually mean the same thing. First of all, only a bank can grant a loan. Loans are granted not only by banks but also by non-bank institutions and private individuals.
Cheap online non-bank loan
Private loans via the Internet are granted on special terms – often without verification of the databases, in addition quickly and easily. These amenities usually have to be paid appropriately, and therefore interest rates on loans or commissions tend to be high – much higher than at banks. This does not mean, however, that you can’t find a cheap loan.
Loan companies offer various types of promotions to encourage new customers to use their services. Such promotions include, for example, the first free loan for new customers. This online non-bank loan is called free because the APRC is 0% in this case. This means that you give back to the company as much money as you borrowed and you do not incur any additional costs. The institution gives up its earnings, and you can take advantage of the bargain offer.
It also happens that companies reduce interest rates or commissions, so the cost of the loan is not completely eliminated, but it can also decrease.
New online non-bank loans often appear on the internet. There are more offers and it is not difficult to get lost among all the possibilities. If you want to improve the process of finding a non-bank loan online, use the payday loan comparison engine on the Blanche DuBois portal. It is a tool that compares the parameters of various offers and presents them in a legible way.