Most loan companies offering fast non-bank loans via the Internet tempt customers with slogans suggesting a quick time to grant them. It is generally accepted that all payday loans requested online can be obtained within fifteen minutes or even faster. Loans in a quarter offer such companies as NetCredit, Kredito24 or Ekspres Kasa. Is it really possible to get a payday wage so quickly in them? Let’s think about it.
Only regular customers of loan companies who have made a positive story in them can count on truly instant loans. They receive loans in five minutes. How? Logging in to customer profiles, choosing the terms of new loans and accepting applications or using the option of sending them via SMS. If they do it during the working hours of loan companies, they receive positive loan decisions and quick transfers to bank accounts after a short while.
Customers who for the first time use the services of specific non-bank companies cannot expect such a quick service. Precious minutes pass by while filling out the registration form. Common confirmation of personal data by bank transfer also does not speed up the process. If customers do not have an account in the same bank as the loan company and do not perform an immediate transaction, they wait for the registration fee to be registered for the next booking in a given bank from several hours to several days. Let’s assume, however, that they fill out the forms fairly quickly and send verification fees quickly, logging in to the lenders’ accounts in a few seconds. So all ten minutes have passed, and loans like that were gone. Why? Because customers are being verified at BIK, BIG, KRD and ERIF, they are waiting for a phone contact to talk about sources and amount of income or are just logging into online services and confirming the applications! How long before they get loan decisions? From fifteen minutes to over an hour.
What should new lending client customers do to reduce lending time to a minimum? First of all, apply for them during business days and hours not only for lenders but also BIK, BIG, KRD and ERIF. In addition, send verification fees to accounts in banks in which they themselves have accounts or make instant transactions. What’s more, chat on your cell phone in case the loan company sends an important SMS or calls to verify your personal details and income source.
Each financial company, other than a bank, can determine the rules for granting loans. Most parabanks operating on the Polish loan market grant loans to individual clients. Nevertheless, there are also loan companies that offer loans for entrepreneurs. As you can see, the financial products market is currently very diversified, which is why non-bank loans are targeted at various groups of clients, and each parabank can determine the criteria that the client must meet to ultimately take out a non-bank loan.
First of all, cash loans from non-bank companies, so-called payday loans are intended for customers who want to receive money in the shortest possible time, with a minimum of formalities. In banks, apart from the loan application, a number of other documents must be submitted so that the financial analyst can calculate the client’s creditworthiness and decide whether to grant a loan or not. In parabanks, the procedure for granting loans can take up to several minutes, which is why money can be on the borrower’s account in a short time. The customer only has to accept a higher actual interest rate on the commitment.
A separate group of parabank clients are persons who, for various reasons, have been refused a loan from a bank. They are not necessarily indebted persons who have negative entries in the Credit Information Bureau, but also customers with insufficient creditworthiness. Bad history in BIK for many parabanks will not be an obstacle to granting a non-bank loan, unless the client is entered as an unreliable debtor in the National Register of Debtors or in the databases of the Economic Information Bureau.
The loan offer from non-bank companies will also be received by persons who are not able to document their income in the way desired by the bank. These can be sources such as a mandate contract or a specific task contract. Parabanks often do not penetrate how the client earns income. What counts is only his statement on how much he earns monthly and whether he will repay the first loan granted on the date set in the repayment schedule provided with the loan agreement to the customer.