In this article, you’ll find everything you need to know about online loans. You will learn the 5 most important elements to pay attention to when comparing offers. A good choice? After reading our tips it will become simpler.
Cash loans over the internet will allow you to quickly and conveniently obtain the funds you need. But how do you find the right one among so many offers? You don’t want to make a mistake at the start?
Fast and easy loans internet cash loans
If you have found yourself in a difficult financial situation and you need an internet cash loan, then you have come to the right place. People who, for reasons beyond their control, have seen a balance of 0.00 PLN on their account, can ask for help from non-bank institutions. It is worth noting that this will not be a good solution for everyone. If we are going to take out a loan to pay off another payday loan, we should abandon this idea because it risks falling into a debt loop. You can read more about this in the article: How to avoid a spiral of debt?
As for online cash loans, they can be granted by banks, credit unions, and non-bank companies. We will focus on the last of these lender groups. The basis for such an obligation is an agreement concluded between two entities. Pursuant to this document, the customer undertakes to reimburse the loan amount on time and accrued interest, as well as additional fees. Depending on the loan amount chosen and the loan period.
The total amount to be reimbursed consists of interest, commission for granting the loan, preparation fee and administrative fee. It happens that some of the elements amount to 0.00 PLN. In such situations, they are omitted from the detailed cost statement or included with the relevant information. By familiarizing yourself with this data, we can easily determine whether we will be able to repay such liability, we will easily compare offers available on the market and assess the company’s credibility and reliability.
If the lender imposes fees exceeding acceptable limits on his clients, then we should not use his services. What are the rules? Familiarize yourself with the data below.
- The maximum interest rate may be equal to four times the value of the Lombard rate of the National Bank of Poland. Otherwise, the lender’s actions are unlawful. Currently, the rate is 2.5%, which is why most companies guarantee an interest rate of 10%.
- Non-interest loan costs, i.e. a preparation fee, an administrative fee, and a commission, also have limits imposed by the anti-usury act. This amount can be equal to a maximum of 25% of the liability and 30% of the loan per year.
- When it comes to the preparation fee, it’s worth remembering that this is a one-time cost.
- In turn, the administrative fee applies to us every month.
Knowing the cost of the loan will help us avoid cheaters and detect any hooks in the contract. The basis is to read the signed document carefully!
For example, when borrowing PLN 1300 for 6 months at the APR 263%, the preparation fee is PLN 0.01. In turn, the commission was PLN 517.32, and interest 10% – PLN 38.18. For repayment, they are equal to 1854 PLN, while one installment is 309 PLN. The calculations were made using a virtual calculator on 11/03/2019.
If we urgently need money, the most important thing will be to learn about the waiting time for the lender’s decision and the transfer. Fast cash loans over the internet guarantee us that all formalities are completed quickly, as well as the loan company’s response even within a few minutes. There are institutions that during the application procedure for installment loans need more time to verify the application. However, the waiting time should not exceed one business day.
If a loan is provided, the matter is more complicated. The date of booking the transfer depends not only on the company but also on the banks where both entities have accounts. Internal transactions can take place even immediately, while inter-bank transactions will depend on both incoming and outgoing sessions of both banking institutions. Therefore, it is worth familiarizing yourself with the data on the payment of the loan to the consumer’s account beforehand.
As you know, there is no single offer that would be perfect for everyone. It all depends on our capabilities and financial needs. When it comes to creditworthiness, our income is an important factor for the lender. There are cash loans without online certification on the non-bank financial services market.
What is this about? When applying, we do not need special documents from the employer confirming our earnings, so we can also maintain some kind of anonymity. In such cases, we will be required to provide information on the amount of our income, source of earnings, as well as the value of expenses or the number of dependents. Sometimes, in order to verify information, the lender may ask for information about our workplace.
Most lenders accept employment contracts, pensions, pensions, own business activities. There are also companies that recognize mandate contracts, contracts for specific work or occasional work. You can find information on this subject in the regulations, the loan framework agreement or the “Questions and Answers” section.
Pay attention to whether your earnings will allow you to repay your obligations freely!
As you know, the services offered by non-bank companies guarantee to minimize formalities only to those necessary. The effect of these restrictions is online cash loans as proof. Their name comes from the opportunity to receive the amount of money needed based on an identity document. We do not need any workplace certificates or paper bank statements. Everything is done online. You will need your ID number and series, expiration date and issuing authority.
It is worth noting that taking out a loan for another document, for example, a passport or driving license, is impossible!
Amount and date
Finally, we left almost the most important issue regarding choosing the right loan, namely its value and repayment period. It all depends on what purpose we want to spend the received amount. If you need a larger sum, it is worth reviewing the installment loan offers.
In turn, the repayment date should be adjusted to our financial capabilities. We have to answer the question of how many monthly amounts we will be able to transfer to the lender. To determine these values, we recommend that you analyze your home budget. A hint in making the right decision will also be informed that the longer the loan period, the higher the interest.
Choose the loan amount that your home budget allows you to payback!