Online loans are a convenient way to increase your budget in an unexpected situation. Usually, it takes a while to get it, and the entire process is done over the internet. If you want to lend money online, in many cases, you do not even need to submit a proof of income. What else is there to know about them?
Online loans - paperwork reduced to a minimum
Online payday loans are usually provided by non-bank institutions, operating on a slightly different basis than traditional bank loans, and they have several other features.
Most of them are granted for up to 30 days, although this is not the rule because there are some more extended repayment periods. Mainly they serve as a cash injection in unforeseen circumstances; however, the purpose for which we take out an online loan can be anything (e.g. house redecoration, purchase of household appliances, a car, electronic equipment, a trip, etc.).
The non-bank financial institutions which provide fast online loans usually impose limits on the amount that can be borrowed. Very often, the maximum loan amount does not exceed 3,000 PLN.
The indisputable advantage of e-loans is that there is virtually no paperwork. Loan application forms published on lenders' websites are reduced to a minimum. Companies do not even require a certificate of income. Personal ID, bank account number and phone number are all you need.
Online loans up to 15 minutes
One more advantage comes with minimum bureaucracy. It may take just 15 minutes from filling in the application to receiving the money in the account. This time may, of course, be extended depending on the bank in which we have a payment account. However, companies granting quick loans try to reduce it by opening accounts in many popular banks.
Money found in the account after 15 minutes is a perfect solution when we really have to realise our needs. What do loan companies most often take into account when considering our application?
They verify, among other things, whether we have any arrears in relation to them. It also analyses the possibility of repayment of incurred liabilities and creditworthiness in external registers, e.g. Credit Information Bureau.
Who can get an internet loan?
Several conditions need to be met to get a payday loan. These may vary depending on the loan company and are detailed in the information presented on the websites and in the contracts. For example, lenders require that the person taking out an online loan should be of legal age or should be no less than 20 years old and no more than 70 years old.
An ID card is essential. Very often, it is required to have the citizenship and current residence in the country where we want to take a loan. A person applying for credit should also have the capacity to perform legal acts and be a consumer within the meaning of the country's law.
When applying for a payday online loan, it is also necessary to have an active bank account to which the loan company will transfer the money. It is also often used to verify the identity of the customer using a so-called micropayment.