Loans online for bad credit – Visit our site for small loans online bad credit
Among the offers of non-bank entities, we will find many different offers. Each of them meets the specific needs of consumers. Loan companies provide ever-increasing amounts of funds that you can apply for – the so-called XL loan can be granted even for the amount of several dozen thousand. But still the most popular are small loans.
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Small loans have the advantage that they are usually granted in a fairly short time. Due to the fact that lenders do not require additional certification, the decision to grant funds is very efficient. That is why it is called the quick loan in which formalities are in fact limited to a minimum. The possibility of conducting the entire online process for many people is a very important advantage of the small loan online bad credit offer.
A small loan leads in rankings
In July 2018, the Credit Information Bureau published a report on the value structure of cash loans and non-bank loans sold. Operations carried out over 7 months – from January to July 2018 were taken into account. The data show that a small loan is a leader among non-bank companies. But not only there.
According to the report, consumers who want to borrow small funds turn not to banking institutions, but to loan companies. Especially a large percentage of Poles borrow the lowest amounts there. As many as 80% of them use the offers of loan companies if they apply for funds not exceeding PLN 1,000. Slightly fewer of them, but it is still a very large group of people, they also borrow higher amounts here. Up to 60% of consumers received a loan of up to PLN 4,000. This state of affairs was largely influenced by positive customer feedback on these specific financial products, which certainly encourages new ones to pay attention to them.
Rules for granting loans
The rules for granting non-bank loans differ depending on the offer we are dealing with. While in the case of applying for higher amounts certain formalities must be completed, small loans will be subject to them to a much lesser extent. The reason is quite simple. Sharing small amounts of money involves significantly less financial risk, which is obviously on the side of the loan company. This risk is also reduced due to the shortening of lending time – small amounts are usually borrowed for shorter periods of about 30 days. Of course, the situation is slightly different with small installment loans, but it is still providing small amounts, so you can expect easier access to funds.
An important element that should also be mentioned on this occasion is creditworthiness testing. The risk of defaulting on small amounts of money is much lower compared to large amounts. This, of course, does not mean that the loan company will not generally check our financial credibility. However, it will certainly not be very restrictive in the borrower’s assessment, even if it is a debtor entered in one of the economic information or credit information databases. Ultimately, of course, everything depends on the individual situation of the consumer applying for funds.
The basic rules for granting loans for small amounts applicable to all borrowers are common to all such offers. First of all, you should be an adult Polish citizen who can identify yourself with an identity document. There are a few exceptions to this market rule. First of all, there are companies, though few, that can provide funds to foreigners. Secondly, adulthood, i.e. reaching the age of 18, does not always qualify for funding. Many lenders take 20 or 21 years of age as the upper age limit. The minimum age limit is also regulated – loans are usually granted to consumers up to the age of 60-65.
Small loan – online and stationary
There are three basic forms of granting funds under small loans on the market. They are a small online loan, stationary and granted at the client’s home. In all cases, the formal requirements will be similar. According to the rules for granting funds, it is usually sufficient to provide proof of identity. This process will be slightly different if we are dealing with a small internet loan offer.
To this end, it will be necessary to set up an individual account on the lender’s website and complete the online loan application. It is also necessary to verify the data we have provided. Lenders do this using a verification transfer or a dedicated application. In both cases, it is about confirming the borrower’s identity based on the bank account owner details. An account once created on the lender’s website will be active. When applying for funds again, we will use the same data when logging in to your personal account.