In addition to popular payday loans with a repayment period of up to 60 days, there are also installment loans on the non-bank loans market. If you reach for an “installment plan”, you will spread the repayment into small monthly installments, relieve your home budget and minimize the risk of delays.
By using the services of companies offering non-bank installment loans, you can receive up to USD 25,000. The maximum repayment period of the installment loan is currently as much as 48 months.
The wide availability
Express decision and minimum formalities needed to take out an installment loan are reflected in the costs. Non-bank installment loans are in most cases much more expensive than bank loans. If you have a good credit history, stable and sufficiently high income – check bank offers first.
An installment loan will prove to be a good choice for people who are unable to generate several thousand dollars at a time to pay off a short-term loan. Spreading even a large amount into installments will be much less noticeable for your bank account.
Good Finance also works great for customers who are looking for the possibility of borrowing a higher amount. The maximum amounts of payday loans are currently no more than several thousand dollars. This amount will certainly not be enough to finance a home renovation, purchase of a relatively new car or family vacation in the tropics.
Customers who do not fit in the traditional banking system may also apply for additional funds in a non-bank institution. For example, due to the unfavorable credit history, entry into the debtor’s database or low earnings.
Non-bank lenders definitely look at less reliable customers than banks. In the case of a person whose bank has refused a loan, taking a non-bank installment may be the last resort.
Conditions for obtaining an installment loan
When verifying a loan application, the lender takes into account a number of factors. The key is to meet basic requirements such as age, Polish citizenship, permanent address, bank account or mobile phone. Lenders also verify customer data in registers of their choice, such as the Credit Information Bureau and the Economic Information Bureau – BIGInfo Monitor, ERIF Debtors Register or the National Debt Register.
Installment loan companies also require a stable income. Fortunately, a document confirming their amount is only required sporadically. Inflows can come from various, also non-standard sources. Lenders accept those coming from civil law contracts, pensions, pensions, benefits from the Family 500+ program or … maintenance.
Each application is verified individually, based on specific criteria and principles. A negative decision in company A does not automatically mean the same in company B.
Checking the maximum loan amount, repayment date and the requirements of the loan company to your customers can be not only tedious but also time-consuming. Using the summary, you’ll find all the necessary information in one place. And this will allow you to quickly and accurately analyze the details of each loan.
Additional issues regarding installment loans can be found in the ‘More about loan’ tab. There you will find information on current promotions, the rate of withdrawal to a bank account, alternative methods of withdrawal or requirements of the lender.
You can get 100 percent of your online installment loans online. Without leaving home, standing in long lines and traveling tens of kilometers in traffic jams. What documents you will be required to provide to the lender depends primarily on the company and the amount of funding.
For higher amounts, it may be necessary to provide:
• a certificate confirming the amount of income,
• employment certificate, employment contract or document confirming receipt of an old-age or disability pension;
• a bank statement from the last few weeks or months.
You can successfully take out a loan for a lower amount with only your ID card.
Finalization of the loan agreement
Finalizing the contract can be done in several ways. The most popular is signing the contract, which the courier will provide to the address provided by the borrower. An alternative option is to sign the document in the branch of the loan company (after arranging a meeting with an adviser) or … in your own apartment. Such a practice is used, for example, by Provident, who offers home loans. Some contracts can be concluded 100 percent online.
Installment payday – what to keep in mind?
Here comes another important question – what should you pay special attention to when choosing a loan company?
Although many people put costs first, security can be much more important. If you want to be sure that you use the services of an expert, reach for a loan from a proven company with nationwide coverage and a stable market position. This choice is a guarantee of honesty, transparent contract terms, and no additional fees, which were not mentioned at the application stage.