Banks usually grant loans for larger amounts, and the process of considering an application for this type of commitment and providing the required documents takes a long time. It is no wonder, then, that people who need cash immediately start looking for a loan offered by non-bank institutions. Thanks to them, you can get money in a short time – in the event of temporary financial problems or other crisis situations, e.g. when the fridge or washing machine breaks down unexpectedly and we do not have enough funds to cover the costs of repair or purchase of a new device.
Loans for small amounts can be obtained very quickly, and the advantage of this solution is the possibility of submitting a 100% online application online. Limited formalities and a simplified loan procedure are another indisputable incentive. Of course, when deciding on such a solution, it is worth comparing the proposals of various companies and choose the one that is most favorable to us. It requires a bit of effort, but it will protect you from additional costs.
Where to start your search?
When we need cash, we usually try to apply for a loan as soon as possible in order to receive money on the account in a short time. Hurry is, however, a bad advisor, and because there are quite a few companies offering loans on the market, it is worth checking which of them has the most favorable conditions.
Therefore, it will be wise to search for relevant information on the Internet and compare the total cost of the commitment. You can also ask your friends about recommendable companies presenting their offer in a clear way that allows you to clearly determine the amount that will have to be paid.
Choosing an offer
When searching for an offer that best meets our expectations, you must first determine the amount you want to apply for, as well as the time to pay off the debt. Currently, on many thematic websites, you can find loan comparison websites in terms of their amount, time to repay the liability or the APRC, i.e. the actual annual interest rate being the most reliable indicator to assess their attractiveness. The loan companies themselves also place special calculators on their websites, enabling them to precisely determine the installments depending on the amount or repayment period chosen.
A proven company
Once you have chosen a specific offer and decided on a loan, it is worth verifying the credibility of the lender. This step does not take much time, but it is very important because it allows you to make sure that we use the services of a company subject to proper supervision, which is also reliable. Just look at the website of the Financial Supervision Authority, where there is a list of lenders that are not worth cooperating with.
Online loan availability
Loans offered conveniently via the Internet to many people are associated with the so-called payday loans for a short period of time. In fact, however, people looking for quick funding have more choice and can find an offer with longer repayment obligations. It is worth mentioning that not all lenders are willing to consider positively the client’s application if it is in the register of debtors. Therefore, different companies have different conditions – some will require presentation of a document confirming stable income, while others will require no entry in the data register and a specific age. This should be remembered when submitting the application.
Read the contract
In the case of Internet loans, the contract with the lender is concluded by making a one-dollar verification transfer. Of course, before the transaction you need to read the contract and its terms. The relevant information is usually on the website of the online loan company. The document should contain detailed information on the APRC, the amount borrowed, how to pay the debt, along with the repayment schedule and the consequences of non-compliance or additional charges.
Why is this important? Getting acquainted with the content of the contract will allow you to determine the total cost of the loan, and at the same time ensure that any unforeseen fees will not surprise us during the repayment of the debt.