When cash is needed, especially in larger quantities, and you do not have savings, then you have to reach for external sources of financing. Unfortunately, the credit procedure offered by the banks is extremely extensive, so granting the loan may take from several days to a week or longer. At the same time, it is required to submit numerous statements and statements, primarily about the amount and source of income. At the same time, banks and Credit Unions are obliged by the Polish Financial Supervision Authority to check the credit history of each client in the Credit Information Bureau. As you can guess, all the procedures take time, so the loan is not immediately available. http://momentodada.com has examples
What’s more, even after verification the credit decision may be a negation. It is enough for the bank to find one, negative entry or complete lack of credit history in Retrodatabase. However, refusal does not mean that there are no other sources of money. An alternative is the non-banking companies and the fast loan they offer. What is it and what conditions must be met in order to receive it?
An online loan is the most important product granted by loan companies, that is companies that operate outside the banking system and are not subject to the recommendations of the Polish Financial Supervision Authority. They operate and grant loans in accordance with the principles of the anti-usury law and the Civil Code. The act primarily determines the maximum interest rate on a loan granted by non-bank companies. It can not be higher than four times the Lombard rate of the National Bank of Poland.
At the beginning of 2015, exactly in January, this rate was 3%. Therefore, loans and credits granted on the financial market in Poland may be subject to a maximum rate of 12% in the whole year.
The main advantage of a quick cash loan that can be obtained from a non-bank company is the simple way to get it. Much easier than getting a bank loan. It results from the simplification of verification of clients who want to receive financial support. Importantly, the majority of loan companies do not verify clients in Retrodatabase databases. Usually they do not have access to it. The exception is Wonga, which started bilateral cooperation at Retrodatabase. However, this does not mean, as in the case of banks, that the negative credit history deletes a potential client from the list of people who can apply for a loan.
Another advantage of the loan for proof is the lack of the need to submit a large number of documents, employment certificates, certificates of income obtained. It is also not necessary to secure loan repayment or own contribution, often necessary in banks, especially with large loans.
All you need to do is submit an application – usually online, via the website – and wait for the verification of your identity through a small transfer to the account of the loan company. Usually, 1 grosz is expected. Thanks to this, the decision is made to grant and pay the loan to the indicated personal account. This allows you to obtain financial support within a few or several minutes of submitting the application.