Long-term loans what to look for before a contract?
November 25, 2019
When borrowing money, most people don’t think that every debt has to be paid off someday. Easy access to loans and simple credit rules mean that non-bank products enjoy unflagging popularity. Before submitting your loan application, you should carefully examine the offer beforehand to select the best one.
Where to start searching for offers?
There are many reasons why customers apply for loans, and each one is just as important. Before you start searching for the perfect offer for you, you should define the purpose for which you want to spend the acquired funds. This will not only facilitate your search, but also allow you to estimate the amount of financial support needed and its repayment date. If you care about quick support, and small amounts are enough to cover sudden expenses, then opt for short-term payday loans. If you expect a larger sum of money that you want to spread over time, long-term installment loans are the perfect solution. Such products can be tailored to your needs and much easier to control your home budget.
What are non-bank loans with a long repayment period?
Non-bank companies offer short payday loans and installment loans. They are often compared to traditional bank loans, because they basically do not differ. The repayment of such a loan can be spread over a year and, if necessary, extend the loan period to 24 months. Non-bank loans with online installments are distinguished by a simple lending procedure, where from the borrower the only document required is only proof. However, this does not mean that everyone can take advantage of this offer. Due to the fact that non-bank loans with a long repayment period mean a long-term commitment, the companies providing them must be sure that the client can cope with timely debt settlement. Therefore, one should take into account that the institution will check the credit history in the available bases and based on it decide whether to grant or reject the loan application.
Who can apply for non-bank loans with a long repayment period?
Non-bank companies try to flexibly approach clients’ needs by tailoring their offer to specific requirements and financial possibilities. Although it is harder to get long-term loans in installments than popular payday loans, they are still more granular than bank loans. To become a customer of a loan company, you only need to meet a few basic requirements, such as:
- age between 20 and 70 years old,
- Polish nationality,
- home address in the country,
- valid ID card,
- active phone number
- ownership bank account,
- no overdue liabilities to a non-bank company,
- good credit history.
The verification of data in BIK databases raises the most concerns among customers. However, it should be remembered that non-bank companies are trying to help anyone who needs financial support, which is why they are much milder on checking bases than banks. Customers who have not yet developed a credit history can count on a long-term loan in installments , but at lower amounts, to check the credibility and reliability in meeting their debt. The long-term non-bank loan is granted on favorable terms, which is why everyone can set their own installments, the loan period and the amount of co-financing, which is a great help.
Long-term loans online, step by step
The entire lending procedure is simplified to a minimum, however, there are several important stages to be aware of that have an impact on the successful consideration of the application. New customers who have not yet used the services of the company must undergo identity verification and set up their personal profile on the lender’s website. The form contains only basic data that should be supplemented with information from an ID card. The verification process is available in two ways:
Traditional transfer – the person submitting the loan application must confirm the compliance of the data by transferring a symbolic penny to the lender’s account.
The Pontomatik service – this is based on logging into electronic banking and in this case no penny transfer is required. This allows you to obtain a long-term loan with a bailiff who has taken funds on your account and blocked the possibility of making transfers.
In order to successfully pass the verification process, the bank account must be set up on the same data with which the application is completed. It is not possible to get a long-term loan online if you share an account with your spouse or you are not its owner. People who re-apply for a loan can also do so by phone, which in many cases reduces the waiting time for the loan form to be considered.
How to determine the amount of installments?
When applying, you must specify the loan amount and loan term. This is one of the most important stages that has an impact on the subsequent fulfillment of debt. It is worth mentioning here that new customers have the option of submitting an application for a maximum amount of $ 3,000 even for a year , with the option of shortening the loan period to 6 months. If the debt has been settled on time, you can apply for $ 10,000 for 24 months . Long-term loans online are products that flexibly adapt to the client’s needs, so there is no problem with early repayment of debt. It is also worth remembering that early repayment allows you to save on interest costs, which are added to each installment. When determining the number of installments, you must remember that the fewer of them, the lower the total cost of the loan will be. However, it is safer to apply for a non-bank loan with a long repayment period , which, if possible, can be shortened instead of exposing yourself to criminal interest resulting from late payment of the next payment.