Online loans are one of the fastest ways to raise additional funds. Non-bank financial institutions do not require as many documents as banks.
What else is different about them? At the loan company, we have the opportunity to apply for money for any purpose. What do we not get a loan for and receive an online loan? Are we sure we can’t get a bank loan for whatever we want? Let’s see.
Non-bank loans and credit
When problems arise in our household budget, we often have to borrow money. Depending on our preferences and needs, we can use the help of a family, private individuals as well as a banking or non-banking institution. According to data from the Credit Information Bureau, we are increasingly directing our steps to loan companies.
By June 2018, the number of people using the services of lenders increased by as much as 77.4 thousand. customers . Comparing it with 46.3 thous. new borrowers, you can already see the growing advantage of the non-banking sector. What is the reason for such changes?
We will receive an online loan rejected by the bank
Non-bank online loans are aimed at both people with a good credit history and those who should have had a leg at some point. That is why many customers are not discouraged by the rejection of a loan application and decide to use the services of a loan company. An additional advantage of the non-banking sector is the much faster application process.
We don’t have to wait a few days for the decision, just a few minutes. If you need a smaller amount, it’s easier to get it from loan companies that don’t require a stack of documents from their applicants. Until recently, banking products were usually granted for much higher amounts, and most of us associated them with mortgage loans. However, along with new market needs, bank offers also changed.
Loan companies and banks
Non-bank loans are also popular due to the possibility of skipping long queues and completing all formalities at any time via the internet thanks to forms available 24/7 on lenders’ websites. For this reason, more and more banks are also deciding to introduce such a solution.
Cash loans are a product that – as we read on the websites – guarantees submitting an online application for any purpose, and the amounts offered by banks sometimes exceed the limit available at loan companies. However, the requirements placed on clients differ significantly from those of lenders.
No credit history, will we get a loan online?
Almost all loan companies guarantee their clients the possibility of receiving a quick injection of cash without having to submit a certificate from the workplace. Thanks to this, we don’t have to inform the employer about our plans or problems or risk gossip. You will only need your ID card to complete the loan application. The data that we provide in the form, and sometimes verification of bank account statements, are enough for the lender to give consent to receive the necessary money. Thanks to the possibility of verification through special applications, even this document can be omitted.
Most companies accept not only income from employment contracts, pensions, but also mandate contracts, work contracts, additional work, own business, etc.