Lenders tempt potential clients with the vision of receiving payday loans even within 15 minutes. However, this pace is not always standard. So what determines the rate of payment? What should you remember if you want to receive a cash injection as soon as possible?
How quickly you get the money depends primarily on the particular lender (because not everyone offers the option of withdrawing funds within a few minutes) and on what bank your account is in. What does a bank account have to do with the rate of withdrawal? Let’s see.
One of the stages of applying for a quick loan is the verification of personal data. Given that only an ID card is needed to take out payday loans, lenders need to protect not only themselves, but above all borrowers.
Get fast payday loans up to $1000
One of the key advantages of popular payday loans is the express payment of money, so you can try Bridging Your Finances. It is very often the reason why clients choose a non-bank institution instead of a bank loan. Especially if additional funds are to be used to finance expenses that they cannot wait.
Identity verification is therefore used to eliminate fraud and abuse by lending money to stolen or phishing personal data. The most popular verification method used by most loan companies is a transfer to the borrower’s bank account.
To verify your identity, the borrower must make a transfer for a nominal amount. Depending on the company, it is from 0.01 to 1 $. When the money is credited to the loan company’s account, it will be possible to compare the bank account owner details with those entered in the loan application. If the details are identical, the lender will issue a decision and pay out the funds. If they are different – the application will be rejected.
When making a verification transfer, be sure to pay attention to the bank in which the lender’s account is located. If possible, choose the one in the same bank as your account. This decision will make the money be booked almost immediately, and the procedure for issuing the decision and paying out the loan will not take more than a few minutes.
If you make a verification transfer to an account in another bank, the funds can not be credited until the next business day. As you can easily guess, only then the lender will be able to finalize the whole process and issue a decision. So you will have to wait for money not 15 minutes, but at least several dozen hours.
An effective way for a quick loan can also be identity verification without a transfer, using the application.
Thanks to the applications, the verification process is not only very secure, but above all fast. Checking data in this way will not take more than a few minutes. To use it you will only need login details for electronic banking: login and password.
How to choose a good loan?
The question of where to take a loan is asked by almost every person considering taking a popular payday loan. Unfortunately, making such a decision is not conducive to excess advertising, which we are overwhelmed with every day, listening to the radio in the car, watching TV or surfing the Internet. If you want to approach the matter logically, you should choose a lender based on several key factors:
- low costs,
- transparent contract terms,
- convenient repayment terms,
- promotion of the first free payday pay.
If you want to be sure that you have chosen a competent, professional loan company, please also pay attention to its website. The website should have an easy-to-use loan calculator that allows you to calculate the cost of the loan yourself. It is important that the lender also provides template framework agreements and regulations as well as a table of fees and commissions. Thanks to this, before you take out the loan you will be able to thoroughly analyze their records and ask the lender about issues that raise your doubts.
It cannot be denied that independent analysis of individual parameters of each loan can be not only tedious, but also extremely time-consuming. If you want to take out a safe and cheap payday loan, use a non-bank loan comparison tool. Thanks to them you will quickly and efficiently learn the conditions and requirements of the best loan companies, choosing the best offer tailored to your needs.
Costs of non-bank loans
There is no doubt that non-bank loans are expensive. Indeed, the APRC, i.e. the actual annual interest rate on non-bank loans, is often much higher than at banks. However, not everyone knows that there are lenders offering completely free financing. APRC of free payday loans is 0%. By reaching for such a loan you will not pay interest, commission, insurance or any other loan-related fees. The total cost of borrowing money per year will be exactly $ 0. The financial terms of such a loan are therefore definitely more favorable than at any bank. None of them currently allows you to borrow money completely free.
Free loans are an offer for new customers who have never used the services of a given lender before. Their goal is to attract (and retain) as many new borrowers as possible. Although loan companies do not earn on free payday loans, borrowers who stay with them “for longer” will become a source of quite substantial profits.
By using the services of companies offering free payday loans, you can borrow from a few hundred up to 6000 $. Depending on the company, the maximum repayment period for such an obligation is between 30, 45, 60 or 61 days. I must admit that this is a relatively short time to collect all the amount needed to pay. Especially if your budget is very tight.
Before you get a free payday loan, make sure you can afford to borrow money. Delays in repayment may result in cancellation of promotional loan terms, calculation of standard fees and … interest for delay.
Conditions for taking a quick loan
Non-bank lenders do not impose excessive requirements on their clients. For most companies, all you need to borrow money is an ID card, a Polish bank account, and an active mobile number. Only a few require the delivery of an ID card scan, employment and earnings certificate, or bank statements. Many companies lend money to people over 18 In others, the minimum age is 20, 21 or 23 years old.
Although income is a condition for obtaining a quick loan, non-bank lenders are extremely flexible in this matter. They accept revenues from various, often non-standard sources, such as maintenance, income from the Family 500+ program or rental of real estate.
Non-bank loan and BIK
Many loan companies offer financing without checking your credit history at the Credit Information Bureau. Is this really the case? Market leaders on non-bank loans usually “look” to BIK. They also check that customer data is not blacklisted, i.e. in the databases of Economic Information Bureaus.
Depending on the lender, a negative BIK history or entry in the debtors database may cross the chance for additional funds or become one of the elements taken into account when making decisions. If your credit history is not exemplary, but you have regular, stable income, there is a good chance of getting a quick loan.
If you want to take out a loan without BIK, find a company that does not look into its resources. Information on this subject can be found on the lender’s website, in the information form below the loan calculator. Thanks to them you will find all the information about loans without BIK in one place.
Responsible borrowing responsibly
Quick loans are a great way to finance unplanned expenses or to fill a hole in your home budget. Taken “with the head” will definitely bring you more benefit than damage. Making a too hasty, ill-considered decision may, however, be the proverbial “shot in the knee”. Delays in repayment may result not only in accruing interest for the delay, but also in initiating the debt recovery procedure, and even referring the case to court and enforcement proceedings. And these bring additional costs and a huge dose of stress, which could have been avoided.