UK direct loan lenders -Direct lenders: no obligation, just request a loan

A loan is one of the most popular ways to obtain cash for any purpose. We can obtain a loan in a bank, parabank, loan company, credit unions, as well as from a private person or a business entity. Poles are most often indebted to banks, parabanks and loan companies. Fast loans online are the most popular. Thanks to the maximally simplified procedure, we can enjoy the money in our account after a few minutes. Procedures and formalities are similar both in banks and in loan companies. The differences appear at the stage of testing the creditworthiness of the potential customer. Here, banks are more restrictive than other lenders.

Direct lenders: no obligation, just request a loan

How do banks grant loans? First of all, you need to know that a loan, unlike a loan, is not regulated by the provisions on the Consumer Credit Act. The loan agreement is regulated by the provisions of the Civil Code. However, a bank loan and a loan from other entities or private individuals are completely different issues. First of all, because the banks are controlled by the Polish Financial Supervision Authority. In turn, the PFSA imposes prudential standards on banks. This usually takes the form of recommendations that banks must comply with. These recommendations include not only loans but also loans. Therefore, the procedure for granting a loan is very similar to granting a loan.

How can you borrow money from direct lenders? Direct lenders from the mighty make things much easier when it comes to completing formalities. Everything is done via the Internet and is maximally shortened in time. You do not have to go to a bank branch in person. All you need is a computer and Internet access. We must complete the loan application and provide your personal data – PESEL number, series and ID card number, and home address. Of course, the bank will want to examine our creditworthiness, so we will have to send a scan of the employment and earnings certificate. You will also need to provide information on how many people we support. It is also necessary to specify the sum of our existing installments for other financial liabilities.

The bank may also demand loan insurance from us, and you may also want to convince us to a credit card. We must be sensitive to such proposals. First of all, let’s count how much these additional options will cost us and whether we really need them. Often, when the creditworthiness is low but does not exclude us, the bank may want a loan to be secured by a third party. Then the loan granting process can become very complicated.

However, if for some reason the bank misjudged our creditworthiness and did not grant us a loan, we can apply for it at a parabank or loan company. Here, the procedure is very similar, except that the method of calculating creditworthiness is much milder. Even low-income people have the chance to get a loan. Even indebted people who have so far delayed their financial obligations and have a bad credit history in BIK have such a chance. In some offers it is clearly emphasized that a given loan company does not analyze the BIK database, limiting itself to BIG and KRD.

How to choose the best payday loan?

The best payday loan is the one that is the cheapest. And the cheapest is, of course, the free ones. You can count on this option if you are using the offer of a given loan company for the first time. It’s the so-called first free payday. This is a completely free loan. For example, you borrow USD 2,000 and give USD 2,000 within a specified period, without any additional costs. With this, you must return the money on time. If you are even one day late, the lender will charge you a commission, interest and other standard fees. However, if you know that in 30, 45 or 60 days – because this is the standard deadline for paying the payday loan – you will have the right amount to pay back the loan, this is the perfect option for you to borrow money.

What fees do you need to prepare for in this case? On those that a parabank would charge with a standard offer. The APRC will tell you a lot about the total cost of the loan. This is the Actual Annual Interest Rate. It includes not only interest but also commission, dream and preparation fee. Thanks to it you will know the total cost of your loan. APRC is presented as a percentage relation between the total costs and the amount of loan received. It is a tool that allows you to quickly compare different loan offers.