Before entering into a loan installment contract online, you should carefully read the offer and think about all the pros and cons. The online loan granting process is now virtually fully automated. Just a few steps to get quick cash. Below we present the application procedure.
What information must the loan application contain?
Everyone can apply for an installment loan, but you must meet a few basic conditions to get it. First of all, all non-bank companies require the borrower to be of legal age and possess Polish citizenship. There are also more and more offers in which it is not enough to be 18 years old, a frequent requirement is to be 21 years old. If these conditions are met, you can proceed to submit the application. All you have to do is log in to the online portal of the loan provider and complete the loan application. You will need your ID card details, email address and phone number, and sometimes your bank account number. Importantly, it must be the applicant’s personal bank account (it cannot be, for example, an account that other co-owners also have). Both the account number and the mobile phone number will be used to verify the applicant’s identity.
However, what if the applicant does not have a bank account or does not have access to the Internet? Loan companies can also apply for a loan over the phone, and the lack of an account can be compensated by using a Giro check. The consultant guides the client through the entire loan application procedure. So it turns out that the only technical requirement necessary to obtain cash is a functional mobile phone from which you can make voice calls and receive an SMS. In the event of any difficulties in completing the application, qualified consultants in the call center will help.
Where can you get a quick installment loan online? Here are our hints!
How do banks verify their customers?
Since installment loans can be applied for online or by phone, there must also be two separate ways to verify customer identity. The first of these is the so-called verification transfer. To check if someone else is impersonating the applicant, the loan company will ask you to make a symbolic transfer of $ 0.1 or $ 1.00. After the verification process, this amount will be refunded to the customer.
There are other methods for verifying customers when borrowing online through installments. A loan without a penny transfer is a solution that will appeal especially to people who have a debit account or do not want to wait for the verification transfer to be credited. Identity checking can be based on the data that the customer provides when logging into his bank. It is a completely secure method, using SSL encryption tools. In addition, it does not require installing additional applications on the phone, which also allow you to confirm the identity of the customer.
What if the applicant does not have a bank account? The loan companies have also found a solution. The method of receiving cash via a Giro check comes in handy. With its help, the money from the loan granted can be taken at any post office. If the loan application was submitted by phone, the identity of the borrower will be verified by a postal worker, who is obliged to show both the ID card and the unique cash collection code. The code is sent via SMS after obtaining a positive decision on granting the loan.
Analysis of customer data in BIK and KRD
Less formalism is an undoubted advantage that distinguishes loan companies from banks. Therefore, when applying for an installment loan online, in most situations you do not have to be afraid that the loan company will ask you to provide certificates whether it is about your income or permanent employment. In almost every situation, all you need is a customer statement on the subject. However, loan companies must assess the risk of lending money to a particular customer. In this way, the company not only protects its interests against dishonest customers, but also protects the borrower against excessive debt. The most important information base for them about the client’s guarantee that he will repay the loan on time is data from BIK and KRD. Most companies check these registers and additionally use their internal databases.
Online loans without BIK and KRD are therefore more risky for the lender, hence the simple conclusion that the loan company must secure itself in some additional way, e.g. by requesting a loan guarantor, i.e. someone who undertakes to repay the loan if the borrower fails to do so . Almost always such loans will also bear higher interest, i.e. simply more expensive.
However, it is worth remembering that loan companies, guided by the principle of responsible responsible lending, will not grant a loan to a person who has negative entries in BIK and KRD. More information about responsible lending in the article – You want to take a quick installment loan – check what responsible lending is.
How quickly will I receive the money by taking a loan online?
Loan companies know that people who use online installment loans care about time, hence many of them have fully automated their processes. That is why it is so important that the application is completed correctly. Even a small error, e.g. in the PESEL number, may result in rejection of the application by the company’s algorithm.
The time it takes to get your payout also depends on the type of identity checking method you choose. If it is a method with a verification transfer – after the application has been approved, the transfer with the loan will be sent immediately after the verification transfer has been posted ($ 0.01 or $ 1.00). In the case of a loan without a penny transfer, the money will be transferred immediately after making a positive decision on granting the loan (the whole procedure should not take more than 24h). In turn, with the Giro check, the client can collect money in person at any Astro Finance outlet. He usually has 10 calendar days to do this.
If you really need quick cash, you should look for the fastest installment loan offer to have the money in your account in 15 minutes.
It is worth remembering that the decision to incur a financial commitment is a serious matter. You should always rethink and re-calculate whether in a given situation a loan will definitely be the best and the cheapest solution. It is worth using the services of proven reputation companies that comply with the principles of responsible lending. It is a good idea to use online comparison and loan company rankings, thanks to which you can easily and quickly compare offers of many companies.