An instant loan is a proposal from non-bank financial institutions for people who need a quick cash injection. It is said that time is money and you have to admit that there is something to it. We get paid for the work performed on an hourly basis, time also counts when we want to hunt for the best, in financial terms, bargains – be it in a store or in a bank. We are used to living on the run and that if we pay for something, we get it almost immediately. Hence the popularity of non-bank loans, which can be obtained even several minutes after submitting the application, ie “instant loan”. What do you have to do to get through the entire loan process efficiently? Would you like to go to the company’s headquarters, or maybe better do the business online?
Save time and Request a fast instant loan online
A fast instant loan online is one of the offers of Paydaynow. The introduction of the application process to the internet has enabled us to reduce the waiting time for a credit decision. In addition, it is worth mentioning that lenders have considerably simplified the criteria for their clients compared to those we have to meet when applying for a bank loan. Reducing formalities to a minimum resulting in the name of the loan. This means that we don’t have to worry about reporting a stack of documents or informing your employer about your plans to receive an income certificate. As a rule, it is enough to have an ID card and complete the application correctly.
Some companies allow their clients to choose how to receive cash. We can ask for a transfer to your account or collect it in a post box by GIRO check. If we choose the second option, it is said that it was a hand loan. We deal with it also in the case of home service, however, fewer and fewer companies propose such a solution.
Immediate loan and bank loan
Behind the phrase “loans in stock”, so willingly entered in the Internet search engine, there are non-bank financial products, called payday loans. It took a long time before loan companies managed to rebuild Poles’ confidence in their offers, but eventually they succeeded – now, in terms of popularity, they can confidently compete with bank loans. In fact, it is thanks to their imperfections that instant loans have been created over the internet.
What do bank customers usually complain about? On formalities and the time to verify the application and withdraw funds to the account. A solution is to take a loan from a bank where we already have a personal account. However, this also does not allow you to completely get rid of the problem, and yet we want to have everything on. These deficiencies visible in the banks’ proposals are used by loan companies, whose main advantage is speed and on every front – in a few minutes we fill in the application, the same is done with its verification, and then only transfer to the account. If our bank account is in the same institution as the transfer sender’s account, we will receive the money within 15 minutes. The maximum waiting time, depending on the schedule of outgoing and incoming transfers, is 2 business days.
We encourage you to familiarize yourself with the hours of interbank orders in specific institutions in the ELIXIR SESSIONS category on our blog.
Online loan – why should you use it?
There is probably no shortage of people who, instead of clicking on the Internet, prefer to go to a branch of a loan company and personally apply for a loan immediately. It’s a bit like with lovers of paper books and audiobooks – each of them chooses the form of reading that suits him or her. It’s the same with loans. Some people consider the process of applying for additional funds to be invalid if they do not fill in a document themselves and do not leave their line in the queue. It is not that this method is bad (because not), but if we care about time, then we should definitely think about applying for a loan online. Not only do we not have to leave the house for this purpose, we can also send the application at any time.
Let us only remember the consultants’ working hours – the application sent in late evening and night hours will cause that the process of its consideration will not start until the second day. Apart from accessing the network, we don’t need anything more. At most a smartphone, if instead of sitting in front of the computer, we prefer to use the loan application at any place and time. Here is another argument why more and more borrowers are choosing online loans instead of bank loans – convenience. It is true that also banking institutions have their applications, but the forms that we need to fill out are more complicated than those required by loan companies.
Online loan – fast online loan
As we have already mentioned, most companies offer the use of their products on websites. An online loan has almost become standard. Few loan companies decide to open branches or home visits. On the one hand, this can be a big impediment for the elderly, while on the other it allows us to access the offer 24/7. Thanks to the continuous improvement of the offer, some lenders guarantee receiving money even within 15 minutes of issuing the decision, hence the name quick loan. How to infer?
The first step will be going to the lender’s website and using the sliders to select the appropriate loan period and amount. Then click ‘Apply’, ‘Take a loan’ or similar. In this way, we will be redirected to the form page, where you need to provide several information, such as: personal, contact, address and financial information. After completing all fields, it is worth checking whether all the data is correct. If so, we can move on. Now we are waiting for identity verification. We can do it through micro-transfers or a special application. Most lenders recommend the latter option because it is considered one of the fastest. After completing this stage, we just have to wait for the decision on whether the online loan will be granted to us or whether our application has been rejected.
What is an instant loan without certificates?
Most loan companies grant payday loans only on the basis of a valid ID card and information contained in the application. We do not have to ask the employer for a salary certificate, nor will we wait too long for our creditworthiness calculation. For parabanks, our ID card is enough to verify us as customers – also in the BIK and KRD databases. It is interesting that despite checking such potential borrowers, most of them obtain permission to incur another commitment.
The statement of earnings is not of interest to loan companies – the punctuality of fees and commissions is a watchtower for clients, which includes amounts much higher than those we can know from bank documents. Most lenders assume that knowing how much money a borrower earns will not give them a guarantee that they will meet their obligations. The scheme is simple: you do not pay off the loan immediately, you will pay a high penalty. And if you do not pay it, you will face equally expensive debt collection and bailiff proceedings.
This assumption, contrary to appearances, brings a lot of benefits for people who achieve very low income. A loan without income certificates will be the only available solution in this case. Although it carries the risk that the customer will not comply with the contract and the consequences are serious. That is why it is so important to independently assess your financial capabilities by analyzing your household budget and devising a plan B in the event that the funds for repayment of the loan immediately run out.
Loan on hand as proof – loan conditions without formalities
What conditions must be met to receive financial support from a loan company? As the name implies, an instant ID loan requires applicants to have a valid ID. It confirms not only our identity, but also Polish citizenship, which is necessary to take advantage of the non-bank offer. We must additionally have at least 18 years and full legal capacity. The lender will also ask you to provide your phone number and email address to improve communication. Most companies practice loan finalization by transfer, so you will need to have your own bank account. It also verifies your identity.
] Immediate loans for proof do not require employer certificates from their clients. In return, we will be asked to provide basic information about our financial situation. We must take into account: what is our monthly income and expenses, place of work, form of employment, education, etc. On lenders’ websites you can often find information that a loan in hand will be given as proof of creditworthiness. What does it mean?
Creditworthiness and instant loan without BIK
When verifying loan applications immediately, the lender checks our data in the debtors’ databases. Most often they use BIK (Credit Information Bureau), BIG Infomonitor (Economic Information Bureau), KRD (National Debt Register), ERIF, ZBP (Polish Bank Association) and the Credit Check database created for this sector. However, there are companies that do not treat the result in the databases as a decision-making factor or do not use all of the above-mentioned registers. A loan without a BIK means that we can receive financial support even if:
- we have a negative entry in the database with a slight delay or debt,
- our data shows information about the already repaid debt (BIK keeps data up to 5 years regardless of whether we have settled the debt or not),
- we do not have any credit history, which eliminates us as a candidate for a loan.
For more information on this topic, see WHAT IS SCORING BIK?
Instant loan – where can I find it?
We already know that to get the funds you need as soon as possible, it’s better to use the online option instead of queuing up and filling out documents. Which loan company should you choose? You can get dizzy from their enormity in the financial market, so before we make a decision, let’s carefully review all loan rankings immediately. In monthly cycles they include those companies that enjoy the greatest trust among customers, currently have the best offers and can borrow the most money.
It has been seen for a long time that such companies as Vivus, Lendon or Kuki are often at the forefront. They also receive Finbo and Wong, as well as Provident and Profi Credit offering installment loans.
How to apply for a loan straight away?
Let’s repeat once again how to apply for a loan straight away to emphasize that the whole procedure is easy and quick. First, using a calculator, available on the company’s website, we mark the interest payable amount and the preferred repayment time of the loan immediately (traditionally it is a maximum of 30 days, although there are also offers for 45 days or two months). The tool informs us about the total cost of the loan, and we decide if such cooperation conditions suit us. An affirmative answer will result in completing the application or form.
Let’s be prepared for the fact that companies can ask us to verify their identity by making a transfer for a symbolic amount. When this stage is behind us, we will wait for the credit decision. Positive will make the money reach our account even within 15 minutes. There is no faster solution on the market, and it will probably take a long time before banks even come close to such a result. At the moment, such loans are unrivaled.