An online loan is a financial product offered by non-bank institutions. Money can be in your account even in 15 minutes. Check what account loans are and whether this solution is right for you.
Online loan to account – how does it work?
You can take quick loans via the internet on your account without leaving your home and without completing many formalities it all depends on the services of the company you use. Check what are the typical online account loans:
- You can borrow money by completing the online application at any time – all you need to do is provide the necessary data, such as your PESEL number, registration address, telephone number or bank account number.
- You do not have to meet strict criteria, submit employment, income and other financial obligations (loans or maintenance) – but remember that the requirements vary from one loan company to another.
- You can borrow from several hundred to several thousand dollars.
- If you decide to make a quick loan to your account via the Internet, you will probably be able to choose the repayment date and the frequency of installments – you can borrow money for several weeks or several months.
- Loan companies often do not attach much importance to your credit history in the Credit Information Bureau or in the debtors’ databases, nor will they assess creditworthiness.
If you want to take advantage of the online loan offer on account, you usually need to have:
- 18 or 21 years old;
- Bank account.
The advantage of quick loans is their easy availability, formalities reduced to a minimum, and the ability to receive money quickly.
Online loan into account – when can it be useful?
An online account loan that you can get immediately can be helpful in many emergencies. Here are some examples:
- when your car broke down;
- when you need to buy a new washing machine, fridge or other equipment;
- when there is a unique opportunity to buy your dream equipment or promotion for a holiday trip;
- before Christmas, when spending suddenly increases;
- when you have to pay unexpectedly for medical expenses;
- when you simply run out of money for a moment and you lose liquidity.
Online account loan and online account loan?
It is common for the terms “credit” and “loan” to be used interchangeably. However, both concepts are not synonymous. Here are the most important differences:
- Loans are granted only by banks and no non-banking institution may offer loans to customers. Such companies can grant loans (it can also be a quick loan to an account via the Internet).
- A loan is a broader term than a loan. Loans can be granted by both non-bank companies and banks, and even private individuals.
- When you take out a loan, the person or institution that lends you money may or may not sign a contract with you – sometimes verbal confirmation is enough. It is different in the case of loans, the allocation of which is regulated by banking law. Pursuant to Article 69. the loan agreement must be in writing.
- To get a loan, the bank must check your credit history and assess the so-called creditworthiness. Non-bank institutions can provide support even if your credit history is not the best. Therefore, an online loan to an account without BIK is possible.
- Charges such as interest, margin or insurance costs are always added to the loan amount. The cost of the loan is always set by the person or institution that borrows the money. Therefore, such costs may be higher or lower than the cost of credit, and sometimes even zero – it all depends on the offer and the company that offers the loan.
Is there such a thing as fast credit over the internet into your account?
Yes, credit to the account via the Internet is possible, but it is usually not as fast and easy as in the case of quick loans via the Internet to a personal account. Often, to take a loan on your account via the Internet, you must be a customer of the bank and, e.g. have access to electronic banking. There are also situations when a telephone conversation with a bank consultant is necessary.
In addition, the bank, in any case, must verify your creditworthiness, and you will probably need to provide information about employment or income. It is also necessary to verify your identity by transferring a symbolic amount to your bank account. The bank may also require a hand signature on the contract provided by the courier.