Non-bank installment loans via the Internet are currently offered by several loan companies on the internet, and the offer is still growing. Nevertheless, such non-bank installment loans are not the cheapest.
A non-banking online loan is offered in around 12 loan companies. In contrast to payday loans, which are short-term loans, non-bank loans in installments are long-term loans in the system of weekly or monthly installments.
Non-bank loan via the Internet in installments
In order to search for installments via the Internet, we can use the comparison of such loans. It allows you to precisely determine the loan you are looking for and specify the time of the loan. After selecting the appropriate parameters, we will get a list of loan companies in which we can read the details of the loan offer.
On the site of a specific loan company, you must register, that is, set up an account and submit an online loan application. Since these are offers of loan companies via the Internet, you must have a bank account and an active mobile phone.
The requirements set by Internet loan companies are different. The average age limit is 22 – 75 years, you must be a Polish citizen, have a valid ID card. Minimum earnings to get a non-bank loan on installments? Depending on the amount borrowed. However, one should be aware that the minimum level of earnings is set at around PLN 500 net.
All kinds of relevant information about applying for a loan can be found in the loan company’s offer.
Non-bank loan for 36 months
36 months, or 3 years – this is one of the longest periods for which he can borrow money in an internet loan company. Although there are already proposals with a 48-month loan period. The most popular searches are: non-bank loan for 12 months, non-bank loan for 24 months (for 2 years), non-bank loan for 2 months (for 60 days).
How can the costs of non-bank installment loans via the Internet be shaped? For example, as below. Please note that the amount of the loan is much higher than the interest you will pay.
Total loan amount: PLN 5,000.
Duration of the contract: 36 months.
Monthly installment: PLN 262.
Total cost of the loan: PLN 4,422 (including: commission: PLN 2,750, loan fee: PLN 1,250, interest: PLN 422)
The total amount to be paid: PLN 9422.
Interest rate constant: 3% per annum; Actual Annual Interest Rate is: 58.74%
Non-bank loan with a monthly installment
In the case when we are looking for a loan for a greater amount than PLN 800-1000, it seems that the best solution is an installment loan. Then we can reduce the installment to the minimum necessary, that is, to the amount that we will be able to pay.
However, it should be taken into account that a non-bank loan for a long period of time, regardless of the months we take it, will be much more expensive than the same loan in the bank. It is therefore necessary to compare loan companies, total loan costs and choose the best offer.
DO NOT LOVE if you do not have the option of timely payment. It is similar in the case of repayment of other loans and payday loans. Never borrow in loan companies to pay off other debts. This will only increase debt and, as a consequence, lead to a spiral of debt.