Banks quite accurately assess creditworthiness. As a result, people employed in the so-called gray economy have no chance of credit. Despite the fact that they work and earn a certain level of income, they cannot afford to take out a cash loan.
The road to bank loans may also be closed to those who do not have a very good credit history. One day of loan repayment is enough to ruin your previous credit history. So often the only way out for these types of people are expensive non-bank loans. Non-bank institutions fill a rather serious gap in the banking offer. They make money available for a short period of time for a small amount.
How do you get non-bank loans?
The principle of non-bank institutions is quite simple. First you need to set up an account on one of many non-bank companies. Then you need to complete the loan application. Most of the non-bank institutions also require sending a trial transfer for an amount not exceeding $ 0.01. In this way, the non-bank institution verifies the applicant’s details. However, it is not true that non-bank institutions do not verify the credit history of customers. More and more non-bank institutions are checking customer credit history via such websites as BIG.
However, you can still find institutions on the market that do not verify the client’s application in any way. Non-bank institutions are a good choice for all those who need quick access to money. However, we must be aware that non-bank loans have a fairly high price. For example, if you borrow $ 1,000 for a period of 30 days, the commission for granting this loan will be up to $ 250. So in 30 days you will have to donate $ 1250.
Free loans for new customers
However, there is a way to do it. Lots of non-bank institutions offer cheap non-bank loans for new customers absolutely free. In this way they want to attract new customers. We also have good information for those who fail to accumulate cash to return the loan. It is possible to extend the loan. Of course, this involves high costs. There are some advantages to non-bank institutions. You can have access to cash within just 15 minutes of submitting your application. Secondly, nobody will verify our creditworthiness.
The choice of non-bank institutions is really big. There are also more entities on the market. However, always before we decide on this form of financing, we should carefully compare all available offers on the market. Let’s consider not only the interest rate but also the commission for granting the loan. This way you will be able to choose the most cost-effective option. We also do not decide on non-bank loans when we are not sure whether the loan will be paid back on time. This is a significant risk that is better to be accurately estimated. Non-bank loans are, however, often the only option in a non-financial situation. When payment is urgent, it is best to bet on a non-bank loan granted immediately.