Sudden expenses can surprise everyone and it is not always possible to get a bank loan. Below are the installment loans offered by proven and honest loan companies. Do not take the first offer from the notice board when looking for installment loans! Check the ranking and reviews to choose the best installment loan for you. More information at bluox.org
Installment loans – list of offers
There is a huge demand for online loans in Poland. As indicated by numerous studies and sources – over 75% of Poles aged 18-64 openly declare that they have used the help of a loan company at least once in their life. Nothing unusual. The non-banking development industry offers financial products on a par with banks. These are not only quick payday loans for several hundred dollars with short repayment terms. Recently, the priority palm belongs to installment loans. The amounts for which you can borrow have increased – up to $ 25,000 and the repayment period has increased to 60 months. At the same time, loan companies took care of greater security and verification of future customers.
Therefore, installment loans are a great solution for people who want to borrow a relatively high amount with a sufficiently long repayment period. There are over several dozen such offers on the market – we have chosen the most profitable ones.
The undoubted advantage of the above lenders is the time when the funds will be made available. Unlike bank offers – submitting the application itself, presenting documents confirming the income and waiting for the decision often drags on for months. In this case, the money in your account will end up even on the day you apply for the loan.
Non-bank installment loans – what are they?
An online installment loan, as the name implies, is repaid in installments. This is a specific intermediate form between a bank loan and an online payday loan. What exactly does this mean? When you decide on the installment loan option, you will easily find it on the network and arrange all formalities quickly. At the same time – it oscillates at amounts similar to the amount of bank loans and is granted in such a way as to repay it long-term, at predetermined monthly intervals.
Often, the term “installment loan” or “cheap installment loan” also means installment purchases. Here, too, a product or service financed with a loan and accrued interest must be repaid in installments.
Installment loan or payday loan?
Most non-bank companies present on the market advertise short-term loans, i.e. payday loans. They are a solution used in urgent and unexpected situations. Therefore, the amounts they offer are intended for small needs. Thanks to the growing popularity, they are granted not only for 30 days, but also 45 and 60 days. What’s more – the vast majority of lenders in their offer have the first loan for free from the APRC – 0%. There is one condition – the entire debt must be paid back within the prescribed period.
In turn, the online installment loan is repaid according to a specific schedule – usually from a month to even 5 years. Each installment consists of capital and interest parts. Therefore, an ideal installment loan is one that is tailored to the individual needs and financial capabilities of the client. What are its benefits?
- A quick loan decision – just like with payday loans, the payment is almost immediate. However, sometimes depending on the Infra session, the transfer comes within 1-2 days,
- It is a long-term commitment – the repayment period is from 30 days to even 60 months,
- Minimizes the risk of delays – you do not need to give the whole amount once, only at set intervals,
- It is a chance for additional earnings – a monthly or even 2-month repayment period is covered by two payments. On the other hand, a loan taken, e.g. for 2 years, gives you the opportunity to find an additional source of income, which will also improve your budget. This can be e.g. tutoring, childcare or contract work,
- Provides time to analyze your financial situation – long-term loans in installments guarantee the time needed to take a close look at your finances.
Installment loan costs
The best and most attractive online installment loan is one tailored to the needs of the applicant. This seems obvious – but reality often verifies it. Just look at the first example from the bank and the situation of people lending cash to pay off their previous debts. Instead of going straight, they are falling into a debt loop more and more.
In fact – this situation can be prevented! How? Even before signing the loan agreement, it is worth getting acquainted with the total cost of the commitment and the monthly installment, which, compared to the monthly expenses, will give an estimated picture of whether paying off the loan installments will not be too much of a burden for you. What is included in the cost of the loan?
- Capital part – i.e. the amount borrowed without interest and interest,
- APRC – illustrates the total cost of repayment in percentage terms, on an annual basis. The lower the APRC, the more profitable the offer,
- Maximum interest rate – on an annual basis may not be higher than 10%,
- Fees related to extension of the repayment date,
- Other costs related to failure to meet the repayment deadline.
How many installments can you make a loan?
Installment loans depending on the choice of the loan company and the amount of the applied for can be divided into equal, monthly installments: from one to even 60. The loan amount and the number of installments must be marked on the slider available on the lender’s website. Next to the selected parameters, a simulation will appear, with an example of the monthly installment amount.
The most popular options are loans with repayments spread over 12 months. The second most popular option is installment loans taken for 24 months, i.e. two years. Longer loan periods are less popular and make up a small percentage of all applications. If you need a larger injection of cash and repayment over more installments, check our cash loan ranking.
In case of problems with paying the borrowed amount on time, you can also apply for the debt to be split into more affordable installments. Usually, this requires prior notification to the lender of the existing problem.
Installment loan without BIK – a chance for those in debt
What exactly is an installment loan without BIK? Her scenario is created for people with bad credit history in the BIK database. At the outset, it should be clearly stated that debtors – even with small delays in repayment, have little chance of taking a loan or a loan for a high amount. Then the loan companies offering installment loans without checking in the BIK database enter the action. Such lenders either do not verify clients in the Credit Information Bureau or accept arrears in BIGs or use a different solution. An additional person with a good credit history joins the loan with the debtor. As a result, people who have:
- Bad credit history in BIK, KRD or other databases,
- Low credit standing,
- Court bailiff,
- Problems with paying off obligations
How to choose a good installment loan?
For many Poles, the choice is simple – take a loan immediately, wherever they give. This is not very reasonable, because as important as money is the place where you borrow it. Therefore, when using non-bank offers, there are a few important rules to remember.
- Check before you sign – before signing the contract, look carefully at the amount you are applying for, the repayment period, installment and APRC, and the terms of the contract. If in doubt, contact your consultant,
- Check the credibility of the company – when you take out a loan you must be 100% sure that you use the services of a reliable company. It is worth taking a look at the list of Red Piggy Bank warnings or the KNF list,
- Separate temporary desires from real needs – don’t borrow more when you’re drowning in debt. Online loans, like any financial product, require you to use them wisely and with full awareness,
- Do not overestimate the amount you are applying for – measure your strength on intentions, because a wrong amount can make it difficult to pay your debt.
And most importantly – borrow it wisely so that the extra money really is financial support, not a nuisance!