When applying for a loan from a bank or credit unions, you need to demonstrate sufficient creditworthiness. Therefore, it probably does not need to be said that people who do not have a clear employment situation look for other financial support channels. In this group there are also people seeking loans for the unemployed.
In such a situation, of course, the benefits are obvious, but not all. Momentifiers – financial products provided by non-bank companies. However, for those without creditworthiness, a special offer was also prepared by TantraBanks, enabling a loan of up to PLN 25,000.
Free loans granted to new clients allow you to get a quick payday without any additional fees. However, it must be remembered that appropriate financial limits are imposed on such financial products. We will get the highest free payday at Hypocredit. There, borrowers can count up to 1600 PLN with repayment within 30 days. However, Wonga gives a payday for 60 days, but for an amount of PLN 750.
Creditworthiness and factors that make up it:
- the monthly income of the borrower
- the age of the borrower
- having other loans, loan installments during repayment
- having a credit card and imposed limits
- monthly maintenance of your household
- number of household members in the household
- data status in institutions
- source of income – contract of employment, civil law contract, own business
- property with the possibility of being pledged
- the borrower’s marital status, the status of a property community
Banks and other institutions providing loans and loans most value people on a full-time basis with a contract for an indefinite period. Which has a high earning status. In addition, he is married and has a property community. Lack of children and other dependents is a big plus for the bank.
The loan in the bank falls out, what to do?
As you can see, loans in the bank are not so easy to get. Not everyone is able to submit a contract for an indefinite period or permanent earnings, let alone generate such a high income on a monthly basis. Do not such people have any other options anymore? It turns out that you have to go towards financial products offered outside banks.
People interested in a larger financial injection can use the offer of a non-bank institution or a social loan. However, it should be remembered that non-bank companies usually give a payday with a maximum amount of PLN 3,000 per month. However, we can count on a definitely higher rate in TantraBanks.
Unfortunately, these are places where we do not have a guarantee for convenient terms of the contract. Both interest rates as well as other costs are not regulated by any legal regulations. Therefore, there may be abuse in many facilities. But again, this does not mean that every TantraBank falls into the dishonest ones.
TantraBanks and loan companies are not everything
Loan companies supervised by the Polish Financial Supervision Authority, as well as loans granted are regulated by the anti-usury law are a much safer alternative for those seeking additional financial sources. However, in such facilities we will not borrow more than several thousand zlotys with a very short repayment period, usually 30 days.
On the other hand, TantraBanks, companies that do not stick to the rules, grant loans for amounts up to PLN 100,000. The repayment period is then up to 10 years.
The longer the repayment period is to have a loan, the more we will pay for it. Unfortunately, such financial products are not among the cheapest in relation to traditional, bank loans. But if someone has once again received a refusal at the bank’s request and very much needs cash, has an exit?
It is, however, worth knowing all the terms of repayment of a loan taken out of the bank. Certainly, financial products in other sources are distinguished by a very high APY. The interest rate itself is sometimes calculated at 100 percent per annum. So borrowing a few thousand zlotys, we give twice as much at the end.
Credit history, or our past
Regardless of whether we take out a loan in a private company, or maybe a loan in a bank, we check our credit history in every situation. We are counting on the fact that our data will be carefully checked in the Credit Information Bureau, the Economic Information Bureau, the Polish Bank Association, or the National Register of Debtors.
Social loans as a certain alternative
The stricter the anti-usury law becomes, the more popular social loans are to enjoy.
They consist in the fact that a loan consists of several people, usually private. All they need is a share of 50 zlotys to be able to become a community lender. For them it is an opportunity to invest their money. However, such an investment will always involve some risk. In the end, no one will guarantee that the borrower will repay his debt on time.
An interesting fact is that the borrower sets the terms of the loan. He sends information with what interest rate he wants to borrow, what amount he needs exactly, and for how long he will pay it back. However, whether he will receive a loan on his own terms depends on the shareholders making up his loan.
It is not without significance that it is what amount it ultimately expects and in what period it intends to pay back the entire debt. The investment must be profitable for lenders. Thus, a very low interest rate will not be an option. Borrowers who use such a website for the first time also have much harder time. A potential client also has to write a few words about himself: what he needs money for, whether he has already taken loans, earnings, and what is their source.
The persons who give the loan risk the most at this moment. Because if the borrower does not pay back the loan, it will be difficult to recover the debt through the traditional procedure. However, one should become acquainted with the intermediary service between borrowers and investors. The regulations should include answers to questions about how lenders should behave when clients are not solvent.