Ranking of quick non-bank loans

A quick non-bank loan is a product we use when immediate financial assistance is needed. It won’t solve our problems, but it can be a temporary solution. However, the market offer is very diverse, so before making this commitment, it is worth checking which of them will be best for us.

Opinions about quick non-bank loans vary

Opinions about quick non-bank loans vary

On the one hand, they are more expensive than bank loans, which may negatively affect the borrower’s financial position instead of improving it. On the other hand, they give a cash injection when we need it most, and without waiting for a loan decision, because we can get the money in several minutes.

Undoubtedly, when reaching for a non-bank loan, we must be more careful than in the case of a bank offer. The bank always checks our creditworthiness and refuses to grant a loan if it decides that we may have problems repaying it.

Non-banking companies approach creditworthiness less restrictively, which means that we, the borrowers, have full responsibility for making the decision to incur an obligation.

Free first loans

Free first loans

Almost every second loan company will provide its first financing free of charge. This means that we will only have to pay back as much as we borrowed. The basic condition that we will have to meet is to give money back on time. Otherwise, the loan company will charge us a fee for extending the repayment date or we will be exposed to the costs associated with debt collection.

The highest amount we can borrow for free is 2,000. USD. We will get this amount from Good Finance, E-Money and Good Credit. Through this last page, we can borrow up to 45 days.

Other companies will allow us to dispose of their money for a maximum of a month. At E-Money, we can take part in a competition in which an automatic vacuum cleaner with a value of nearly 2,000 can be won. USD and tourist vouchers with a face value of 1 thous. USD.

Short-term loans

Short-term loans

Quick non-bank loans are usually granted for a small amount, which we have to repay within 2-4 weeks. We checked where the cheapest get USD 500 for 30 days. In preparing the statement, we based ourselves on the data that lenders present on their portals.

For the three institutions, it will cost only USD 10. At Good Lender we will pay 10 USD for each first loan up to 1.5 thousand. USD, for a period of up to 60 days. As a new customer, we can borrow more and for longer – up to 3,000 USD for 12 months, but it will be an installment loan and we will not use the fee discount.

It is worth paying attention to the offer we reach because the parameters are very diverse. As a new customer, we will get from 500 to 5 thousand. USD and the repayment period can range from 30 days to even 30 months. The average cost of the USD 500 loan we analyze is USD 117 and ranges from USD 10 to USD 145.

Although the loan launch process is a few stages, it is quick and easy to implement. This is the basic advantage, which unfortunately can become the biggest disadvantage of this solution. Before taking a loan, we must answer the question ourselves, whether we will be able to return the money within the prescribed period. We also need to borrow only as much as we actually need.

However, before we borrow money, we must check all the costs associated with this financing (the information form that loan companies are required to provide to us) and read the contract carefully.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Post

Apply for & take out a business loan ᐈ Borrow money as a starter

Starting capital is required to start a business. It may also be that capital is required for investing. As an entrepreneur you can borrow, apply for and close business money

What credits do you have?

How can you find out which loans or credits you have? You will discover this in this article. A few years ago, the government set up the Central Individual Credit

More Profit Where, Credit Card or Debit Card?

Between credit cards and debit cards, they both function as non-cash payment instruments. But there is something fundamental between the credit card and debit card. If a credit card, can be