If you use the services of financial institutions, you should have basic knowledge about them. Every customer should know the principles of operation, regulations and services provided. He should also master the basic terms.
The 7 most important facts.
1. Minimum formalities
The advantage of non-bank payday loans is the minimum of the formalities you need to get a payday loan. In practice, this means that you usually only need an identity card to handle the payday loan. Few subjects need proof of income, unlike commercial banks, who carefully check your previous mortgages and payday loans on request.
2. Quick decision
Another important advantage in handling a payday loan is the speed of the approval process. After requesting a payday loan, you know almost immediately whether it has been approved. This is due to the fact that experts in non-bank companies do not look at your pay slip, but for completely different information.
3. Short-term repayment
As the borrowed amounts are relatively low, the payday loan repayment period usually ranges from 15 to 30 days after the contract is signed. Binding for long months or years is not a threat.
4. You will recall everything over the Internet
Unlike a bank, payday loan companies offer customers the opportunity to apply for payday loan and equip all the formalities via the Internet. In practice, this means that you can get a payday loan without leaving your home.
5. Additional charges
While it’s forbidden, some non-bankers charge additional fees to their clients. Most often we talk about so-called. hidden charges, which could include preparatory fees (also called correct or ongoing fees), for example 5% of the total payday loan.
6. Without payday loan register
Payday loan register is a well-secured database of clients who draw payday loan from banking institutions. Due to the low level of payday loans, not all non-bank institutions verify the applicant’s payday loan history in the register. This speeds up the process of obtaining payday loan and allows you to raise money for those who do not have a perfect payday loan history.
7. Discounts for regular customers
Only some non-bank companies provide this option. Customers who re-apply for payday loan can benefit from the benefits. With a higher borrowed amount, lower interest, or longer maturity. In addition, the entire application process is being accelerated.