On the other hand, non-bank loan companies specialize in providing payday loans.
This has a direct impact on the cost of the loan, the repayment date, the maximum amount that can be requested, the method of verifying the customer’s creditworthiness and the waiting time for the decision to grant financial support.
The cost of cash loan vs payday loan
The actual annual interest rate (APRC) for a cash loan will be incomparably lower than for quick loans that you can apply for online.
The APRC calculator, available on almost every page of non-banking companies, turns out to be merciless in this case – the total cost of payday loans expressed in percent can even reach four-digit values. Rather, we will not find such numbers either using the cash loan calculator or loan comparator.
Debt repayment time
In the case of payday loans, we usually have no more than 30 days to pay our debts on time (although some companies, of course, for an appropriate fee, offer their clients the option of extending their repayment dates). We can take a cash loan for a maximum of 10 years.
Amount that can be claimed
The maximum amount of cash loan that a bank customer can receive is PLN 200,000. Non-bank loan companies rarely allow applications for an amount higher than PLN 10,000.
Verification of the customer’s creditworthiness
For banks, the customer’s credit history, i.e. their ability to pay their liabilities on time, is of key importance. Non-bank companies look at this issue much more favorably and often turn a blind eye to entries in the register of debtors, Unlike banks, they do not require additional documents (sometimes even income certificates).
Waiting time for the decision to grant the loan
More stringent criteria translate into the pace of considering the application. The average waiting time for a credit decision is 2 months. It is much more than in the case of payday loans, which can be obtained practically “in stock” in less than 15 minutes.