The loan preferences of Poles have been changing for several years. More and more of our countrymen use the offer of loan companies that grant loans online. Installment loans, which effectively compete with bank loans, are gaining popularity – says taktofinanse.pl representative. usoccers.com for further explanation
This situation was also affected by changes that occurred on the financial market. Companies like ours have chosen to be more competitive with banks and to lower interest rates on loans. It turned out to be the right way, which is confirmed by various rankings of the cheapest loans, in which we are at the forefront – emphasizes the specialist Across Lender.
More and more loan companies are deciding to grant installment loans. Just a few years ago, such products were exclusively the domain of banks, and non-bank institutions were known primarily from short-term payday loans. Currently, this sector is opening up to a new client, offering installment loans in which you can borrow up to tens of thousands of dollars. The loan is paid in installments even for several years.
By extending the repayment period, you can easily choose the installment amount to your financial capacity. An example of a company that provides loans in installments is the already mentioned Across Lender. This lender even offers USD 25,000, which can be repaid within a maximum of 3 years.
The confirmation that Across Lender has an interesting offer is rankings. An example is the ranking of installment loans for USD 15,000 in the Bank industry portal from November 2018, where Across Lender was at the forefront. When choosing 36 installments, repayment of the loan in Across Lender will amount to USD 785 per month.
It is worth paying attention to the Annual Real Interest Rate (APRC). It amounts to 58.74% per annum. This means that in the last 12 months Across Lender has significantly reduced the interest rate on its installment loan – it fell by almost 60%. It is no wonder then that in the mentioned ranking the Across Lender brand was ahead of many known loan companies. They often had a monthly installment well above 900 dollars.
Loan companies are not as demanding as banks when it comes to formalities. To take out an installment loan, the customer does not have to submit many documents or come to a stationary outlet. At loan companies, the procedures are simpler and you can complete all formalities online.
To take out an installment loan on the non-bank market, all you need to do is go to the lender’s website, where you choose the loan amount and repayment period. Then just fill out the information form in which you must provide personal data, address, phone number, account, as well as the source and amount of income.
An online loan application and a scan of the required documents is then sent. Usually, you still need a verification transfer for a symbolic amount. The contract can be concluded by phone or via courier. The funds from the loan are transferred to the account number provided in the form.
Often amounts to a fairly high amount, the lender may check clients a little more accurately than in the case of low-value payday loans. Many loan companies then use the Credit Checker register. It is worth noting that in this way the loan company not only protects its interests but also protects the client against excessive debt.
Across Lender is an example that loan companies are not afraid to lower the interest rate on their loans to meet customer expectations. Thanks to lower costs, such loans are more easily available and can be used by more customers.
This is especially important for installment loans, where high amounts are usually borrowed. However, it is worth remembering that even the largest loan can be split into convenient installments.