The popularity of quick payday loans, including online loans, has increased significantly over the past three years. If Poles are to borrow an amount in the range of 1 – 4 thousand. in 70% of cases they will go to a loan company and not to a bank.
What makes us borrow from these non-bank entities? First of all, a simplified path to obtain additional funds. Loan companies strive to reduce the formalities associated with it. The tools they introduce are intuitive to use. All are available on-line. It really saves time and energy resources, which is important for many people.
Quick verification process
Unlike banks, loan companies do not need earnings certificates. They will also not check our creditworthiness. In most cases, confirmation of the borrower’s identity is sufficient. If we use financial products offered via the Internet, such verification takes place in two stages. First of all, we need an ID card. Secondly, access to electronic banking to complete the verification transfer.
Any goal, minimal costs
The second undoubted advantage of online payday loans is that we can use them for any purpose. The loan company will not ask about the allocation of funds, as is often the case with bank loans. In addition, if we are new clients of a specific entity, we can count on a loan for which the APRC value is 0%.
Dynamic market development
The non-bank loans market is a very dynamically developing sector. Its value is growing every year. Only in 2015, the total loans granted amounted to $ 5.2 billion. In addition, it should be remembered that from 2017 entities operating in this industry are required to enter their activities in the register kept by the Polish Financial Supervision Authority. What does this mean for the consumer?
Many competitive offers
This situation on the market forces non-banking companies to constantly develop their products and pay close attention to the quality of services offered. This means that the consumer can choose from many competitive offers – borrow money on the most favorable terms. Another important issue is the high standards of customer service, which serious institutions simply have to care for. It also involves the implementation of ethical and business standards. Credibility is often the largest capital available to non-bank loan market leaders.