Financial services are increasingly moving to the internet. This applies, among others, to non-bank loans, for the popularity of which domestic banks are trying to keep up.
The bank’s offer also includes proposals for borrowing money over the Internet
We decided to compare them with what one of the leading loan companies offers. As a result, there was a surprise. Namely, the non-bank lender offers a similar offer as in the banks.
What’s more, the loan company provides a verification process available 100% online.Not only banks and credit unions can borrow more than USD 50,000.Some people may still think that all non-bank loans have a small value reaching at most a dozen thousand zlotys and the period of patents not longer than 2 years – 3 years.
It turns out that the lender may pay clients up to USD 60,000 and offer debt repayment for 60 months
Most banks under loans and cash advances propose higher maximum limits for the amount paid out (e.g. USD 150,000 – USD 200,000). However, it should be remembered that few people still decide to borrow more than USD 50,000 – USD 60,000 (for consumption).
Even worse, some banks set restrictive limits on the amount borrowed over the Internet and the repayment period of online loans. For example, a new customer of NB Bank can borrow up to USD 3,000 for 3 years via the Internet. POO Bank, as part of the Mini Cash online, limits new customers to a maximum repayment period of up to 12 months. Fortunately, Smart Loan does not apply similar restrictions that are burdensome for customers.
Online loan offers – comparison February 2020
Smart Loan is the only one who borrows a lot without attestation
The attractiveness of the Smart Loan offer compared to loans and online bank loans also involves the possibility of borrowing money solely on the basis of an identity card . Domestic banks cannot be so liberal because the Polish Financial Supervision Authority prohibits them from borrowing ‘in proof’. People trying to borrow money from the bank via the Internet can expect that they need the necessary documents confirming their income or at least information about the workplace ( employer’s tax identification number and / or contact information).
It is worth emphasizing that, despite the liberal policy regarding checking clients, the Smart Loan in comparison to the banks’ offer is not distinguished by high costs. This is evidenced by the level of Real Annual Interest Rate (APRC). The minimum APRC for Smart Loans is only 14.69%. Very many people who take out cash loans from banks must agree to a higher APRC level.