Who can get a quick online installment loan, and what requirements must such applicants meet? We have gathered answers to these and other questions in the article below.
How to Submit a Loan Application?
Installment payday loans, as we mentioned in the introduction to the article, are products intended for people who want to distribute the borrowed amount themselves. To obtain the loan amount we want, we should visit the lender’s website or use a loan company aggregator that collects many offers from companies operating on the market. We then need to complete an application providing information such as the loan amount and repayment period, as well as, optionally, the purpose of the loan.
In the next step, we are required to provide identification details, including:
- first and last name
- telephone number
- email address
- series and number of identity card
- PESEL number
- education level (primary, secondary, vocational, bachelor’s, master’s, doctoral, engineering)
- PESEL
- marital status
- list of household members
- list of dependents
See also: Online loan of PLN 25,000
Who Can Receive an Installment Loan?
To obtain an installment loan, we must be at least 18 years old and have full legal capacity. However, these are not the only requirements lenders impose on applicants. Other requirements include:
a bank account with a Polish bank, opened in the name of the person applying for the loan
a sufficiently high creditworthiness, allowing the installment loan to be repaid regularly, on time and without difficulty
no negative entries in debtor databases, such as: Biuro Informacji Kredytowej, BIG InfoMonitor, KRD.
What Amount Can We Obtain in Installments?
Loan companies enable customers to take out installment loans ranging from several hundred zlotys to amounts exceeding several tens of thousands of zlotys. It all depends on whether the person has applied for loans before, their creditworthiness, their monthly income and the number of installments over which the loan is scheduled to be repaid. Online installment loans, also called long-term online loans, are flexible products that meet the expectations of many customers. We can take out a loan of several thousand or several tens of thousands of zlotys and determine the repayment period ourselves, from 1 month to as many as 120 months.
Installment Loans – Summary
Installment loans are becoming increasingly popular among people applying for financial commitments. This is because the loan amount can be flexibly divided into a specified number of installments and repaid regularly each month. An undeniable advantage of installment loans over traditional cash loans is the time in which we can obtain such a loan. In the case of a banking institution, this takes at least several days or weeks, whereas an online installment loan from a loan company can be obtained even on the same day. It is also significant that non-bank institutions do not require as many documents as banks, making the application process for an installment loan faster and much simpler.
Installment loans are an excellent alternative to traditional payday loans, which are repaid in a single payment, usually within 1 month of borrowing the money.