Student status does not prevent someone from obtaining an online loan. However, the standard conditions set by the lender must be met. Above all, a steady income is important.
As an adult, a student must have an identity card—the only document actually needed to complete the application. A certificate of income will not be required. Online verification is sufficient.
Additional formal requirements include:
- an individual bank account
- an email address
- an active mobile phone number
Regardless of the applicant’s age, loan companies will not grant a loan without first checking databases containing information about borrowers. This does not necessarily mean the BIK database, as in the case of banks. Debtor databases are checked more often. When assessing an application’s creditworthiness, lenders most often take into account information contained in:
- the National Debt Register of the Economic Information Bureau S.A.
- the Loan Information Exchange Platform
- the applicant’s previous credit history with the lender
In the case of, for example, Smart Pożyczka, the entire process takes place automatically, so a student may receive a decision on whether the loan has been granted just moments after submitting the application.
Can a customer avoid paying fees?
External financing, both from a bank and a non-bank company, involves the need to incur loan costs: interest, commissions and other fees. The exception is a free online payday loan, which allows customers to avoid fees. The absence of costs does not apply to installment loans.
The basic conditions for obtaining a quick, cost-free loan are the same as for ordinary financing without a promotion, both in terms of formal requirements and the ability to repay the obligation on time. An additional requirement is using the services of the particular loan company for the first time as a new customer.
A quick loan obtained using an identity card will be free only if the obligation is repaid on time.
When concluding the agreement, the customer undertakes to pay:
- interest
- commissions
- other fees
in the amount specified in the agreement in the event of a delay in repaying the payday loan. Timely repayment guarantees that the non-bank company will not charge any costs.
It is worth knowing that the amount of a free loan may be lower than the maximum amount available as part of the first loan. New Smart Pożyczka customers can obtain up to PLN 3,000 as part of their first payday loan, with a repayment period of up to 30 days and an APR of 0%, or up to PLN 5,000 with costs reduced by 50% (APR 413%).