This form of borrowing is a middle ground between a loan and a payday loan, and it can easily be spread over a longer period. This is much less burdensome for the household budget.

What should you pay attention to when taking out an instalment loan?

The range of loans is very diverse. On the market, you can obtain instalment financing ranging from PLN 3,000 to PLN 300,000. In most cases, the average maximum online loan is around PLN 60,000. To apply for higher amounts, you need to undergo a longer verification process, during which you must provide proof of income.

Generally, the smaller the loan amount, the faster it can be obtained and the fewer obstacles there are. People with low creditworthiness or a negative history in BiK or KRD face the greatest difficulties. However, this is not so significant for many institutions. The lending market is so competitive that, fearing the loss of customers, companies tempt them with various promotions or competitions.

The most important attributes of a loan are its interest rate and repayment period. A quick loan most often means higher interest, while with a longer term you can expect a lower interest rate. Another important piece of information is the APR, meaning the actual cost of the debt incurred by the customer when using the offer.

It is also worth checking customer opinions about a company’s services. Institutions that apply fair rules are more frequently chosen by people who borrow money. Reviews can be found on various online forums or in groups bringing borrowers together. A lot of information can also be found in rankings that publish detailed information about the offers of non-bank companies and valuable comparisons. It is also worth checking the website dedicated to instalment loans: https://pozyczka-ratalna.pl/.

Who can obtain an instalment loan without certificates?

A customer who wants to obtain an instalment loan must meet a number of requirements. Non-bank institutions use various safeguards to increase the likelihood of debt repayment. Therefore, they carefully check every person who wants to use a loan without BiK verification. The various criteria checked may include:

  • being of legal age; in rare cases, customers must be at least 25 years old,
  • having legal capacity,
  • Polish citizenship,
  • Polish tax residency,
  • contact details – an email address and telephone number,
  • an active bank account,
  • sources of income.

Sometimes lenders set an upper age limit for people who wish to use their offer. As for accepted sources of income, financial institutions recognise various forms of business activity and civil-law contracts. These may also include various benefits—retirement pensions, scholarships or disability pensions.

The requirements of loan companies can vary greatly. They depend primarily on the customer’s financial situation, and sometimes the customer must provide additional documents. In this case, the phrase “without certificates” means that lenders take a more liberal approach to their customers than banks do. They have a much lower entry threshold.

What does the loan approval procedure look like?

A person who wants to obtain an instalment loan must go through a certain process. The advantage of this solution is that most institutions use similar procedures, so someone who takes out even one instalment loan will be able to see how this mechanism works.

In this situation, the process can be divided into several stages:

  • Choosing an offer – after analysing various proposals, the customer makes a decision,
  • Choosing loan parameters – the customer can determine the loan repayment term, its amount and the number of instalments,
  • Completing the application – identity details and basic information must be provided here, along with the source of income,
  • Verifying the customer’s identity – this takes place through a verification transfer, a telephone conversation or by taking a photo in the application,
  • The decision on granting the loan – if the application is approved, you can expect a fast transfer.

An online instalment loan without certificates may reach the account much faster if the applicant and the lender hold accounts at the same bank. It is essential to observe the debt repayment deadline.

However, if this is not possible, there is no need to panic. In such a situation, it is simply worth informing a non-bank institution employee about the delay. The company may extend the repayment period, but this is usually for up to 2–3 weeks. In rare circumstances, it is possible to refinance an instalment loan using a new liability. This is a last resort, as it may lead to the so-called “debt spiral”, meaning the loss of the ability to repay obligations regularly.