Fast online loans – the entire process step by step

Online short-term loans are becoming increasingly popular among Polish customers. Fast loans are now available online without leaving home, and the entire application and disbursement process has been simplified as much as possible. Even so, it is worth learning about the steps you need to take to find the best lender, submit the appropriate application and receive the funds in your account as quickly as possible.

Read on to find out what the process of obtaining an online loan looks like.

Choosing a lender

The first step belongs to the prospective borrower, whose task is to choose a non-bank company offering terms that meet their expectations. There are many lenders on the market specialising in online short-term loans – when choosing the best company for you, it is worth paying attention to the brand’s reputation and comments from existing customers.

When making your choice, it is worth reviewing the company’s requirements for customers and the maximum amounts available through online loans.

Choosing the loan amount and term

On the homepage of any lending company, you will find sliders that make it easy to set the amount you want to borrow and the repayment date (if it is not fixed at 30 days).

Throughout the process, you can see how the total amount payable, interest and commission change. If instalment loans are offered, you can adjust the monthly repayment amount to your financial situation and income.

Registering an account

Creating a new customer account is the first step in applying for a loan. In most cases, it is enough to provide an email address, phone number and password.

Sometimes it is necessary to verify the phone number using an SMS code or click an activation link sent to the email address. Registering an account makes it much faster to submit subsequent online loan applications in the future.

Completing the loan application

An application for a fast online loan consists of several sections. You need to provide your personal and contact details (first name, surname, address, date of birth, etc.), identity document details and information about your financial situation.

The form will ask questions about your regular income, monthly expenses and current debt. You must also provide your bank account number.

Verifying the bank account

Although in most cases you do not need to send a scan of your identity document, verifying your bank account is necessary. This allows the lending company to make sure that the details provided in the application match those shown on the bank account.

Customers usually have one of two ways to verify their account:

  • a bank transfer of a small amount (1 grosz or 1 zloty) to the lender’s bank account – this amount is then returned to the customer,
  • automatic verification, for example using the Kontomatik tool – this is the fastest option, but it requires logging in to your bank account through the selected application.

Successfully completing bank account verification is necessary for further processing of the loan application.

Creditworthiness assessment

Once the verified application reaches the analysts’ team, the lender assesses the customer’s creditworthiness based on the information provided and credit history checked in selected debt registers (e.g. BIK, BIK, KRD, ERIF and others).

The lending company makes sure that current income and any existing debt allow the debt to be repaid on time. Each application is processed individually, and negative entries in databases do not automatically mean a negative credit decision.

Making the decision to grant the loan

Depending on the lending company’s internal work schedules, the time comes to make the final decision on whether to provide funds to the potential borrower or reject the application.

For most non-bank companies, application analysis takes up to 15 minutes, although the process may sometimes take longer, especially when employees are unavailable on public holidays and weekends. Information about approval or rejection will be sent by SMS and/or email.

Accepting the loan agreement

The loan agreement is signed online, usually by accepting the loan terms and agreement on the lender’s website. It is worth taking more time to read the agreement and make sure that the terms of the short-term loan are the same as those stated in the offer. The disbursement process begins only after the loan agreement has been accepted.

Sending the money to the customer’s account

If the loan decision is positive, the company immediately sends the funds to the customer’s account. Depending on whether fast online transfers are used, the money may appear in the account within as little as 15 minutes.

Repaying the loan

The customer’s task is to repay the debt on time. This must be done before the end of the repayment period by transferring the total amount payable to the lending company’s account. All details concerning repayment can be found in the loan agreement and in the customer account.