Online loan – fast and convenient. Easy and cheap borrowing.
According to the latest information provided by the Central Statistical Office, credit and loan companies granted a total of over 5.8 thousand in 2017 loans and borrowings, which gives a result 10.5% better compared to 2016. The value of liabilities granted increased to USD 45.9 million , ie by 14.9%.
The growing number of clients using the services of loan companies can be explained by the fact that banks are more willing to grant loans for larger amounts and for a longer period of time. People who need funding in amounts of up to several thousand dollars are looking for an attractive alternative to banks’ offers. How can you find a favorable loan online?
Instantaneous payment and installment loan
Among the online loans available on the market, payday loans and installment loans can be distinguished. Although both are easily accessible and require an online application, they are slightly different. Payday loans are granted for smaller amounts, usually up to USD 4,000. The time to pay such a liability is also shorter – it usually lasts no more than a month. Some companies offer the option of extending this period, but this is often associated with additional fees.
Installment loans are liabilities incurred for a longer period of time, even up to 36 months, and for slightly higher amounts. When looking for the best offer on the market, it is worth thinking first of all what amount we need and determine the amount of repayment installments in such a way that they do not burden the household budget. Thanks to this, it will be much easier to find the most attractive offer. On the website of the lending company, all you have to do is select the appropriate amount and preferred debt repayment time, and then complete the application.
What to look for?
When comparing offers, the real annual interest rate (abbreviated APRC) should be taken into account, ie the indicator not only taking into account the nominal interest rate, but also additional costs, such as commissions and fees charged for granting the obligation. The lower the APRC, the more profitable the offer.
Choosing the right lender is also very important. Currently, loan companies are required to advertise their offer fairly and leave no doubt as to the total cost of the commitment. Before making the final decision, it is worth checking the creditor’s credibility and verifying whether it has an ethical certificate awarded by the Conference of Financial Companies in the country.