UK payday loans bad credit -It’s easy to Request a payday loan bad creditOn September 27, 2019 by Ann Burgoyne
A mini loan is a short-term loan of a small size. It belongs to the same category of short-term loans as micro loan, payday loan, quick loan or express loan. Customers interested in a mini loan do not have to worry about its collateral, and therefore are not obliged to pledge a car or real estate as a guarantee of debt repayment. An unsecured loan also means faster application processing and higher costs associated with obtaining the loan. Few mini loans are granted as free and thus cover a very short repayment period.
There are many reasons why you should opt for a mini loan. This can be an unexpected bill or other expense, e.g. the purchase of new household appliances for which you need cash. No matter what you are going to spend your money on, Bankeros offers a wide range of options to borrow a small amount for a short period of time. Mini credits in Poland range from 100 to 1000 PLN. Loans above this amount can be classified as fast or consumer. The final amount you choose, however, does not affect your independence, so you decide what to spend the money you borrow.
It’s easy to Request a payday loan bad credit, secure and confidential
Are there any alternatives? A payday loan for bad credit is a good solution, especially for people who face unexpected expenses. Thanks to it, you can borrow a small amount (up to PLN 1,000) for a maximum period of 90 days. It is, therefore, a reasonable option if you are sure that you will soon receive a payment, from which you will be able to “repay” the debt immediately.
Many people identify the loan with traditional and old-fashioned banks, which have numerous branches and subordinate branches, which customers have recognized due to intense promotion and television commercials. However, over the past 10-20 years, the loan market has grown enormously, mainly due to loan companies offering online services that do not necessarily have a physical facility. For you as a consumer, this is no cause for concern, because all companies are subject to the control of the Polish Financial Supervision Authority (KNF), which checks whether the actions of companies are in accordance with the law. Thanks to this, when you take a mini loan with less known lenders, you don’t have to worry about their credibility. Many loan companies that you can find at Bankeros.pl come from foreign organizations or are a subdivision of well-known banks. For example, Santander Bank is part of an organization founded over 160 years ago and employing almost 190,000 people. This type of institution is therefore considered extremely stable and reliable.
Loan online or at bank
There are several significant differences between loans available online and those offered by your local bank branch. By applying for a loan to a bank, you can experience an extremely long process of waiting for an answer in your case. Once you manage to arrange a meeting with one of the bank’s employees, you will need to explain why you are going to borrow money. Then the bank will carry out a detailed analysis of your creditworthiness and thoroughly examine your finances. After approving your application, the bank prepares the relevant documents and prepares the loan agreement, which can take up to several days. Once everything is ready, you must come to the bank branch again to sign the contract, after which the money will be transferred to your account.
The online mini loan for new customers offers a much shorter and easier lending process, thanks to which you can have money on your account within 48 hours. Everything is done quickly and efficiently. You must complete the required documents online, then provide data that will allow the creditor to view your finances (in particular annual tax settlements), on the basis of which he will be able to carry out an instant assessment of creditworthiness. Then, the loan company will contact you with a contract offer tailored to your situation. In short, online loans may turn out to be slightly more expensive than bank loans, but instead they offer numerous benefits that traditional banks are not able to compete with.
Why not borrow at the bank?
You can make a small bank loan without any obstacles. However, you must remember that the money lending process is then considerably extended. In the event that you encounter unexpected expenses, you will not be able to get cash quickly due to numerous meetings with bank representatives and other formalities mentioned above.
Minis loan without security
One of the biggest advantages of online mini loans is that you do n’t need to secure a loan. Unlike bank loans, you don’t have to explain why you intend to use the money or pledge your property. Employment with a contract of employment and a stable annual income can be a big advantage for you, because these factors will be taken into account by the non-bank company when checking your loan application. When borrowing money from a bank, you usually need to provide security. This is tantamount to giving away personal assets of material value, e.g. a car or an apartment. If you are unable to pay back your loan, the bank has the right to seize the lien. Meanwhile, an online mini loan is an inexpensive solution that lets you decide what to borrow money for. Regardless of whether it will be a new TV set, your dream vacation or an apartment renovation – the decision is yours.
Short-term debt is one whose repayment falls within a period of less than one year. This category includes a mini loan and other small loans, e.g. payday loans.
When comparing mini loan offers, you’ll find lots of information in small print on the side of the page. Some of the concepts contained in the contract may seem extremely complicated and abstract. Fortunately, you don’t have to know them all. All you need is knowledge of the indicator, which covers all the most important numbers in the loan agreement. The Actual Annual Interest Rate (abbreviated APRC) is an expression that takes into account any costs you incur in connection with the loan on an annual basis, including:
- preparation fees;
- registration fees;
- handling fees;
- costs of preparing documentation.
If you understand how the APRC works, you don’t have to worry about the detailed definitions of the above terms. In addition, you do not have to require yourself to know terms such as repayment amount, monthly benefits, effective interest rate, annual interest on debt, or the total cost of the loan. What’s more, the way you earn money on extra costs varies from lender to you, so you can’t always compare the commissions of one offer with another. The APRC is therefore a very useful way to compare loans because it shows the cost of the loan over a full year. However, for short-term loans, the APRC is less useful as it expresses costs per year, while the repayment period is only 30, 60 or 90 days.
Bankeros – who are we?
Bankeros is not a loan company or any other financial institution. We are an independent portal that helps you compare various loans by compiling key information and numbers in a transparent way. Thanks to this, potential borrowers can easily choose the loan that best suits their options. To make this decision even easier, we’ve rejected expensive loan offers, which means you’ll only find favorable and competitive offers.
We will help you make a choice
Bankeros presents an overview of the best and cheapest loans in Poland. We do this because we try to make it easier for customers to make decisions on mini -loans or consumer loans. We conduct a careful selection, thanks to which we have selected the best loan offers on the market and which will allow you to find a loan tailored to your expectations.
Applying for a mini-loan is very simple and the whole process is done electronically. However, there are several requirements that must be met in order to apply for a loan:
- you must be an adult, and therefore over 18 years of age;
- you must confirm your identity with a valid photo ID, e.g. ID card or passport;
- you cannot be registered in the debt database (KRD, BIK);
- you should have a stable source of income.
Only an adult can enter into a legally binding contract, so if you want to take out a loan, you must be at least 18 years old. For younger customers in the 18-25 age range, the choice may be limited because many people of this age have no stable income or earn little. The conditions offered to younger clients are gradually becoming less restrictive. After reaching the age of 25, there are no age restrictions. Due to the complete digitization of the loan application process and processing, all documentation must be completed online.
To confirm your identity you must provide the data on your ID card or passport. A loan company representative will then contact you to confirm the information contained in your application. All this to ensure the highest level of security and prevent possible identity theft. You still need to provide the lender with the information you need to evaluate your creditworthiness. A constant source of income is a guarantee of less risk for loan companies and thus definitely increases your chances of getting your dream loan. Similarly, in the case of an account that you share with your partner – the terms proposed by creditors may be more favorable.
To borrow money
If you want to borrow money, you must be at least 18 years old. Some loan companies may require up to 20, 23 or 25 years of age. This is due to the fact that creditors want to make sure that borrowers have a sufficiently stable financial position to pay back their loans and at the same time prefer to lend to people who already have some experience in managing their own finances. In this way, loan companies try to guarantee the recovery of borrowed money after the repayment period.
Mini loan without BIK
If you have experienced a difficult financial situation and have a large number of debts, it is possible that you have been entered on the lists of debtors or the Credit Information Bureau (BIK). In these circumstances, your options are significantly limited because creditors consider lending money to debtors as a risk activity. Nevertheless, there are companies that will offer you a loan despite your status. Remember, however, that this is associated with a very high interest rate on such a loan, so entering into this type of contract can only worsen your difficult situation. That is why Bankeros decided not to include lending companies without BIK on its platform, as they may contribute to aggravating the problems of indebted clients. At the same time, we advise you to focus primarily on settling your current obligations to the creditor, who placed you on BIK lists, so that you can remove your name from the register and then apply for a loan on normal terms.
How is your application processed?
Before a bank or online non-banking company gives permission to grant you a loan, they want to make sure that you can pay back the amount you borrowed. To this end, loan companies carry out a credit rating, which is why your creditworthiness is of great importance when applying for a loan. At the same time, if you want to increase your chances of getting a loan, you should try to improve your creditworthiness.
Most students have to deal with financial constraints, so help with this may be necessary to increase their room for maneuver. Many young people choose a normal bank loan, but not everyone can. Fortunately, there are quite a few alternative solutions to this problem. In the case of a mini-loan, you can receive money for specific needs in an easy and quick way, but you must remember that it is associated with higher costs than in the case of a traditional bank loan. Therefore, you should not borrow more money than you need. When choosing a loan for yourself for the first time, you should pay special attention to the APRC. This abbreviation stands for Annual Real Interest Rate and expresses the total cost of the loan that you incur annually as a percentage of the amount borrowed. It is therefore a key indicator to which a lot of importance is attached when comparing different offers and choosing the right loan.
A favorable solution for students
A student mini loan can be a really smart solution if you do not have enough money for certain expenses at the end of the month. You can settle a mini-loan for 7-14 days instantly, e.g. by repaying the loaned amount as soon as you receive a payday or scholarship.
Short-term loans, which include a mini loan, often have very high interest rates or initial costs, which makes the APRC also look very unfavorable. In the case of short-term loans, the APRC can be quite misleading because annual costs do not play a significant role in commitments that only relate to a short repayment period. Nevertheless, a mini-loan can quickly be an expensive pleasure if you can’t pay regularly.