Loans over the Internet without certificates from loan companies can be express or installment-based. They differ from each other, among others the repayment period and the maximum amount that can be borrowed. These are completely different products than loans without BIK granted by Instant Care Banks.
Loan companies meet the expectations of their customers and, in addition to quick online loans, offer installment loans. Not only loan companies grant payday loans and installment loans, similar products are also offered by Instant Care Banks. Before you sign the contract, find out the difference between loan company and Instant Care Bank products and find out which loan to choose.
Quick payday loan for 30 days – amount, repayment period, free loan
Fast online loans are a convenient way to get money to cover your emergency expenses. The amounts borrowed are high enough to cover the applicant’s needs, but low enough that they can be easily returned within the agreed deadline. You can borrow from 100 to even 5000 dollars at a time, and the first loan can be free.
The free loan present in the offer of many loan companies is a product encouraging new customers to take advantage of the offer. There are no hidden costs and the APRC, which is the current annual interest rate, is 0 percent. In practice, this means that the customer returns only as much as borrowed.
A quick online loan is usually repaid once at a fixed time. A free loan is usually granted for a period of one month, and other amounts – for a period specified by the applicant. Quick payday loans can have a repayment period of 7 to 30 days.
Online installment loans – rules, amount, repayment period
A 30-day loan is a so-called payday loan, one of the most popular loan products on the market. Loan companies also grant installment loans. By using this product, you can borrow over $ 5,000. The repayment period of an installment loan is usually longer than a payday loan, it can be from 14 to 30 days or even up to several months. At Fine Bank, we offer loans with a repayment period not exceeding 30 days – this way you can quickly get a cash injection and you don’t have to borrow for a long period.
Online installment loans are granted on the same terms as payday loans – money is paid out within 1 business day and must be returned within the time limit specified in the contract. An online installment loan is a good solution, among others for entrepreneurs who urgently need additional funds and expect to pay the account in short intervals, or for people who earn income from different places at different times.
Credit from loan companies and Instant Care Banks – what’s the difference?
Lending companies operating in accordance with the law (based on the Consumer Credit Act) usually do not require loan applicants to submit certificates, but assess their creditworthiness and can check their credit history and debt. This is in line with applicable business standards and ethical standards respected by the best companies.
Instant Care Banks granting loans operate on the basis of the Civil Code, therefore they are not bound by the law applicable to banks and loan companies. An immediate loan granted by a Instant Care Bank may have a much higher interest rate than similar products of loan companies. Additional costs may also arise during the repayment of the liability.
Instant Care Banks offer products such as loans for installments for the unemployed or Quick payday loans for those in debt. Lending to people without income is risky, which is why the APRC of such products can reach up to several thousand percent. The express loan requires additional security on the part of the borrower, eg establishing a mortgage for the owned property.