Non-bank loans are a very preferred way of financing various small purchases by many customers. There are different reasons for seeking this type of funds, and the request procedure is much easier than for banking analogues. This is one of the reasons why many companies offer various offers on the market.
In general, most companies offer the same type of products, with similar bidding terms, such as repayment period, payback period and possible withdrawal amounts. There are differences in the loan rescheduling options, default conditions, and penalties. These parameters depend on the particular lender and are usually described in their general terms.
Where can I find offers for non-bank loans?
Most often, similar products are searched on the Internet. This is the reason why companies’ websites are accessible by any type of mobile device such as tablets and smartphones. You can search for offers for non-bank loans while you are home and planning to buy a sofa. You need a new TV to fit in the new living room section, or you see a super bargain on vacation, but the pay is far away and the offer is not really a let down. So with just a few clicks you get the amount you want and then book your family vacation within a few hours. You can do all this directly from your smartphone or your computer – a matter of preference and convenience.
There are a variety of offers on the network and each specific non-bank loan offer is good in itself. Here are the personal terms that each client would have with the lender. Because these products are easily accessible, they are obtained with minimal requirements, and money arrives in minutes, and consumers often resort to them.
When looking for offers for non-bank loans, in addition to the conditions, the reputation of the company must be taken into account. Keep in mind that companies are checking the credit records and if you have old loans and your record indicates that you are a bad payer, you may not receive the loan.
How are non-bank loans different from bank loans?
The topic is much debated, so in short, compared to bank, fast loans are a small amount and pay off in a short time. Short-term loans are much more expensive than bank loans because the former are repaid within days and the latter over a year, with mortgages reaching up to 20-25 years.
The providers of quick loans are not legal banks, but non-bank institutions. They register under other rules and requirements, but a register is kept by the Bulgarian National Bank. Each non-bank credit institution must be licensed by the BNB. Typically, these licenses are published on company websites and are available on the supervisory authority’s register. Following a number of scandals in this area, more stringent licensing rules have been in place for several years. Some of the major companies in the market are Bulgarian, while others are branches of international companies.
The conditions of return and the application are also slightly different from those of the bank. When applying for an online quick loan, the signing of documents and office visits is not required, only the consent of the client, which is expressed in the completion of a form. There are companies that have offices in the country and there you can also apply or just get the money you want.
What are the specifics of marketing and which companies are best?
Offers for non-bank financing can be found in abundance on the Internet. Each company has a website that describes its terms of application, approval, terms and payment methods, terms of delay, etc.
Most often, each lender’s site has a calculator that calculates what the contributions are under certain conditions, such as amount and term. In order to apply, a user needs to choose the appropriate contributions and the deadline, and submit the relevant application online. Offers for non-bank loans can also be found on the platforms of aggregate sites, which by themselves do not lend money, but only provide information in the form of a table comparing different offers.
What are the specifics on which different non-bank loan offers should be judged?
- The maximum amount to receive;
- Minimum loan amount for the first loan;
- Loan Approval Time – This is the deadline for the company to verify the application and process it. This is usually followed by the approval or refusal of the request;
- Return time;
- Are there any promotional periods – such as interest-free first loan or other;
- Is there an additional cost to receive – for example, an additional fee for express transfers or the like. It is a good idea, before agreeing to the terms, to read them carefully so that you do not find that you are withdrawing much higher than you applied for;
- How the loans are repaid – by card, at the cash desk for payment of utilities, by bank transfer;
- Conditions for receipt – completed certain years, requirement for the existence of an employment contract with a fixed minimum term, availability of a bank account, need for a guarantor.
How to choose the right non-bank loan offer?
There are virtually no rules for selecting offers for non-bank loans. Each client has certain preferences and, above all, options for repayment of the loans. When you have another loan or credit card that you actively use, you should definitely check what available funds you have to pay off another loan. On the other hand, you can see the special offers and apply for one of them – for example, interest-free first loan. If you regularly use the same non-bank loan provider – see if you get preferential terms on another request.
Another very convenient option is to use sites that collect offers from different companies in one place. In these platforms, the loans are described in the shortest form so that the supplier, the amounts that can be obtained, the time of approval and the repayment period are shown. When you like a company, you can just press the application button and go directly to the vendor’s website.