Anyone can experience an urgent need for quick cash. Timers, in this case, are irreplaceable, because loan companies offer cash quickly, without unnecessary formalities and without leaving your home. The money is on our account in 15 minutes! But how to get this loan? How does the procedure for giving a payday look like? Ignorance can effectively discourage people from borrowing. This is not difficult – in the guide we will explain all the important matters to which you should pay attention, deciding to take a break without leaving your home.
We listed the cheapest and fastest poor credit loans
Taking a poor credit loan in the company’s outlet is not complicated – just go to the lender, discuss the details with the company’s employee, sign the contract and collect the money. This is a very similar way to borrowing from the bank, but of course, the difference is that a weekend does not require so much formality. The employee interviews us or we ourselves fill out the application form, providing all the required data, then these data are verified. The decision to grant a poor credit loan is made very quickly – the time usually varies between several hours and even minutes. Get Started Now…
However, we do not always have the time and the opportunity to enter into a contract in person or simply do not feel like it – we want to receive cash quickly, without having to leave the house or accept a loan company employee. Currently, the most popular way to answer is to order it online or by phone. However, not everyone chooses it, because the loan at a distance seems suspicious, unworthy of trust. Some of us have a headache – how can we get money from someone without signing?
At present, it is possible to conclude contracts electronically, which is ensured by the Act on the provision of electronic services. According to her, we have the opportunity to conclude distance contracts, which means submitting electronic signatures or performing an appropriate action, such as accepting the regulations, sending the appropriate code, making a transfer to the indicated account. This is a great convenience especially for customers who do not have the time and opportunity to conclude the contract in person.
A very important provision in this act is that providing for the resignation of the contract – the customer has the right to withdraw from the contract within 14 days of its conclusion. It is a law in force despite different rules set in the regulations of loan companies or other providers of services at a distance. If we think about it and give up the loan, the bank is obliged to respect it. Of course, resignation from the contract also involves the return of borrowed money.
As you can see, signing a distance payoff contract is possible and as legal as possible. In this way, there are no illegal activities, you only need to become familiar with the specificity of electronic contracts and choose a trusted loan company.
IMPORTANT !! Not always refusal to grant a loan is tantamount to not meeting the requirements presented by the company. Sometimes it may happen that a loan company simply can not afford a loan for a given amount because it does not have enough cash. Such a situation is rare, especially in the case of large loan companies operating on the domestic and global market, however, it may happen to small loan companies operating locally, without large capital. If you have a negative decision, it is worth finding out what the reason for refusing was or applying for a loan in another company.
To give petty step-by-step instructions
How exactly does it look like to give a minute without leaving home? It is not difficult, and certainly time-consuming – it takes only 15 minutes, or even less, depending on the company to complete all formalities.
In general, the loan process can be divided into several steps:
- determining the amount and period of the loan,
- filling out the form and accepting the rules of service provision,
- verification of data,
- concluding a loan agreement and launching a loan, ie collecting money,
What do we need to take out a distance loan? The most convenient way is to submit an application online, but in most cases, we can also order a payday by phone. When submitting the online application, we will most often be asked to provide a phone number, so it is worth remembering about it.
Determination of the amount and period of the loan
The first step in getting a payday is definitely about the size of the loan and its period. Most often we make the selection by entering appropriate values in empty fields or by maneuvering the sliders and changing the values.
It should be remembered that the first loan will not always meet our expectations, because companies usually propose lower amounts and shorter repayment periods. The advantage of taking a loan for the first time in a given loan company is the opportunity to take advantage of all promotions and discounts – the first very short time is often provided at no additional cost, which allows you to borrow money properly for free. If we do not plan another loan in the near future, it is worth trying to choose a company that offers the best conditions for new clients.
Filling the form
Filling in the form will look the same in most cases – all required data should be provided. Most often, loan companies ask for:
- name and surname,
- PESEL number,
- series and ID card number (sometimes a proof scan may be required),
- address data,
- Phone number,
- e-mail address (e-mail),
- Bank account number.
These are the basic data required in the loan application process. Sometimes, however, banks use a more complex form, enriched with information about our material status and other aspects of our lives. This is to determine the customer’s creditworthiness. Why is this data required? Some companies, in order to be able to propose more convenient contract terms, check the client more accurately – his profession, earnings, existing liabilities, etc. Some companies can also check BIG and BIK databases (more on these institutions you can read in the article “BIG and BIK – should you be afraid economic information “to determine if the client did not have trouble with repayment of debt in the past. Companies non-banking using this form, more like a bank than a company granting payday loans, however, the similarities end – further requirements are less restrictive. what kind of information additional company can ask us?
- marital status,
- number of dependents,
- housing status,
- performed occupation and form of employment,
- information if the customer has a car,
- information on other liabilities (number, total amount).
Another important step is getting acquainted with the terms of service provision and loan agreement. Always read the regulations! We know that they are long and for some of us not very understandable, however, ignorance always works to our detriment. It is also worth reviewing the loan agreement model because the company is required to present a design, which must be the same as the final contract – otherwise, it is considered invalid. When reading the regulations and the contract, it is worth focusing on the records that show:
- loan costs,
- interest rates,
- the manner of concluding the contract,
- consequences of non-payment of debt on time,
By concluding a distance contract, the most important point for us are the points about the conclusion of the contract. Why? Because these records inform us how a given contract becomes binding for us, in other words how such a contract is “signed” by us. Most loan companies verify the data provided by us (as discussed later in the article), which is already tantamount to the conclusion of the contract, others send the contract by e-mail, which we must sign electronically, and still, others send the contract by traditional mail. Often, in the case of online payday loans, we can meet the term of the loan broker. In this case, to conclude a loan agreement, we must agree to the intermediation of an employee who signs a contract on behalf of us. This allows to reduce the formalities to a minimum, however, it seems to be quite a risky solution. However, there is nothing to be afraid of, because such a broker can only represent us in the scope of one specific contract, there is no power, for example, to incur further loans at our expense.
Do not forget to consent to the processing of personal data and verification in BIG /BIK, because without this the loan will be impossible. (Check the ranking of payday loans that do not check BIK) Sometimes companies also ask us to agree to receive commercial information from the loan company and its partners, but this is not always necessary.
Verification of data
Data verification aims to check whether the data we provide is true. Thanks to this, companies minimize the risk of borrowing a loan to another person, additionally, borrowing money for a fictitious person becomes impossible. In addition to standard data (such as name, surname, address, ID), companies ask for the bank account number and telephone number. For what? To complete the verification. Full data verification often also means a serious approach to the offer and expressing our interest in the loan. Sometimes it also means even agreeing to the conclusion of the contract. As mentioned before – it all depends on the particular bank and their rules.
banks, to complete the verification stage, can ask us for:
- transferring a symbolic amount from the account given in the form to the company’s account,
- sending a code which is sent by SMS.
These methods do not have to be excluded because very often companies use both methods of verification at the same time. What is each of them about?
Making a transfer to a company’s account is the most popular way to verify your data. Loan companies use it so willingly because after receiving the transfer, the company has the option of comparing the data from the form with the transfer data, making the risk of data falsification virtually impossible. In addition, the mere fact of performing such an operation indicates the client’s serious approach to the loan and the company itself. Before making the transfer, carefully read the rules used by the company, because it may turn out that the transfer will not have any power. An example is an account in SKOK, which is usually not an acceptable bill (it must be a bank account). Another example is a company account, which is also sometimes rejected – it is safer to choose a personal account.
In addition, pay attention to bills provided by loan companies – very often they provide several accounts from different banks. Thanks to this, we can choose an account in the same bank, which will allow for faster transfer and shortening the waiting time for a loan. Otherwise, we will have to wait longer, even several days (until posting the transfer on the company’s account).
IMPORTANT !! Often customers, to speed up the process of obtaining cash, choose instant transfer options, which is implemented by an external company (eg BlueCash). This is a frequent mistake !! Some loan companies require that such a transfer be made for a higher amount (eg instead of PLN 1 – PLN 1), and for some, a quick transfer may even be rejected. This is an additional argument for reading the regulations carefully. It’s much better to choose the right bank account or wait longer.
After making the transfer, the banks also ask us for telephone verification. Most often, loan companies send us an SMS with a code, which should be entered in the appropriate field. This is usually the last stage of data verification, which is synonymous with the conclusion of a loan agreement, therefore it is necessary to enter the current telephone number in the form. Sometimes telephone verification may take place by talking to a consultant, however, it is a less popular method.
A new feature on the loan market is verification of the location, which so far is only used by one loan company (Kredito24). It involves downloading information about our current location by the system and comparing it with the data provided on the form. Therefore, it is recommended to complete the application at the place of residence.
Conclusion of a loan agreement and receipt of money
After successfully passing the assessment of creditworthiness and verification of our data, we receive a loan agreement. What should you do to get the money? It depends. Most loan companies send money properly immediately after completing the data verification process, and the money on our account is within 10 minutes. Concluding a contract in such a case is tantamount to consenting to verification, transfer or sending an SMS code. The text of the contract and other loan information are provided by e-mail.
Otherwise, loan companies require additionally a signature on the contract – either electronic or traditional. The first one may be required when we have received the contract by email. If a non-bank company requires us to sign a traditional one, we will send you 2 copies of the contract we sign. Then we send back one copy of the signed document.
What happens if the contract is not sent back by us? In most cases, the traditional contract is only additional security, and it is issued primarily for our use. In this case, not submitting the contract does not result in the breaking of the contract, at most we may have problems with making another loan from the same lender. However, there is an exception to the rule – sometimes loan companies require us to make a commitment to send back the contract when submitting the application. Then actually contracting by us may result in its breaking.
Awarding a payday – comparison of banks
To make it easier to understand the different ways of granting loans and the differences between them, I recommend reading the comparison of offers in terms of procedures for giving a payday:
Loan without leaving your home – no problem!
As you can deduce, taking out cash without leaving your home is not difficult. Of course, for people who are less familiar with new technologies, this method may seem unattainable or risky – then there is still an option to visit the company’s outlet in person. However, it is worth to dare and try – just read the general rules governing the granting of loans in the company we are interested in and a bit of self-denial. And the prize is fast cash, which we will receive directly to our account.