For some time, banks have also been active in the short-term financing segment. Some of them, such as loan companies, allow you to go through the entire credit procedure without visiting the branch.
For years, the market of short-term loans was created only by companies from outside the banking sector. It resulted from the model of action adopted by them. Unlike banks, non-bank institutions have focused on a different niche. The recipients of their services have become people with lower creditworthiness or on its border, with irregular income and therefore more risky from a business point of view.
A prospective online loan market
However, the biggest difference between the strategy of banks and loan companies lay in how much and for how long the consumer could borrow them. Banks sent back with a receipt (and in total they are still doing so) customers interested in low-value loans for a few dozen, because due to legal restrictions on such products they earned less than on longer-term loans.
With time, other arguments began to appeal for the choice of loan institutions. You can try for a minute without leaving your home. It is enough to have equipment with internet access, a bank account, a mobile phone and an e-mail account. Formalities in such companies boil down to the minimum, that is filling in the form and sending a verification transfer. Under certain conditions, the consumer may receive the funds on the same day.
All this meant that the fast loans market began to grow dynamically. After some time, installment loans with an annual repayment date appeared on the offer of loan companies. Today, the turnover of such entities is estimated at over PLN 5 billion, and their customer base has 1.5 million people.
Short terms of loan repayment online
Increasing burdens and shrinking profits prompted some banks to change their strategies. Today we will take credit via the Internet for a short time, among others in VCA Bank (minimum repayment period is 3 months), VG Finance (3 months), IBS Bank (3 months), SMI Bank (6 months) or BBI Bank (6 months).
The application is submitted online by completing the form on the institution’s website. The initial decision is issued within a few or several minutes after sending the application. Later, you need to send a verification transfer to the indicated account. The contract is also concluded via remote channels or through a courier.
Attention! Some banks granting loans online, such as VG Finance, make this option available only to those who open a personal account with them, which slightly detracts from the attractiveness of the offer. Such an account entails additional costs.