Do you want to borrow money? Because of your negative credit history, did the bank dismiss you successfully? An alternative to a bank loan may be borrowing money from a loan company. Many of them, apart from popular payday loans, also grant installment loans.
Let’s check how much such loans cost and whether they can be taken with low scoring in BIK.
Although non-bank financial institutions are mainly associated with payday loans, many of them also grant installment loans. You can borrow up to USD 25,000 using non-bank lenders. Loan and Credit will give you such a loan.
If you need a lower amount, the choice of lenders will be much bigger.
How much do non-bank installment loans cost?
In the case of installment loans, it is not possible to borrow money for free. The customer will therefore have to pay standard fees when paying for a loan in installments. How much are Let’s see.
For the comparison to be as accurate as possible, let’s assume that the loan will amount to USD 3,000 and the repayment period – 12 months.
It is not possible to spread the loan repayment of USD 3,000 into 12 installments. Data refer to loan for 13 months.
There is no doubt that the cost of non-bank installment loans is relatively high. However, sometimes it is worth carrying them.
If money from a loan can significantly improve your life situation (e.g. enable you to take up a better job and increase your earnings), you may be justified to use the services of a non-bank lender.
However, remember to carefully analyze your financial capabilities before signing the loan agreement. Taking a loan you simply can’t afford can have severe consequences (not just for your wallet).
Do loan companies check BIK?
Some companies offering short-term loans look into the resources of BIK. Others do not check the credit history of customers, deriving knowledge only from the registers of Economic Information Bureaus.
What is the issue of BIK verification in installment loans?
Only Loan and Credit will grant you an installment loan without BIK.
All other lenders verify the resources of the Credit Information Bureau.
Will a negative BIK story prevent me from borrowing money?
If you have an unfavorable credit history, you can also apply for a loan in installments from other loan companies. When testing their repayment capacity, they are not as restrictive as banks. With even a moderate amount of income from a stable source, you still have the chance to get extra money.
When analyzing a loan application, the lender takes into account several factors that determine a positive or negative decision.