Non-bank loans with long repayment terms – where to look?

From time to time, loan companies expand their offers with new products. Not so long ago, popular payday loans, i.e. short-term loans, were their domain. Installment loans have become increasingly popular for some time. The borrower can repay his liability in convenient installments spread over a longer period – from 2 to even 48 months. See for details

Thanks to the possibility of spreading the loan into installments, the customer can afford to incur a higher amount of the commitment without much impact on the household budget. Non-bank loans are more easily available than traditional loans. In most cases, however, they require higher costs. On the other hand, loans do not require as many formalities as in the case of bank loans.

What is a long-term installment loan?

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A non-bank installment loan is an alternative to traditional bank loans. It is usually used by people who want to receive cash quickly, and their creditworthiness is not always sufficient to take out a loan. The huge advantage of this financial product is minimum formalities. Some non-bank companies do not even require income certificates. Loans are usually granted on proof – it is enough to be over 18 years of age and Polish citizenship. Long-term liabilities require monthly installments. The whole can be spread over 60 months.

One of the advantages of non-bank loans is that you don’t have to leave your home to get them. They can be obtained online. Just fill out the application on the loan company’s website. In this way, we save time without having to queue at a stationary point. Certainly, it is a huge convenience for disabled people who have problems with independent mobility outside the home. Loans can be taken out for both small and very large amounts: from USD 500 to even USD 25,000.

However, this type of loan has its disadvantages. These include, for example, the cost of reminders in the event of late repayment. That is why it is so important to pay the next installments on time. Installment loans compared to payday loans (even free loans) are much better suited to the needs of the borrower. In most cases, it is the customer who decides to what extent the installments want to spread the whole commitment, matching everything to the financial capabilities of his household. Payday loans should be repaid in one installment within 15-60 days of receipt of the money.

Examples of long-term loan offers

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The non-bank loan for a period of 24 months is granted by, among others Fellow Finance. Both new and regular customers can take advantage of the offer of USD 12,000 for a period of 2 years. The lender promises to adapt the installment amount to the individual needs and capabilities of the client.

A 48-month loan can be taken out at Hapi Loans. You can borrow up to USD 25,000 for 4 years. The loan company ensures that the customer chooses himself on which day of the month he wants to pay the installments of the liability. Additionally, it can use the so-called loan holidays, which is to postpone the repayment deadline if you cannot pay the liability in a timely manner.

Long-term installment loan – where to look for it?

Long-term installment loan - where to look for it?

Long-term, non-bank installment loans are available from a growing number of lenders. To find the product you are interested in, simply use the long-term loan ranking. The next step is to submit the appropriate application. The form should include: name, surname, PESEL number, ID card series and number, e-mail address and contact telephone number. After completing the application, the so-called verification transfer, which is used to verify the identity of the person applying for a loan. After receiving a positive loan decision, the money will go directly to the borrower’s account.