Installment loans without BIK are usually granted by companies offering payday loans, i.e. quick loans for a short period. The cost of such a loan is higher than for a bank, but companies do not check our history at the Credit Information Bureau. Which companies grant installment loans? For what period? Where is the best loan to be taken?
Installment loans without BIK and payday loans
Installment loans without BIK are offered by payday companies, i.e. institutions that invest their own funds to grant non-bank loans. Payday loans are offered for a period of 1 to 60 days, we pay them once, the maximum amount we receive is USD 3,000. An installment loan without BIK is granted for up to 4 years, and we repay it in monthly or weekly installments, the maximum loan amount is even USD 25,000. The history of BIK clients is not checked in both loans.
The obvious advantage is that companies do not check the customer history in the Credit Information Bureau and thus acquire customers whose applications were rejected by the bank.
Installment loans without checking your history in Bik are more expensive
The disadvantage of non-bank loans is higher costs, which significantly exceed the interest rate on bank loans. The reason is simple – the increased risk to which a company lending quick loans is exposed to clients who have often not repaid their liabilities in the past, or lack of income or low income disparages them in assessing the bank’s creditworthiness.
By granting loans to such clients, loan companies have a much higher default rate. This fact and the fact that the company lays funds out of its own pocket, and not obtained from other customers, means that the costs are higher to compensate for any losses. APRC ranges from 30% in Best Credit, up to 212% in SMS Credit. The spread of costs in installments alleviates the severity of such fees, but we will feel the financial burden.
It is worth noting that in our ranking there are companies providing online loans such. In Credit does it entirely via the Internet, in other cases we will have to sign a contract provided by the courier. Easy Lenders and Best Credit will organize a meeting with an agent who will explain doubts and sign a contract with us.
For what period can I take out a loan?
Best Credit offers the longest period, which is 4 years, while the shortest loan period is at Easy Lenders, where the maximum period is 90 weeks, i.e. around 22.5 months. Let’s remember, however, that we have to pay installments weekly at Easy Lender. As for the loan amount, Best Credit is also a leader, in which we can receive 25,000 dollars, the smallest amount we can get in Honest Credit – only 3,000 dollars. We will receive life insurance at Easy Lender and Fast Credit.
This is important because with a longer repayment period the risk increases that the circumstances will not allow us to settle it ourselves. Commitment.
Which loan company is the best?
Non-bank loan companies are a solution for people who need a larger injection of cash, spread over a longer period, but remember that the costs are higher than at the bank, so you should choose the amount carefully.
Installment loan rankings allow you to compare available offers, all companies are verified by us in terms of contract honesty, quality of service and capital protection.