Loan without certificates and loan with certificates – what’s better?

Formed loan

Formed loan

It is not difficult to guess that the competition on the credit market is very high and financial institutions are outdoing themselves in their offers. Among them, the loan is distinguished without certificates. As a standard, in order to obtain such funding, we would have to present a certificate of income, employment and bank statements in the bank. We will not get a loan right away either. Sometimes, even a few days are waiting for a decision. Bank officials will scanned our credit history, they can contact our employer or the Credit Information Bureau. In this way, they will assess whether we have the required ability to receive the requested funding.

Meanwhile, in the case of credit without certification, these procedures are maximally simplified. Here you do not need to present any document from the workplace confirming our earnings. The bank is satisfied with our statement, sometimes supported by an account statement (it can be one from electronic banking) from a designated period or a PIT tax declaration.

That should be the assumption, but in practice, even if the offer name is “without certificates,” then the bank analyst may expect these statements. It depends on whether you have doubts about our income statement. It should be easier for borrowers who have a bank account in which they apply for a loan and for which monthly remuneration is paid. Nevertheless, an official can reach for the registers of the Credit Information Bureau or directly contact the employer. The biggest benefit, however, is that everything goes here much faster than with the standard procedure. On the other hand, the loan amount is lower here. Up to a maximum of 25 thousand. Golden.

Considerably at the moment

Considerably at the moment

Otherwise, this situation looks like loans without certificates. This product is associated with non-bank institutions. A relatively short loan period means that it is often called a “payday”. To obtain it, you usually need only a personal ID card. All the formalities, which are very few, will be dealt with online. After completing the form for confirming the identity by our account, only a verification transfer is made. You do not have to wait long for a decision too. Most of such companies boast that it is only 15 minutes. What is important, BIK is not checked. We receive the transfer with the requested amount on the same day.

In addition, at the first loan of this type, we do not incur any expenses. We return exactly as much as we borrowed. Unfortunately, this option usually applies to a very short period of 30-60 days. In other cases, we will have to take into account interest or a two-digit commission. Therefore, before taking a? Meal? pay attention to a few things in the presented offer, most often those written in fine print. First of all, it’s about APY, which is the actual annual interest rate.

Is the cost of the loan granted? difference between the amount received and the one we will have to return. The size of the installment is equally important. Due to the usually short period of crediting, it can be relatively large, which is why not everyone will be able to pay it monthly, which in turn is associated with contractual penalties and interest. This should also be noted before concluding the contract. It is also worth checking if there is no commission charged on borrowed money.

Amounts of non-bank loans are usually of similar size as loans without certificates. The first of these products has significantly less formalities and faster allocated funds. Not everyone, however, should decide. The costs of the provided payday are usually greater than the loan, both in repayment and delays. Therefore, anyone considering taking a loan or credit must weigh individually, which is more important to him? no formalities or lower costs? and whether he is really able to pay off his commitment.