The bank refused to help? Online loans are a good alternative

Life often surprises us. Maybe even more than a movie or book. Imagine a situation when you suddenly need more cash. What are you doing then?

Do you decide to apply for a loan, which can take up to several days? In the case of credit, the bank may not consider you a credible creditor and refuse to help you? It is then worth considering faster and more convenient options to borrow the right amount? See the alternative proposal for cash loans available in banks.

From the article you will learn:

  • What solution will be good for unplanned expenses?
  • What to do if the bank refused help and loans?
  • Why use an online loan?

Unplanned expenses? The solution is online loans

money

A high electricity bill to pay, a broken fridge or other household appliances, a holiday trip – these are just a few examples of expenses that can occur at any time. This usually happens when there are no savings on our account. In a panic, we are starting to look for financial support.

At banks, submitting an application involves completing a large number of documents. In addition, before they grant us a loan, they require us various types of certificates, e.g. about earnings and other documents that we must provide. What’s more, the bank may find us financially unbelievable just because we had no loans or other financial obligations to repay before.

Our credit history is simply unknown. Banks are more willing to support those who show regular account receipts, e.g. under an employment contract. If you apply for financial support, the form of employment will also be problematic if it is a mandate or work contract.

When we have difficulty documenting income. Sometimes add-ons and bonuses are not taken into account. We are employed at the lowest national level, but we also work in a second company on a commission or specific work contract. The impact on our account depends on the bonus and commission.

This situation applies to many Poles. Banks do not look at them favorably. Online loans offered by non-bank financial institutions may be helpful.

What to do if the bank refused help and loans?

cash

Loan companies have become an alternative to traditional banks. Currently, the market situation is very different from the one we remember a few years ago when loan companies were associated with usury and other dishonest entities.

The bank loan market has developed a lot, it is no longer the “Wild West” as it was a dozen or so years ago. Their operation is regulated by relevant provisions and laws.

Currently, loan companies’ offers do not differ much from bank loans. The amount of fees associated with quick non-bank loans is similar to the fees offered by banks.

One of the currently best installment offers is the Honest Bank offer. APR 9.8% guarantee low costs with any parameters. If we submit an application for USD 5,000 for 24 months, the proposed installment is USD 229.34. The total cost of the liability is USD 5,504 (data from 4/03/2019).

In addition, loan companies, for example, Good Finance, grant the first online loan on preferential, very attractive terms. At Good Finance, you can get your first loan of up to USD 2,500 for free.

What does it mean? When applying for USD 2,500 for the first time, you do not pay any commission for a loan repaid on time. You just give back as much as you borrowed.

Why use an online loan?

Why use an online loan?

It’s good to know that after paying off your first Good Finance loan online, your credit limit increases. You can get another loan up to USD 5,000. However, remember to always calculate your options carefully, calculate planned expenses and your home budget.

If you are wondering how to assess your creditworthiness, it is worth starting with the simplest form, which can be creating a table of revenues and expenses for a given month or even a week.

On this basis, you can independently estimate the amount, which gradual and systematic repayment will not cause you problems and will not burden your household budget too much.

For more information on this topic, see CREDIT CREDIT ASSESSMENT – WHAT IS CREDIT SCORING?

Planning expenses and putting aside money for a rainy day is a good habit and it is worth practicing, but when the situation surprises you and the bank does not want to help, check the loan offer.

A quick loan repaid on time will allow you to get out of trouble, and in addition, remember that you are creating your positive credit history, so needed, e.g. when applying for a loan for a house or apartment.

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