Are you a young person Have you been working recently? Do you live with your parents? Have you never taken a loan or used a credit card? Your chances of getting a bank loan are negligible.
What to do in a situation when we urgently need the money and among friends, there is nothing to count on support? Parabanks come out to such clients with a helping hand. Let’s check what credit offer they offer and how much it costs.
Characteristics of parabank loan offers
There are currently many entities dealing professionally in granting loans – let’s check the terms of the offers available (also for persons appearing in Credit Checker!) At the most popular lenders:
- Good Finance offers loans ranging from USD 300 to USD 7,000 with a repayment period of up to 108 weeks. Customers can take advantage of the insurance package offered by MetLife. Loans are repaid in weekly installments. Repayment can be made either by bank transfer or in cash – if you choose this option, a representative of Good Finance will visit us weekly. How much it costs? For example, when borrowing USD 300 with repayment spread over 42 weeks for the option with home repayment, the weekly installment will be close to USD 13 (USD 12.93), the actual cost of the loan – 86%, and in the option of transfer the installment will be USD 9.15, which gives APRC on 80% level;
- SMS365.pl allows you to get from USD 200 to USD 2,000 – depending on which customer loan is already granted. Loans are granted for a period of 15 days or 15 + 15 days, i.e. one month (after a period of 15 days, repayment can be spread over the next 15 days). An insurance package is included with each loan. The biggest attribute of the offer is the fact that the loan is granted and granted without leaving home – everything is taken care of during a remote process using SMS text messages. For example, the first customer loan in the amount of USD 310 granted for a period of 30 days (15 + 15) will cost us … USD 140.
- A good loan offers amounts of up to USD 300,000. Their repayment can be spread over a period of one to 30 years. The funds are granted on the basis of simplified rules for granting credit, including the fact that an income certificate is not always required! The amount of USD 5,000 borrowed for 12 months will cost us only USD 200.
Persons interested in using the financing offered by parabanks
Should absolutely know that, apart from convenience, comfort, lack of positive history in Credit Checker, these offers are also characterized by the following elements:
- Good Finance requires the client to join insurance distributed by their own representatives – of course, it is possible to provide other insurance from the “market” – however, its scope must exactly match the scope offered by MetLife, which in practice is very difficult to implement;
- in SMS365.pl, the first loan is a maximum of USD 620. Obtaining an amount of up to USD 2,000 is only possible with the fifth loan; Good Loan offers amounts from USD 5,000 with a minimum fixed interest rate of 2.99%.
- The loan collateral portfolio available is wide – including mortgage collateral (hence the option of spreading the repayment even over 30 years);
In banks may be slower, maybe more formally, but certainly cheaper!
The decision to grant the client funds from a parabank is usually taken immediately. This can be done either via the Internet, by SMS or directly at the representative of the company. It is not required to have a positive history of Credit Checker. These institutions are characterized by high loan granting. However, most parabanks require customers to take out insurance packages.
However, the most important criterion for the client’s choice of a given offer (of course, apart from the possibility of obtaining funds) is, however, the price – and in this category, parabanks are, what you have to admit, much more expensive than banks. Well – something for something – parabanks price compensates for the greater risk of such loans …