When we have outstanding liabilities on our account, and the whole of our credit history is shameful, we have no chance of getting a loan from the bank. All because, according to the bank, the chances of paying off another debt are none or negligible.
Additional financial support
It would seem that we are in a lost position and we can count on additional financial support. However, this is not a dead end. Currently, the so-called parabanks, or loan companies that are willing to lend money to people in financial difficulties.
The key to receiving, as a person with debts, loans for those in debt from parabanks are much less restrictive rules for assessing the creditworthiness of the customer, and sometimes even completely disregarding it. The procedure for applying for the so-called payday loans are often based only on verifying the applicant’s identity on the basis of the identity card he holds.
Loan from an ordinary bank
Certainly, this solution will have many advantages from the perspective of an indebted person who cannot count on a loan from an ordinary bank. Evidence loans granted without the obligation to attach documents confirming the amount of earnings or type of employment contract facilitate the case.
It is also the case that loan companies offering online loans for the indebted do not verify the customer’s credit history at the Credit Information Bureau, as is the case with banks. This allows you to “cut off” from the negative past and a chance for another injection of cash, even to repay your most urgent debts.
A loan for those in debt via the Internet – a popular payday loan – can be credited to the applicant’s account instantly. However, you have to be aware of the fact that such loans are granted up to a maximum of USD 4,000 with a 30-day repayment period.
Standard bank loan
However, it is worth being aware that in the end loan companies that offer loans to their clients, even if they have old debts behind them, are not charitable organizations. The risk borne by parabanks granting such loans is much higher, and thus the so-called payday payday will be much more expensive than a standard bank loan.
High costs are an additional burden for the indebted, which, given the difficult financial situation, may prove insurmountable. Hence, every person who has debt from previously drawn loans should carefully approach applying for further loans for the indebted, even one that seems to have favorable conditions and be very easily available, thanks to smaller restrictions related to the procedure of applying for it.