The payday loans market has definitely changed a lot in recent years. The development of those entities which grant loans via the Internet was of particular importance. Their market share is already a dozen or so percent. Every year, customers using this type of funds have access to new offers. This is the whole truth about how online payday loans have developed.
How was the online payday loan offer developed?
Before the payday loan offer completely online appeared on the Polish non-bank loans market, a lot had to happen. The beginning of the development of non-bank loans dates back to the 1990s. The first entities appeared on it at the end of the 1990s. It should be emphasized that at that time such legal regulations were not in force as at the moment. Of course, loans were granted on a stationary basis. The companies were characterized mainly by regional activities.
The year 2008 was certainly a turning point in the development of the industry, with which most of us rightly associate the global financial crisis. It was followed by significant changes in the financial policy of banking institutions related to the granting of cash loans. At that time significant restrictions were introduced in granting loans and credits. It was a requirement of new recommendations regarding verification of consumer creditworthiness. Loan companies could have a more flexible financial policy and it was consumers who began to pay more attention to their offers.
The latest breakthrough that had the greatest impact on the modern non-bank loan market came with the development of technology and the marriage of these two industries. It can be placed around 2011. Fin-tech solutions have made it possible to grant loans directly over the internet. It is both about the process of granting the loan itself and the verification of the creditworthiness of the potential customer. Thanks to modern tools and databases, these processes last only a few moments. And what is important, it is a round the clock offer. You can apply for it anywhere, anytime, as long as you have access to the network and a computer or smartphone.
Small and large payday loans completely online
The first online loan offers concerned relatively small amounts. In the vast majority of cases they were between PLN 1,000 and PLN 3,000. At the same time, they were not loans that could be repaid in installments. The duration of their loans was also not long. But of course these offers have evolved as well. At this point, companies offer a whole range of payday loans online, whose repayment conditions and requirements can be adapted to a wide variety of needs.
The instant payday loan can be granted even in the amount of several dozen thousand zlotys. Many companies also offer online loans with long repayment periods. The debt can be spread over convenient installments – even over 24 months. For people with specific needs, loans are available without checking creditworthiness or verifying employment. As collateral, the lenders respect a variety of sources of income, not even an employment contract is required to receive them. You can also apply for a consolidation loan online.
New payday loans over the internet
Since the market offering online loans is developing very dynamically, quite new payday loans appear relatively often. It is also entered by new entities, whose products complement the already extensive offer. Consumers who have access to quick loans on increasingly better terms are the winners of the competition.
In response to such a dynamically changing situation, many industry portals have been created, including those strictly for customers. Their main goal is to keep an eye on the pulse and provide clients with the latest and reliable information. Most of them rank the available offers. The offers themselves are also very often analyzed and compared with others. Thanks to them you can find the best loan for you, which has specific, desired parameters. Of course, new payday loans appear on the Internet, which are worth paying attention to. Analyzing the available data, we will also find loans with the highest grantability.
These types of portals also focus on educating consumers. We will find a lot of content there, including the guidebooks. They certainly make it easier to understand not only the market itself, but also offers and conditions for granting loans. They describe processes and tools that we will come across as clients applying for funds.
Quick payday loans
There is a reason why online loans are described as quick. Companies often advertise them as loans in 15 minutes. Indeed, in most cases, the funds we apply for will be on our account at that time. Not only that, the offer is available around the clock, as long as we have a network connection.
The simplification of the whole process obviously has the greatest impact on the speed of providing online loans. We can easily check the offer online on the website of a specific company. Professional entities provide all necessary documents there. Even before submitting the application, we will get acquainted with the rules of granting the loan, we will check the conditions of its receipt.
Most companies also provide tools that will help you calculate the total cost of a loan yourself. Using such calculators, we can easily change the parameters – the amount of the loan, the number of installments – and adapt them to your capabilities. It is worth emphasizing that professional entities present all information in a transparent manner. We don’t have to worry about hidden fees or additional costs that will surprise us.
Before you make a decision
All credible loan companies, in order to operate on the Polish market at all, must obtain an entry in the register, which is kept by the Polish Financial Supervision Authority. The Register of Financial Institutions can be easily verified because it is published on the Commission website. Another reliable source of information that is worth checking before taking an online loan is the Polish Association of Loan Institutions. It is an institution gathering leaders in the industry, caring for the highest standards of granting non-bank loans.