Fast non-bank loan is suitable for all who need to borrow money and do not have a bank account. Everything is done in cash – both the payment of funds and their repayment.
In this case, the client is taken care of by the sales representative of the provider, who visits the client at home or at a place agreed in advance. What are the other parameters of a fast payday loan?
The provider of the fast payday loan is EC Financial Services, as It has been operating on the market since 2012. In 2018, this company bought Lend Money, which until then had offered the well-known Smart loan.
With a fast payday loan, the applicant can take up to USD 70,000 with a maturity of 14, 17 or 20 months. A fixed interest rate of 15% per annum is not one of the cheapest in non-bank loans, but at the same time, there are considerably more expensive consumer loans on the market.
It is a non-purpose loan without the need for a guarantor.
Negotiate Fast payday loans
For non-bank loans, it is customary to negotiate on-line , ie from the comfort of your home. The same is true of the fast payday loan. In this way, the applicant completes a short registration form .
There is no need to worry, it is only basic personal information – typically name, surname, address, contacts, social security number, identity card number or information about income and expenditure of an individual or the whole household.
On the fast payday loan website, clients can use the on-line calculator for an approximate loan calculation.
Other possibilities of negotiation include a telephone request . In both cases, the Provider’s Sales Representative shall contact the Applicant and agree on further steps. Usually there is a personal meeting at the applicant’s home or at another place agreed in advance.
At the meeting, the sales representative shall provide the applicant with all necessary information , explain all the processes, quantify the monthly installments and all fees, indicate the repayment method, assess the applicant’s creditworthiness and answer any questions he may have.
The final step is to sign a contract . As it is a cash loan, the sales representative will also bring the agreed amount to the applicant within 24 hours of the loan approval.
The same principle applies to the repayment itself. As a standard, it is made in monthly installments , but even now the money is not transferred by bank transfer. For the installment , the representative of the provider arrives again in the agreed term and takes it in cash .
Requirements for Fast applicants
The Fast non-bank loan has similar requirements to most competing loans. It provides funding only to persons over 18 years of age and two identity documents are required for applicants with Czech citizenship. Foreigners can also obtain a fast payday loan, but they present a permanent or long-term residence card in the Czech Republic .
However, what makes a fast payday loan different from normal requirements is the necessity to prove your residence – most often through a lease or a letter of ownership for the property .
In order to approve a fast payday loan , the applicant cannot do without a regular income , which he must provide to the provider. It is not a condition that it has to be only income from employment. Likewise, the fast payday loan is suitable for seniors with regular retirement or for parents who are receiving maternity or parental benefit .
Proof of income from the employer is either:
- confirmation directly from the employer
- bank statement (3 months back) and proof of employment contract
Entrepreneurs most often document a copy of the tax return and, together with it, statements of account proving business income.
Loan for troubled clients
Although there is a standard approval process for Fast and the registers are viewed, among other things, people who are usually denied credit are also able to borrow.
We are talking about people in execution or with a criminal record. Unfortunately, given the client’s situation, the fast payday loan provider is at least confident that he will choose higher interest rates . The loan then comes out quite expensive.
But there is no wonder. The loan for indebted is one of the most risky groups of loans. And there are not many providers that offer this type of loan.
Fast payday loan – Review
While the fast payday loan may look untrustworthy at first glance, it is not a scam . Conversely, discussions about a fast payday loan very often mention the merits of this loan. People praise that in some cases it is the only provider that was willing to lend them. They also commend the sales representatives for their professionalism and helpfulness .
The positive assessment also states a high limit of up to USD 70,000 .
Some fast payday loan reviews mention high-interest rates, which are non-bank loans and people often count on. There are also responses that complain about threats to recover the money, but most of them are clients with problematic repayment.