When deciding on a quick internet loan, many of us are wondering what it really differs from ordinary cash loan, first of all there are 3 major differences between them.
A loan for any purpose
The first basic difference is the purpose of the loan. Every loan granted by the bank, in accordance with the Banking Law, must have a strictly defined purpose. In a situation where the borrower fails to comply with the contract, i.e. will give a loan for a different purpose than the one indicated in the application may expose him to enormous unpleasantness. In such a situation, the bank may demand an immediate return of the loan. Loan companies, in turn, are not obliged to comply with this provision, and therefore the client decides on what to allocate additional funds.
Waiting time for a loan decision
Portarloan acting in accordance with the loan ethics makes sure that its clients do not fall into the spiral of debts. For this reason, each application is subject to risk assessment, which means that on the basis of the information gathered, financial experts assess whether the new commitment will not be too heavy a burden for the borrower. This process is very efficiently executed, so that when deciding on an installment loan we can count on the fact that we will receive a reply within a few minutes. Meanwhile, in the case of a loan taken from a bank, it often happens that the client verification process is much more complicated. The bank must check the creditworthiness of each person who has completed the loan application. The longer waiting time is mainly due to the fact that clients are asked to provide additional documents confirming the accuracy of the information provided in the application. It happens that despite the correct submission of all required documents, the bank still does not want to grant us a loan .
Another difference is the method of payment of borrowed funds. By law, banks are required to transfer borrowed funds to the bank account indicated in the loan application. Companies from the loan sector do not have to enforce this provision because their activities are not supervised by the Banking Law and Civil Law. This difference means that in Portarloan the client independently chooses the method of withdrawing funds from among three options – transfer to an account, collection at a bank outlet or cash withdrawal at Portarloan. A non-bank cash loan may be granted after completing an online application.