Loan for a credit check – what does it consist of?


Loan companies are known for lending to them not only quickly and easily, but also in various ways. They are happy to use their services, so above all those people who care about time, as well as those who have low creditworthiness or non-standard needs and requirements (for example, they do not have a bank account). The credit check loan is an interesting solution that allows for quick, anonymous and secure cash withdrawal from the loan. But what exactly are the loans with the credit check? How to get them?

What is a credit check loan?

What is a credit check loan?

The credit check loan is not much different from traditional loans – the only thing that’s unique about it is the way you withdraw funds. It is done using the title credit check.

The credit check is a document, both in electronic and paper form, which entitles you to receive a specific amount of cash in cash at any branch.

Loans with the credit check are granted for various amounts – from several hundred dollars to even tens of thousands. As for the repayment period, it can also be very diverse. It can be from several to several dozen months.

Not every company has in its offer loans with a credit check, so if you are interested in this way of receiving the borrowed funds, it is worth considering this when comparing the offers of different loan companies.

How to take a loan for a credit check?

How to take a loan for a credit check?

As already mentioned, the credit check loan loan is formally similar to a traditional loan. Therefore, the process of contracting it is very simple.

All you have to do is go to the website of your chosen loan company, then fill out the appropriate form with your personal details and confirm your identity. If a given company offers a loan for a credit check, to receive it you only need to select this way of receiving the loan when filling out the application.

Then, after granting us the loan, we should receive one of three things:

  • electronic credit check
  • credit paper check
  • code for receiving funds via SMS.

We will collect the credit paper check from the courier, who will also provide us with all other documents related to the loan and confirm our identity.

Loan with credit check – conditions

Loan with credit check - conditions

To receive a loan with a credit check, we must first meet the general conditions for granting loans. These include, among others:

  • 18 years old (21 in some companies)
  • permanent residence address
  • being a citizen
  • possessing a number and an ID card.

In many cases, it may also be a requirement to have adequate creditworthiness and credit history.

How much does the credit loan cost?

How much does the credit loan cost?

We must prepare for the fact that if we are interested in such a loan, the credit check will involve an additional fee of usually USD 12 or 13. The borrower will not always have to pay it in person – it is often added to the loan installments for convenience.

When it comes to other types of costs, the credit check loan loan does not differ much in this respect from other types of loans. Also in her case the total cost of the loan depends on many factors, such as:

  • interest
  • commission
  • additional fees (for example, the fee for a credit check).

A large part of the cost of the loan is usually primarily the commission of the loan company, so this factor is worth paying special attention to.

Credit loan – how to collect it?

credit loan - how to collect it?

To collect a credit loan, you will need to have a credit check (paper or electronic) with you or a cash collection code sent via SMS.

You should go to any branch with this document, as well as a valid ID card. Upon presentation of a check and ID, the amount paid in cash will be borrowed immediately.

The credit check is a document with a limited expiry date – in most cases it is 7 days, and sometimes only 5 days. We should pay attention to this and not wait too long to go to the post office, because we will no longer be able to cash the invalid check.

A power of attorney cannot be granted to receive a credit check, so if we want to take out a loan just for a credit check, we must be ready to appear in person at a selected outlet.

When is it worth taking a loan with a credit check?

When is it worth taking a loan with a credit check?

The credit check loan loan can be useful in many different situations. It enjoys popularity primarily among people:

  • elderly
  • without a bank account
  • in debt with a bailiff
  • needing a quick loan
  • operating a joint account
  • wanting to be discreet.

Older people, even if they have a bank account, in many cases prefer to use cash. Therefore, a loan with a credit check may be the most convenient and easiest solution for them. It does not require verification by bank transfer, and the funds borrowed are transferred to your hand.

Not only among the elderly, but also people at a relatively young age, there are those who for various reasons do not have a bank account. As a rule, this is not a problem, but in the case of loans, it can actually be frustrating at the moment we meet the requirement to perform a verification transfer. Fortunately, the solution will then be a loan for a credit check.

Also for those in debt with the bailiff, making verification transfers or receiving funds to the account may not be on hand. In the case of most bailiff executions, funds are taken over from a bank account, so the additional funds received for them will not be available to us anyway.

Contrary to appearances, the credit loan is also a relatively quick solution. It may take several business days for the verification transfer to be credited by the creditor bank as well as for the proceeds from the loan, and we will not always be able to wait for the money. In the case of a loan with a credit check, all we have to do is go to the post office or to the branch during their business hours, and we will immediately receive cash.

Keeping a joint savings and settlement account with someone will prevent you from borrowing using that account. Therefore, you will need to use alternative verification methods, such as a credit check.

The matter of discretion is also significant. Having a bank transfer entry on your bank account can be embarrassing, for example if you apply for a bank loan later and you need to provide a bank statement for the last few months.



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