Loan applications – is it worth using them?

Non-bank companies and the use of mobile solutions Who are the loan applications for? How to get a loan through the mobile application? Is a mobile loan different from an online loan? Is the use of loan applications safe? Loan applications – pros and cons

In the era of universal internet access, there are many possibilities to take a quick loan for any purpose. Currently, an application for additional cash can be submitted directly on the website of a bank or a company from the non-banking sector – it is a convenient and intuitive solution, thanks to which the borrower saves time and money.

Institutions offering loans go even further and offer customers the opportunity to submit applications from the level of the mobile application, i.e. special software installed on a smartphone or other mobile device (e.g. tablet). Is this a safe solution?

Non-bank companies and the use of mobile solutions

Non-bank companies and the use of mobile solutions

Institutions from the non-banking sector go with the times and try to keep up with the changing expectations of customers who actively benefit from the achievements of modern technology.

You are not parting with your cell phone? Is it used not only for calling, sending messages or checking e-mail but also for surfing the Internet or shopping online? According to the Gemius report on the E-commerce market in Poland in 2019, as much as 61% of people using online stores use a smartphone for this purpose, and 27% use a tablet.

Confidence in mobile shopping is enhanced by rapidly developing mobile payment applications. Non-bank companies are noticing this trend and are creating their own loan applications, which make the submission of applications for additional funds even easier.

Who are the loan applications for?

Who are the loan applications for?

Loan applications were created for clients who actively use electronic banking services, they care about maximally simplified procedures and for which making mobile transactions is not a problem. To get a loan using the smartphone application, all you need is to have:

  • 18+ (in some companies 21 or 23),
  • Polish nationality,
  • place of residence in Poland,
  • active bank account,
  • cell phone.

Loan applications are intended for people who do not appear in the debtors’ databases and are not in arrears with repayment of liabilities in other companies.

How to get a loan through the mobile application?

How to get a loan through the mobile application?

Preferably, mobile applications are very simple – the software interface has been designed in such a way that the application for a loan is intuitive. We present a flowchart in a few steps.

Step 1: Download the application – e.g. in the AppStore or Google Play, and then install it on the device.

Step 2: Specify the loan amount and loan period.

Step 3: Provide your personal details (name, surname, PESEL number, series, and ID card number, address, phone number, email address, bank account number, monthly income) and confirm the application.

Step 4: Perform the verification transfer.

Step 5: Enjoy additional funds on your account.

During the verification procedure, the loan company checks, inter alia, registers of debtors, as well as the bases of the Credit Information Bureau. The decision is issued immediately after the customer is verified, and the funds are paid instantly – sometimes they are on the borrower’s account even within a few minutes.

Is the use of loan applications safe?

Is the use of loan applications safe?

Cybercriminals are not idle and are inventing new ways to obtain personal information, e.g. to obtain a loan. Mobile applications can carry many threats, so it’s worth remembering to follow a few rules and check if someone has taken a payday loan on you – then using mobile loans will be safe.

First of all, you should only use applications downloaded from reliable sources, e.g. Google Play or AppStore. Software from outside the official store can be infected with malicious viruses that take control of our smartphone and gain access to sensitive data.

It is also worth regularly updating loan applications and smartphone software, as well as using anti-virus systems that catch any irregularities. We should also remember to secure the phone, e.g. with a PIN code, fingerprint or password.

Before sending a loan application, it is also worth verifying its cost, e.g. by checking the APRC (actual annual interest rate). What makes up the total cost of the loan? The amount of interest is influenced by:

  • interest,
  • commission,
  • additional insurance.

In order for the loan applications to be completely secure, you must verify how much the commission will cost us.