Request an online payday loan online today to see if you are eligible
Online payday loans are very popular. This is confirmed by more than one ranking.
Let’s focus on the previously mentioned rankings, i.e. research on the non-bank loans market. One of the most important variables that is taken into account is the age of people applying for payday loans. Data from last year (2018) are very interesting. They show that every third person who is a customer of a loan company is under 30 years of age.
More detailed data show the percentage share of young borrowers in the overall age structure of payday loans customers. Approx. 29% of all borrowers are people aged 19-25. No less important is their opinion on the offers of non-bank entities, which has a large impact on their decisions. Many young people first seek non-bank institutions for additional funds, considering them credible. This is certainly also due to the much greater availability of funds compared to banks.
Short-term payday for 20-year-olds
Many lenders introduce upper and lower age limits as a requirement that the person applying for funds should meet. We will find payday loans on the market for 18 years, 22 or 25. Why and how does the recipient’s age affect the availability of specific offers? What is the purpose of age restrictions?
From the point of view of the non-bank institution that grants the loan, financial risk management is very important. Every payday payday is undoubtedly burdened with it. Therefore, when providing funds, the lender wants maximum confidence that the borrower will be able to return them. Attaining age of majority is not synonymous with the fact that the person applying for a loan has achieved financial stability. In most cases, 18-year-olds are not yet able to show fairly steady sources of income. And these are necessary to return the money borrowed. Rapid loans up to the age of 20 are at risk of default due to these reasons. This is troublesome not only for the lender itself, but above all for the borrower.
Payday loans for 20 years
What formal requirements should be met to obtain a non-bank loan at an early age? There are many different offers on the loan market. Institutions set specific requirements for their clients. Very often the borrower is required to provide certificates documenting his sources of income and their amount, employment. What does Intratka’s offer look like on this background?
The loan offer for 20 years as proof clearly describes the formal requirements that must be met to apply for it. All of them are of course described in the framework loan agreement, which is available on our website. You should read it before completing the loan application. As a result, the entire process will run smoothly, you will be able to prepare the necessary documents and be aware of the specific requirements of the lender.
The provision of the framework loan agreement says that when using the loan offer for 20 years for an ID card in Intratka, you must prepare an ID card. This is the only document that the lender requires. It is not necessary to submit other certificates, contracts etc.
Online payday loan for 20 years without BIK and with BIK
On the non-bank loans market, one of the basic elements of the payday loan process is checking the borrower’s financial credibility. This can be done in at least two ways. A positive credit history undoubtedly has a very large impact on the granting of funds.
One of the institutions that collects data on the borrower’s possible debt is BIK, the Credit Information Bureau. BIK’s activity is regulated mainly on the basis of the Banking Act. It maintains a uniform register on the financial credibility of companies and individuals. The data at its disposal comes from financial institutions such as banks, loan companies, credit unions, leasing and factoring companies. It should be emphasized that all this data is subject to banking secrecy. Only authorized institutions have access to them.
Many people are afraid of verification in BIK. For these reasons, young people can look for payday loans for 20 years without BIK, without paying attention to other favorable offers. This fear is often unfounded. It is enough to realize that over 90% of the data contained in BIK confirm the positive financial history of consumers or companies. There you will find information about liabilities incurred and repaid, not just about debts. This is good news for the lender. Based on such data, he can conclude that he is dealing with a financially reliable person.
Payday loans for those in debt for 20 years
Can indebted 20-year-olds apply for a non-bank loan? There is no definite answer to this question. It all depends on the type and amount of debt. The lender checks these in available registers. In addition to the BIK register described above, it can also be a register kept by one of the Credit Information Bureaus. The information that reaches them comes from economic entities against which there is a financial arrears. It may concern, e.g. unpaid phone bill, unpaid invoice. The amount of liability is not necessarily high in many cases. For a natural person to be in the register, the amount of their debt must exceed $ 200 and the repayment deadline is 60 days.
As you can see, we can talk about being in debt if you are in arrears with relatively small amounts. Therefore, granting payday pay for those in debt for 20 years is not excluded. Each loan application is considered individually.