A quick loan for those in debt with a bailiff can be one of the ways to deal with financial problems. Check what offers are available on the Internet, consider all pros and cons, and then make a rational decision.
Loan for debtors with a bailiff – what is that?
If you are in a difficult financial situation and are looking for a solution to your problems, perhaps the first thing that comes to your mind is taking out a loan or a loan.
You need to be prepared, however, for banks to be very meticulous about verifying their customers’ creditworthiness. If the bailiff has already taken your salary, for example, the bank may undermine your credibility and will probably not give you a loan. However, there is another financial product that can be a salvation.
Loans for the repayment of debt collectors’ bills, as they are referred to, are granted by non-bank institutions, referred to as loan companies.
Obtaining such loans is possible because such institutions usually do not pay much attention to the creditworthiness of their clients and offer so-called loans for proof.
This means that you do not have to meet a number of requirements to receive an express cash injection, such as bank loans. Loans for debt repayment often take the form of payday loans or loans for proof – quick and easily available.
It happens that for a non-bank institution to grant a loan to pay debt bailiffs, it may require, for example, certification from a third party.
The guarantor can be, among others a person close to you – a partner, family member or friend. You can also expect more formalities when you apply for a high loan amount. In other cases, you will know the decision to grant a loan in a few minutes, completing only the online application.
A quick loan for those in debt with a bailiff – what is it characterized by?
Payday loans with which you can pay off other debts is a financial product that differs significantly from bank loans. Here are its key features:
- Loans for proof are granted with a minimum of formalities – usually, you need an ID card, telephone number, bank account number, registered address, PESEL and you are 18 or 21 years old to complete the application. Sometimes, for example, an employment certificate is necessary, but you do not need to meet some of the typical requirements for bank loans (e.g. you do not have to have a good credit history or submit monthly expenses).
- You can get a loan even within a few minutes, directly to your bank account – you don’t have to wait a dozen or so days or even several weeks, as in the case of bank loans.
- Quick loans for debtors with debt collectors are available to the public and are easy to find – you can use, for example, payday loan comparison services such as Father Brown.
- The amount you can apply for is usually no more than a dozen USD, although there are exceptions (in this case, bank loans seem to have an advantage over loans, because the amount offered is often much higher – but it doesn’t matter if the bank is wrong to assess creditworthiness and will not grant credit at all).
- Loans – compared to some loans – are granted for a short time. You can borrow money for a period of several days to e.g. three years.
Loans in the form of payday loans to pay debt bailiffs have a number of advantages, but you must remember to think carefully about the decision to use the services of a loan company.
Consider whether you will be able to pay the loan installments regularly so as not to lead to further debts. Take a look at loan companies’ offers and compare different options. Also, be sure to search for opinions about the company online.
Loans for debt collection – does it have to be expensive?
It would seem that loans for debtors with a debt collector are much more expensive than, for example, bank loans – after all, you borrow money on special terms that the bank will not offer you. In practice, however, it may turn out that a cash loan from a non-bank institution will not be expensive. How it’s possible?
Companies often offer various types of promotions for new and regular customers. For example, you can take advantage of a reduced interest rate or take out a free loan (usually the second offer is for new customers who have never used payday loans before).
Do you need a different offer?
Loan amount 100 USD USD 200 USD 300 USD 400 USD 500 1000 USDs USD 2,000 USD 3,000 USD 4,000 5000 USD USD 10,000 USD 15,000 Repayment Period 15 days 1 month 2 months 3 months 6 months 1 year 2 years 3 years
The actual Annual Interest Rate (APRC) for the online loan offer is 765.60%. Contract duration: 1M years, total loan amount: USD 1,000.00. The total cost of the liability paid in equal (annually) installments: 111.80 USD, total amount to be paid: 1 111.80 USD. The repayment is carried out in 12 equal installments. The calculation was made on March 30, 2020, on a representative example.
Minimum and maximum repayment period: min. 3 months, max. 10 years
Maximum APRC: 1,943.00%
Fees, commissions and other costs
Loans for debtors with a bailiff can be covered by fixed costs, which include, for example:
- registration fee – necessary to verify your identity, often one USD,
- commission – the amount of commission depends e.g. on the amount of the liability and the loan repayment date,
- Other costs – these include pre-defined fees that must be paid when the loan is not repaid regularly.
You can check the costs of loans, as well as the number of monthly installments and interest rates, using e.g. online loan calculators.