Non-bank loans are mostly intended for ordinary consumers. But even a self-employed person or a company may find themselves in a situation where the financial assistance in the form of a loan is just convenient for him. In such a case, you can turn to a Instant Care Bank loan, for example. Candidates can receive up to 60,000 dollars with a maturity of 12 months. Under what conditions is the loan granted? And what other options does it offer?
The Instant Care Bank loan provider (sometimes also mistakenly referred to as Instant Care Bank or Instant Care Bank Loan ) is a company of the same name. Instant Care Bank was founded in 2014 and focuses on small non-bank loans. It currently offers two types of loans. The first one works on the principle of P2P loans and is intended for ordinary consumers, employees and non-business entities. The second loan is already targeting entrepreneurs, entrepreneurs, and self-employed persons.
Instant Care Bank also offers non-bank loans to consumers, sole traders and companies. These are medium-term and long-term loans amounting to several thousand to millions of dollars for which real estate collateral is required.
A one-time loan from Instant Care Bank
The first and simpler form of loan from Instant Care Bank is a quick loan of up to USD 20,000 with a maturity of 25 days. The investor (s) must first be found for the required amount.
The presentation of the Instant Care Bank loan differs from the competition offer. The sliders where the loan amount and maturity are entered are replaced only by a statement of possible amounts. Under it, however, the selection shows directly how much the client pays overall.
Confirmation of the requested amount will open the registration form. The applicant must complete this form completely, otherwise, his application will be rejected. The following information is to be entered: personal data including personal identification number and identity card number, contact details, bank account number, employment and income data and expenses of the applicant. A not too standard requirement is also an indication of whether the applicant owns property or motor vehicle.
It should be noted that the first application can only apply for 2 000 USD and is not the first loan for free. How does the limit increase up to a maximum of 20,000 dollars for repeated loans do not appear on the provider’s website?
For a one-time Instant Care Bank loan, account verification via a verification payment cannot be avoided. This means that you need to send a payment of $ 1 to your account. This is not required by all non-bank lenders, but there is no need to worry about it. Another requirement is the presentation of an identity card.
Once the entire registration form has been filled in, the interest in the loan is confirmed by the “Submit application” button. This begins the processing of the loan by Instant Care Bank, who prepares the application for assessment by investors.
The disadvantage of this procedure is that it is not possible to estimate the time required for approval. Instant Care Bank states that it assesses each application individually. However, if everything goes to the benefit of the applicant, the money is sent immediately from the bank account of Good Finance. If the applicant has an account with the same bank, the money is available almost immediately. Others will wait until the next business day for the money transfer.
Other specifics of Instant Care Bank one-time loan
A one-time Instant Care Bank loan may be repaid early by the client. Unfortunately, this will not save, because the cost of the loan and fees remain the same.
You can also extend your maturity by up to 2 weeks. However, the extension is assessed separately and is not automatically granted to all applicants. The decision of whether or not the maturity shift has been approved is sent to the client by e-mail and SMS.
The Instant Care Bank loan is more expensive. The interest rate is not presented here, but for each possible loan amount, the fees are stated. Thanks to this, the client is immediately clear whether or not these conditions suit him/her. The following table lists the charges :
The given repayment date of the loan is of course variable depending on when the loan was applied for. In this case, it was December 30, 2019, maturity for 25 days, ie January 24, 2020.
This simple table is very useful for anyone who is not very oriented in the world of loans. The applicant can easily evaluate whether or not the loan is worth the increase.
Summary of parameters One-time loans
In order to provide complete information on the Instant Care Bank Single Loan, a summary of all relevant loan parameters is useful:
- minimum loan amount: USD 1,000
- maximum loan amount: USD 20,000
- maturity: 25 days
- loan fee: according to the loan amount, from 250 USD to 4 000 USD
- first free loan: no
- method of payment: bank transfer
- possibility of early repayment: yes
- maturity extension: yes
The Instant Care Bank single loan thus offers up to USD 20,000 for 25 days. It is specific in that it works on the principles of P2P loans. The interest rate and APRC are replaced by the exact amount, ie the loan fee. For a loan of USD 1,000, this fee is USD 250, for the highest loan of USD 20,000, it is USD 4,000. The simplicity of this system can be more enjoyable for many people than the complicated calculation of interest.
Money transfer takes place by bank transfer, which is, therefore, one of the main conditions for granting a loan. Under pre-established conditions, both early repayment and extension of maturity are allowed.