Customers are often not aware of the fact that by using the services of modern loan companies, you can often easily bypass the banking system. This option is offered by solutions known as giro check loans. Contrary to appearances, a loan with the option to pay via a GIRO check is not a “special” product: it is simply one of the options for paying out the loan amount.
Naturally, not all loan companies provide the option to withdraw loans via a GIRO check. However, if you are interested in a loan with the option of paying the amount borrowed differently than through a prelew to your bank account, it is worth taking a closer look at this option.
What is a giro check credit loan?
As we have already mentioned, a giro check loan is not a separate type of loan product, but only a specific option when it comes to paying out the loan amount.
Borrowing and withdrawing via a GIRO check also does not involve any significant costs: most often the fee for withdrawing money through a GIRO check is $ 4.
But what are the GIRO checks themselves? This is a very old cash flow system based on mail services and characterized by a complete bypassing of the banking system. In other words, when paying out a loan through a GIRO check, we entrust the role of an intermediary between us and the loan company to the postal institution, not to the bank. This form of payment of the loan amount is particularly important in situations such as:
- 1. The need to raise funds without paying them to a bank account
- 2. The need to quickly pay the loan amount, e.g. while abroad
- 3. The need to pay the loan amount discreetly, e.g. when we share an account with our spouse
Giro check loan: where to look for offers?
As a rule, loan companies report the existence or inability to pay out a loan in their documentation. However, if instead of browsing dozens of pages of documents, we are interested in quick and comfortable checking whether a given company offers solutions such as a giro check loan.
In this way, we can not only quickly check whether withdrawal via GIRO check is possible for a given company, but also make a comprehensive comparison of all offers enabling the option we are interested in. What’s more, the information published on good loan sites are always thoroughly checked, which reduces the possibility of e.g. incorrect interpretation of the provisions of a given contract or information prospectus or simply acquiring knowledge from documents that are no longer valid.