Review of loans for consumers and entrepreneurs.

Lite bank is a non-bank provider of various types of loans for consumers, sole traders and corporations. These are medium-term and long-term loans in the amount of tens of thousands to millions of crowns, which require property guarantees. What are the other terms and conditions of individual Lite bank loans and what are Lite bank’s reviews from clients who have already tried their products?

Loans from Lite bank

Loans from Lite bank

Lite bank is engaged in providing medium and long-term loans for consumers and entrepreneurs. In addition to classic special-purpose and purpose-specific loans, it also offers a loan for consolidation, execution execution and payment of real estate auctions. Currently we can find the following products in her portfolio:

  • Loan for anything
  • Loan for consolidation, execution and auctions
  • Loan for entrepreneurs
  • Loan for corporations

All types of loans from Lite bank must be secured by real estate. The minimum and maximum amounts, the interest rate, the maximum repayment period and the brokerage fee vary from loan to loan. Specific parameters of all offered products are listed in other sections of this article.

Loan application from Lite bank

 

Applications for all types of Lite bank loans can be submitted online at Lite bank.

Due to the transfer of the lien, the application process is slower and is therefore not a suitable product for those interested in payday loans and other short-term quick loans.

During the application it is necessary to present the ID card and the account statement for the last three months. In addition to income, the amount of regular expenditures (housing, energy, household, catering or repayment of existing debts) is also examined.

In the case of a positive assessment of the application, a search of the real estate to be collateral followed by the signing of the contract. The entire process takes about 7 business days.

Funds are sent to the applicant’s bank account. If the client is interested, he can obtain part of the loan in cash already on the day of conclusion of the contract.

Lite bank loan terms and conditions

Loan applications are assessed individually. The company cares about checking the applicant’s creditworthiness, so it is not a loan without proof of income. During the application, full identification data, information on the applicant ‘s income and expenditure and personal status information shall be provided. According to the information on the company’s website, the credit documentation is clear and transparent, so clients do not have to worry about any hidden fees.

Conditions:

  • applicant age 18 – 75 years
  • provable creditworthiness (ability to repay)
  • property to secure the loan
  • no more Lite bank loans

Both consumer and business loans must be secured by a lien on the property, which may be the property of both the applicant and a third party. The provision of a specific loan always depends on the type of loan requested, its amount and repayment period.

Payment of installments and repayment difficulties

Installments are paid by bank transfer according to the given payment schedule, which is part of the contract. In case of problems with repayment, it is necessary to contact the company employees as soon as possible and inform them about the situation.

If the installment is delayed, the loan may be redeemed. This means that the company prematurely terminates the loan agreement and prompts the client to pay off the full amount of the loan, including interest.

In the case of consumer loans, the debtor is first required to settle the debt, for which a 30-day period is reserved. A delay in repayment is accompanied by a contractual penalty of 0.1% per day of the amount with which the client is in default.

For business loans, penalties for delay are governed by contractual arrangements.

Payment protection insurance

Insurance of the ability to repay clients is not offered. However, it can be negotiated separately with another company to prevent potential repayment problems due to job loss, injury or long-term illness.

Lite bank loan for anything

Lite bank loan for anything

A loan for anything from Lite bank is a non-purpose loan, which can be arranged between $ 50,000 and $ 3,000,000 with a maturity of one to 20 years. The APRC starts at 19.3%, with an interest rate of 10.9%. The client pays a fee of 7% of the loan amount for the loan.

A loan for anything can be arranged in the amount of $ 50,000 to $ 3,000,000 with a maturity of 1 to 20 years.

A loan for anything is a classic consumer loan paid to the applicant’s bank account. As with other loans from Lite bank, part of the funds can be paid in cash already on the day of signing the contract.

Credit parameters:

  • Loan amount: $50 000 – 3 000 000 
  • Maturity: 12 – 240 months
  • Contract fee: 7% of the amount borrowed
  • Interest rate: 10.9% pa
  • APR: from 17.8%
  • Form of repayment: monthly, cashless

The maturity of this loan is from 1 year to 15 years, amounts over $ 499,000 are due within 20 years.

Lite bank loan for consolidation, execution, auctions

Lite bank loan for consolidation, execution, auctions

Another type of loan from Lite bank can be used to consolidate loans, pay off distraint, or pay off a property auction. It is provided with a maturity of 1 to 20 years with an interest rate of 16% pa. The processing fee is 10% of the loan amount.

Lite bank offers to combine liabilities of various types in the amount of at least $ 50,000.

The product allows you to combine debts of various types (bank and non-bank loans, credit cards, overdrafts, etc.) into one loan, saving on fees while having a better overview of repayments.

Credit parameters:

  • Loan amount: from 50 000 without limit
  • Maturity: 12 – 240 months
  • Contract fee: 10% of the amount borrowed
  • Interest rate: 16% pa
  • Form of repayment: monthly, cashless

The maturity of the loan for consolidation, execution and auction is 1 to 15 years. Amounts over $ 499,000 are due within 20 years.

Lite bank loan for business people

Lite bank loan for business people

A business loan can be used to develop a company or cover operating costs. With Lite bank it is possible to arrange it as a special-purpose or non-special purpose according to the client’s needs. Full identification and status data and management information of the applicant are required before it is provided.

Lite bank business loan can be arranged in the amount from $ 50,000 to $ 3,000,000 for 1 to 20 years.

Like a consumer loan for anything, a business loan is provided in the amount of $ 50,000 to $ 3,000,000, with a maturity of one to 20 years. The annual interest rate on this product is 8.9%. The fee for concluding a contract is 5% for amounts below $ 500,000 and 7% for amounts above $ 500,000.

Credit parameters:

  • Loan amount: $50 000 – 3 000 000 
  • Maturity: 12 – 240 months
  • Contract fee: 5% of the amount borrowed (for amounts less than $ 500,000) 7% of the amount borrowed (for amounts from $ 500,000)
  • Interest rate: 8.9% pa
  • Form of repayment: monthly, cashless

Entrepreneurs can also use short-term loans for 4 to 6 months with deferred principal payments.

Lite bank loan for corporations

Lite bank loan for corporations

The loan for corporations represents another loan guaranteed by real estate. It can be arranged in the amount of $ 3,000,000 to $ 50,000,000 for a period of 1 to 20 years. The interest rate is 6.9% pa, the fee for granting the loan is 3% of the borrowed amount.

The corporate loan is offered in the amount of $ 3,000,000 to $ 50,000,000 for 1 to 20 years.

The corporate loan is offered as a special-purpose and non-purpose loan. The amount of the loan depends both on its type and on the specific requirements of the client.

Credit parameters:

  • Loan amount: $ 3,000,000 – $ 50,000,000
  • Maturity: 12 – 240 months
  • Contract fee: 3% of the amount borrowed
  • Interest rate: 6.9% pa
  • Form of repayment: monthly, cashless

As in the case of a business loan, Lite bank also offers corporations a short-term loan for 4 to 6 months with a deferred principal payment.

Is Lite bank a Scam?

Is Lite bank a Scam?

Anyone interested in a loan from Lite bank certainly interested in whether it is a proven, safe product. Many negative reviews of Lite bank loans have been reported in various discussion and review portals where the company’s practices are described as unfair. Why is this so? Are Loans Really From Lite bank Scam?

Often, the very fact that Lite bank loans are required to guarantee real estate is a source of doubt. Many potential clients therefore feel that the company could deprive them of a roof over their heads, so they prefer other loans. However, this does not automatically mean that Lite bank is a fraud – real estate collateral may also be required for secure bank loans.

The company’s belief in unfairness also stems from unfavorable loan conditions, namely high loan fees and high interest rates. However, all important repayment information is included in the loan agreement, which needs to be studied thoroughly and calmly, even with the help of someone more experienced. Client reviews show that the contract is not as easy to understand as the company states on its website.

Certainly it cannot be said that Lite bank loans are a scam. However, it is necessary to count on not very favorable conditions, which result in the client overpaying a large amount. Before signing a loan agreement, it is necessary to read all the points well and consider whether the loan from Lite bank is really a suitable solution.

Reviews of Lite bank loans

Reviews of Lite bank loans

From the above, it is clear that reviews of Lite bank loans are not exactly positive. In particular, clients are dissatisfied with the communication from the company’s employees who allegedly disclose information that is not in accordance with the loan agreement. However, the most common reason for negative reviews is the aforementioned overall disadvantage of contracts.

About Lite bank

About Lite bank

Czech non-banking company Lite bank based in Olomouc was founded in 2010. Since then, it has been engaged in providing credit products for ordinary citizens, sole traders and entrepreneurs. At present, there are four types of loans in its portfolio, which can be negotiated as special-purpose and non-specific. Each loan must be secured by property owned by the applicant or third party.