Cash loans may be granted only by banks or credit unions. They are granted for a period much shorter than mortgage loans, but their main advantage is that they do not require collateral, in exceptional cases banks ask for a promissory note or guarantor. To receive a cash loan, you must make an appointment – you can do it through pozyczkaportal.pl. To complete the formalities we will need an identity card and income certificate, for smaller amounts the certificate itself is sufficient, but remember that banks verify them, e.g. by calling staff. The application is usually considered within one day, however, with larger amounts it may take several days. Unlike non-bank loans, the bank will check our history in BIK and all credit movements will be entered in BIK. If we repay the loan on time, our BIK rating will improve, but if we are late with installments, it will be noted.
Cash loans and the law
Cash loans are subject to the Consumer Credit Act. The most important rights that we are entitled in connection with this Act are: the possibility of withdrawing from the loan within 14 days without any consequences and the possibility of paying off the entire loan at any time, without incurring additional costs. In this case, the costs that we already had to incur, such as insurance or commission, will be refunded to us in proportion to the unused period.
Interest rate on loans
The maximum amount we can receive under a cash loan is PLN 150,000, and the maximum loan repayment period is 10 years. The cost of the loan is, apart from the interest rate, which can be a maximum of four times the lombard rate (i.e. 16%), the loan value will be increased by the commission for granting it and life insurance, and sometimes also against job loss. APRC of cash loans is, however, much lower than loans in the non-banking industry. In the case of the leaders of our ranking – it is only 10.6%. Often, to take advantage of the lower cost of a cash loan, the bank will require us to use its other services such as ROR or credit card.
Cash loan – for whom?
Cash loans are a good solution for people who need cash, their big advantage is that they can be used for any purpose – renovation, trip, buying cars, etc. There are no restrictions, the only thing is that we can’t spend money on expenses related to business operations. If we have good credit standing, then we can find really good offers on the market, such as those presented in our ranking. The disadvantage of loans, however, is a lot of formalities that we must meet to get them, and a detailed verification process that the bank introduces, which largely limits access to cash loans for over 70% of Poles.