We have a wide range of various cash loans available on both the banking and non-banking markets. How can we choose the one that will be the most beneficial? What parameters should I pay attention to then? Is there a perfect loan – perfect for every customer?
We can now borrow money very easily both at the bank and from non-bank loan companies. Cash loans enjoy the greatest interest then because thanks to them we are able to obtain funds for practically every purpose.
The market is teeming with loan offers – therefore many people who want to use them are wondering what to pay attention to in order to be satisfied. So what is the best cash loan characterized? We invite you to check with us!
Simple and quick payday cash loan
But let’s start with the basic information about cash loans, namely what they are, what goals can be used, how much we can then borrow, for how long, and who can take advantage of such an offer.
A cash loan is the simplest and most frequently chosen form of a loan, which in Polish law is defined in the Civil Code. According to it:
“Through a loan agreement giving a loan he undertakes to transfer to the owner of the recipient a certain amount of money or things marked only to the species, and the taker undertakes to return the same amount of money or the same amount of things of the same species and the same quality. In the case of loans with a value of over PLN 1,000, the contract should be concluded in writing (for purposes of proof) “- art. 720 of the Civil Code.
Importantly, we can conclude a loan with various lenders – it may be a bank, it may be a credit union or a non-banking loan company. We can also borrow money from family, friends or even from unknown people. All these transactions are then referred to as loans.
Most often, however, loans are taken out in banks and loan companies, which we can do now both online and in stationary outlets. There is also the possibility of using so-called home service.
We can also think about using the services of a PaydayRelay specializing in quick payday cash loans. He will be able to perform the analysis of our creditworthiness for free, and then select the most attractive offers – the final decision, of course, depends on us.
For any purpose
The big advantage of cash loans is the lack of the need to determine their purpose, i.e. the funds obtained can be used for any purpose, for example:
– purchase of home furnishings
– occasional event device
– making the shopping you need
– a holiday trip
– covering your debts
The lender will not then ask us what we intend to spend, so we can use them at will.
Also, a plus of cash loans is their fairly easy availability, which in particular applies to loans offered by non-banking loan companies. Therefore, we do not need to comply with excessive requirements in order to receive the funds we need – that is why cash loans are often also called loans as evidence because it is the only document to provide the lender.
The easy availability of cash loans is also characterized by the ability to obtain them online. We have such an option both at banks and non-bank lending companies. Thanks to this, we can get money practically without leaving home.
How much can we borrow?
Depending on the offer, a cash loan allows us to borrow from 100 zlotys to even several hundred thousand zlotys. In principle, however, these loans amount to less than PLN 10,000 in non-bank loan companies and up to PLN 50,000 in banks.
It is worth noting that the amount of the cash loan depends on the creditworthiness of the person requesting it, so the higher the loan is, the more it will be borrowed.
What is the repayment period for cash loans?
The repayment period of a cash loan also depends on the selected offer, which is why it can range from a month to even 10 years.
The fastest way to pay off is a weekend payday loan, for which the contract is concluded only for one month. Non-bank installment loans allow you to obtain money for up to an average of 2 years, while in banks the maximum repayment period can be as much as 5-10 years.
It is also worth noting that the longer the loan repayment period, the higher its cost, which results in particular from the interest rate on the loan. If we want it to cost us less, we can shorten the repayment period, but on the other hand, we also need to have the right creditworthiness to settle the obligation on time.
Therefore, cash loans are an interesting offer when we need additional funds for any purpose. But how do you find the best loan?
The best cash loan – or what?
The main purpose of a cash loan for the customer is to obtain appropriate funds safely and on convenient terms. In turn for the lender, it is to obtain an attractive income. Therefore, it is crucial to choose an offer that will be beneficial for us.
Therefore, we must remember that a good cash loan must have a number of parameters. What should we pay special attention to then?
The most important parameters of a cash loan:
– low costs
– favorable conditions
– easy availability
– quick withdrawal of money
Below we present detailed information about what is behind these parameters, and what we should pay special attention to when considering them.
Above all, a good loan is a loan that will be cheap. Therefore, it should not entail high expenses related to repayment, i.e. it should not be an excessive burden on the borrower’s budget.
Loan costs are conditioned by a number of different factors – both by subsidiaries and independent of banks, for example by legal standards.
Loan costs include:
– interest rate – interest
– commission on granting the loan
– preparation fee
– payment for processing the application
– insurance fee
– verification transfer
It is worth pointing out that not every loan has all the above costs. First of all, they are interest and commission, while the rest is dependent on the selected loan offer.
Today in comparison of the cost of loans, we can help us with calculators placed on the lenders’ websites – just select the amount and loan repayment period to find out how much it will cost, broken down by individual fees.
To compare the cost of loans even easier, you can also use a parameter such as APR (real annual interest rate). It defines the total cost of the loan incurred by the consumer expressed as a percentage of the total loan amount per annum. Thus, APR covers not only ordinary interest but also other loan costs.
We should compare the APRC for loans with the same parameters – amount, repayment period, installment type (decreasing, equal). The actual annual interest rate at the lower level means a cheaper loan.
Attention! If we do not repay the loan on time, there may also be additional costs, such as the interest for unpaid liabilities, costs of reminders, fees for debt collection, and finally court and bailiff costs. Information on these costs can be found in the contract or attachments included with it.
Another condition that should meet the best cash loan is its favorable conditions, so the loan should be easy to take by the customer.
As mentioned earlier, currently cash loans are generally easy to obtain, but banks and non-bank loan companies have slightly different requirements for their clients. It is worth getting acquainted with them before submitting the application in order to increase the probability of its positive consideration.
To obtain a cash loan, we must meet a number of conditions that may be more or less restrictive. They depend not only on the offer itself but also on the requested amount and the selected repayment period.
The main conditions that must be met in order to receive a cash loan:
– adulthood and age limit
– possession of an ID card
– permanent residence on the territory of Poland
– having the appropriate creditworthiness
– having the required security
– in the case of online loans – having a bank account, preferably online
– the need to purchase an insurance policy
Of course, we do not usually have to meet all of these requirements, so it is best for them less, the better for a client who does not have to bother with getting the necessary documents, which also takes time and extends the waiting time for payment.
A good loan should allow you to get a payment from the age of 18 because some lenders apply limits from 22 or 23 years old. Older customers should check that the upper age limits do not apply.
Plus, it will be a quick and efficient creditworthiness test – it aims to determine if the customer is able to settle his loan obligations within the prescribed period.
The creditworthiness consists of many elements, including:
– the amount of the borrower’s income
– sources and regularity of this income
– current debtor’s charges
– the type and amount of the loan and the repayment period
– the borrower’s credit history
– the age of the borrower
– his education and position
– the borrower’s family and housing situation
– own contribution and additional security
Currently, most cash loans can be obtained only on the basis of an ID card, so there is no need to provide a certificate from the employer about earnings or other documents that confirm them.
However, it is very important to have adequate creditworthiness determined on the basis of credit history, which is included in the BIK (Credit Information Bureau) and BIG (Economic Information Bureaus) databases. In order to obtain a loan only as proof, banks and non-bank loan companies check clients in these databases – when information about them is positive, you can get a loan practically immediately.
The availability of the loan, namely the way we are able to obtain it, is also very important.
Today, to take out a cash loan, we do not have to leave the house at all, because we can also take it completely online. All you need is access to the network, as well as having a bank account with online access to carry out all the formalities related to the internet loan.
On-line loans can now be taken both at banks and non-bank lending companies, for example, we can apply for it at our company. It is worth noting, however, that online loans in banks are available mainly for their regular customers – if we do not have accounts for at least 3 months in a given bank, then we will usually have to go to a bank branch or order a courier to verify our data.
In addition to loans available online, we also have loans with home services. This offer is available only at selected non-bank loan companies. At that time, it is based on customer service at home – the loan company employee comes to the indicated address and signs the contract and pays the money there. The loan is also repaid in person – in cash in the hands of an employee arriving at the customer’s home.
Although home service is convenient, it is worth remembering that we will pay more for a loan than for a loan contracted at a stationary outlet or via the internet.
Quick withdrawal of money
For many customers, the quick withdrawal of money from a cash loan is also not without significance – it is best that it takes place immediately.
Currently, both banks and non-bank loan companies provide their clients with a short wait to process loan applications and allow them to pay out money almost at the same time, which applies to both fixed and online loans.
However, the condition for a quick withdrawal is positive creditworthiness, so if we do not meet the requirements of a bank or a loan company, the time of examining the application may be extended and we may also receive a refusal.
When we choose a fixed-line offer, the most often we can receive cash in hand at the company, unless we are interested in a bank transfer. However, it is worth remembering that cash loans in higher amounts are often not picked up at once – the bank must order money to the facility, which may take several days.
In the case of loans online, the payment is usually made to the customer’s bank account, which is indicated in the loan application. It is worth remembering, however, that posting dates for interbank transfers may extend the waiting time for funds. Therefore, it is best to choose loan companies that have their bank accounts in the same bank like ours, or those that use high-speed online payment systems.
Attention! Some loan companies also allow you to take advantage of online loans with the payment of money via a GIRO check. We carry out this check directly in the mail window – we show our ID for verification and then we receive funds in the form of cash.
When looking for the best cash loan, we can not forget about security issues. A good loan should not involve any risk for the client, therefore we must pay attention to whether the lender is trustworthy and what clients think about it.
Generally, bank loans are considered safe, but we should remember that not every bank can boast positive feedback from their clients. So let’s use the search engine and see if a particular offer is a really worth attention.
When we want to take out a non-bank loan, we should only choose those companies that have an established position on the Polish market. It’s a certainty that we can trust them. For sure, we can also look for opinions about them.
Do not use a cash loan if:
– we find a lot of negative opinions about the lender
– the lender is just starting its activity in Poland and we do not have much information about it
– when applying for a loan, we must make a larger payment or send an SMS to a high-paying number
– we do not find any information on the lender’s website – the name of the company, NIP, REGON, business address
Attention! We should never sign a loan agreement without first getting acquainted with its provisions. There is then the risk that we will agree to conditions that are unfavorable to us. In the loan agreement, you will find all the information about the cost of the loan, the amount to be repaid, the repayment schedule, as well as any additional costs that may arise during the contract. It is worth taking the time and getting to know the loan agreement or ask another person to do it for us.
Where for a loan – to a bank or non-bank loan company?
Therefore, a good cash loan should be characterized by low prices, should also be easily available and have favorable conditions, and at the same time should be safe and allow for quick payment of funds. Will we get such a loan in a bank, or maybe in a non-bank loan company?
In principle, currently, good loans can be obtained both on the banking and non-banking market. It often happens that non-bank cash loans are more advantageous than those offered by banks.
The most important thing is to get acquainted with various offers and choose the one that will be the most attractive because loan companies and banks are constantly competing for clients.
It is worth noting that if we are looking for a good online cash loan, it will be easier for us to get it in non-bank loan companies.
Is it worth using the calculators, rankings, and comparison of cash loans?
When looking for the best cash loan, we can also support a wide range of different tools available online. I am talking in particular about special loan calculators, rankings and comparators, which are available for free online.
Services containing such tools allow us to compare both bank and non-bank offers. Most often they contain basic information about the amount of the loan, the repayment period, borrowing costs or repayment terms. In the case of calculators, we can often calculate how much the installment will be for individual loans, so we can rank the offers from the cheapest to the most expensive.
However, it is worth remembering that online calculators, comparison engines and online loan rankings can mislead us. Many of them do not have up-to-date information on bank and non-bank offers, some do not collect all offers or they only promote selected ones, which can be misleading for the customer.
Therefore, we should remember that the most up-to-date information on loan offers, including their costs, can be found directly on the lenders’ websites and in their outlets.