A cash loan is often the only way to obtain additional funds for home renovation, Christmas presents or a holiday trip. That is why many people were relieved to find out about the conditions for receiving a cash loan. Thanks to this, banks will be able to take a more liberal approach to testing our creditworthiness and give us loans more often. Although new assumptions are to be introduced, many banks are already adapting their risk policies to new standards.
Who can get a loan?
When applying for a cash loan, you must first have a positive credit history at the Credit Information Bureau and have a constant income from a source approved by the bank. Employment contracts are most preferred, who will receive a subsidy to open a business? People working abroad can also join the loan, but only if their company has a representative office in Poland or the client settles income tax in the country.
What should you pay attention to?
When deciding on a loan, it is worth paying attention to the amount of the installment, which should allow for free repayment and not burden the household budget too much. Sometimes, simply comparing installments may not be enough, because they often do not include commissions or the insurance premium. Therefore, a good solution is to compare offers at the total cost or APRC. You should also be aware that banks have a very varied offer regarding cash loans, between which differences may lie in loan amount, acquisition costs, receipt time and repayment period. So it’s worth thinking carefully about what is most important to us when taking a loan.
Time of receipt, repayment period and maximum loan amount
If you want to get a loan quickly, it is worth choosing the bank in which this procedure takes the shortest, but usually it takes from one to several days. If the repayment period is a priority for us, the best choice will be the bank that offers the longest possible loan period. Typically, banks grant loans for a maximum of 10 years. Also, the amount that can be obtained depends on the credit parameters of the bank and the creditworthiness of the person applying for a loan. Currently, the minimum loan amount is USD 500, while the maximum amount is up to USD 250,000. with.