Loan is one of the most popular ways to obtain money for any purpose. A loan can be obtained from a bank, a parabank, a loan company, a company, a private person or a business entity. Poles most often get into debt in banks, parabanks and loan companies. The most popular are fast online loans. Thanks to the maximally simplified procedure with money on your account we can enjoy after just a dozen or so minutes. Procedures and formalities are similar both in banks and loan companies. Differences appear at the stage of examining the creditworthiness of a potential customer. Here, banks are more restrictive than other entities granting loans.
Online loans in a bank
Under what conditions do banks grant loans? First of all, you need to know that a loan, unlike a loan, is not regulated by the provisions of the Consumer Credit Act. The loan agreement is governed by the provisions of the Civil Code. However, a loan in a bank and a loan from other entities or private persons are completely different issues. First of all, because banks are controlled by the Financial Supervision Authority. The PFSA, in turn, imposes prudential standards on banks. This usually takes the form of recommendations, which the banks have to comply with. These recommendations include not only loans, but also loans. Therefore, the procedure for granting a loan is very similar to granting a loan.
How can money be borrowed from a bank? An online loan makes things much easier when it comes to dealing with formalities. Everything is done online and is as short as possible. You don’t have to go to the bank’s branch in person. All you need is a computer and access to the Internet. We have to fill in an application for a loan, and in it we have to provide our personal data – social security numbers number, series and number of ID card, and address of residence. Of course, the bank will want to examine our creditworthiness, so we will have to send a scan of the certificate of employment and earnings. You will also need to provide information about how many people we depend on. It is also necessary to specify the amount of our previous installments for other financial liabilities.
The bank may also request a loan insurance from us, and it may also want to convince us to use a credit card. We need to be sensitive to such proposals. First of all, let us calculate how much these additional options will cost us and whether we really need them. Often, in the case of a low creditworthiness, which does not exclude us, the bank may want to have a loan guaranteed by a third party. Then the process of granting a loan may become much more complicated.
However, if for some reason a bank has misjudged our creditworthiness and has not granted us a loan, we may apply for it at a parabank or loan company. The procedure here is very similar, but the method of calculating creditworthiness is much milder. Even people with low incomes have a chance to get a loan. Even debtors who have not paid their financial obligations on time and who have a bad credit history in office have a chance to get a loan. In some offers it is clear that a given loan company does not analyse the base of the office, limiting itself to the application and the National Court Register.
How to choose the best momentum?
The best loan is the one that is the cheapest. And the cheapest are, of course, the free ones. You can count on this option if you use the offer of a given loan company for the first time. This is the so-called first free loan. It is a completely free loan. For example, you borrow 2000USDi in a certain period of time, you give away 2000 USD, without any additional costs. With this you have to give the money back on time. If you are late at least one day, the lender will charge you commission, interest and other standard fees. However, if you know that in 30, 45 or 60 days – which is the standard payback time – you will have the right amount to repay the loan, then this is an ideal option for you to borrow money.
What charges do you have to prepare for in such a case? What kind of a parabank would calculate for a standard offer. The Annual percentage rate ratio will tell you a lot about the total cost of a loan. This is the Real Annual Interest Rate. It includes not only the interest rate, but also the commission, dream and preparation fee. Thanks to it you will know what the total cost of your loan is. Annual percentage rate is expressed as a percentage of the total cost of your loan. It is a tool that allows you to quickly compare different loan offers.