The change in the banking market regarding the tightening of the guidelines for granting mortgage loans by the PFSA means that for some time cash loans have been the most popular loan products in banks. Although it is also more difficult for banks to verify customers’ creditworthiness with cash loans, having creditworthiness to obtain a cash loan is much easier to obtain.
Cash loans can also be obtained on a simplified basis, which is possible primarily for bank customers. By having a bank account, a bank customer who earns a steady income flowing into the bank account can also apply for a loan via the bank’s websites. This form of loan granting is convenient for both the bank and the client, as it significantly reduces the time needed to verify clients’ financial data as well as the time to gain access to financial resources.
Analysis of loan offers
When deciding to take out a cash loan, you can take advantage of the wide offer of banks which in this market very willingly decide to present many promotional offers. Such offers allow, inter alia, to obtain a loan with a lower interest rate than the average on the market, or lower costs such as commission. When choosing a cash loan, it is very important to become familiar with as many bank offers as possible. It is now easy because you can use financial portals, where you can get acquainted with the offers of all banks operating on the Polish market in one place. This allows you to choose both the cheapest and optimally suited cash loans.
One of the important elements of the loan offer is the time for which the cash loan is taken. In the case of a loan taken for a short period of time, i.e. several months, it is a good idea to choose cash loans that do not require insurance. In a short period of time, it is unlikely that a situation will arise that would require insurance coverage and insurance against job loss or life insurance raises the cost of credit.
If the loan is to be repaid ahead of time better if it has the lowest possible commission, which is repaid first as part of the repayment of the loan costs added to the loan installment. Very often, loans taken out for a short or medium term are repaid by customers ahead of time. With a long-term cash loan, which will be repaid over several years, a lower interest rate is a beneficial solution. The lower it is, the longer interest will be payable on the loan.