Cash loan – Conditions that must be met to get it to pay your old loan
Cash (consumption) credit is quite popular as temporary form of financial support for the household budget – it can be obtained quickly and easily in a simple and accessible way. You can take it for any purpose, without guarantors and security, which is its biggest advantage. All you have to do is submit several documents that certify our identity and the borrower’s creditworthiness to request additional funds. Cash loan terms you need to meet to get it.
Increasingly, many people apply for a cash loan and the funds obtained in this way are used for any purpose, such as a small renovation of a flat, purchase of a recreational plot, purchase of housing equipment (furniture, electronics or household appliances) helpful in the organization of holiday rest or repayment of liabilities in other banks. By taking out cash loans, you can quickly get a large sum of money, exceeding even PLN 100,000. To get a cash loan you do not need to have a guarantor or security, sometimes even employment certificates, just a statement of income (eg offer for doctors, professionals – public trust professions). Several banks offer so-called cash loans as proof, unfortunately these are not cheap loans. In connection with the upcoming tax year settlement period, there will probably be offers for PIT.
To take advantage of a cash loan, we are encouraged by various more or less attractive offers offered by various financial institutions, in particular by banks in which it is proposed to grant a loan in a fairly short time, as borrowers most often need a quick loan with access to funds without specifying the purpose of their spending. So what are the requirements to apply for a cash loan?
What conditions must be met to get a cash loan?
The most important condition for getting a loan that the bank will check is our creditworthiness. It is usually counted as household income after deducting all living costs. The remaining income should be enough not only to repay the loan installment!
In addition, it is the responsibility of every borrower applying for a cash loan to provide the credit adviser with documents on the basis of which he will be able to verify his identity and determine the creditworthiness of the client. It is necessary to submit an identity document confirming Polish citizenship and a certificate of obtained income. In addition, we can not appear in the debtors’ registers, as this will involve a refusal to grant the loan. When we receive a positive decision to withdraw funds, it will be necessary to indicate the number of the bank account to which the loan is to be paid. With this loan product, the amount of paperwork is kept to a minimum so that applying for a loan or loan is easy and the granting process itself is quite quick.
When submitting the necessary documents in order to obtain a cash loan, it is worth noting that they do not contain any errors, because the banks are scrupulously verifying the information received. Any discrepancy may be the reason for refusing to grant cash.
Anyone who is trying to get a cash loan must show that they have creditworthiness. People who do not have the ability can not count on getting a loan. The credit advisor analyzes the amount and source of income that is taken into account when assessing creditworthiness. Who usually tries for a cash loan?
Most often these are people aged 20 to 72, their source of income is work under a contract of employment or civil law contracts, pensions, pensions, business or agricultural activities.
Can I apply for a loan without a spouse?
Yes. You can apply for a grant individually or jointly with your spouse or yourself without your spouse. There are banks that provide a loan, for example, up to 40,000 without the consent of the spouse.
If you are looking for a phone for us, you will not find it here. We do not run the Call Center department because it is related to the costs of a special line (recorded calls) etc. By filling out the contact form, you give us a clear signal that we will contact you in a specific matter. However, if you like to hang on the helpline and talk to a pseudo-adviser about generics, go to another place instead of specifics!
What income is accepted when calculating your creditworthiness?
From the point of view of banks, employment contracts in administration are much better perceived for an indefinite period than running own business, which is burdened with higher credit risk.
A person employed on the basis of an employment contract for an indefinite period, who has a permanent pension or self-employed persons may apply for the loan. To calculate the creditworthiness, pensions may be used, pensions granted for a definite period longer than the loan period and other regular income, which are documented. It can also be income from contracts of mandate, contracts for specific work, rent, agency contract – each bank has its own rules for calculating revenues from these contracts.
The calculation of creditworthiness will not include family, maternity, unemployment benefits, voluntary pensions and alimony payments.
What to pay attention to when taking a cash loan?
When drawing a cash loan you have to pay attention to a few important things. The most important element of cash loans is their interest rate. A lower interest rate means a lower monthly installment for the borrower. Most often, the interest rate on the loan is related to the amount and repayment period (the higher the amount the lower the interest rate), as well as the borrower’s individual situation, eg credit history, whether it has products in a given bank, etc.
In addition to the interest rate, the other charges, including the cost of a bank commission for granting a loan and loan repayment insurance costs, if any. Therefore, it is worth making sure what additional fees you have to pay in connection with the selected loan and ask a credit advisor to present the actual costs of the loan.
How much cash can we get?
The amount of credit granted depends on the amount of income earned and the current credit history of the borrower, which is subject to analysis by the bank. When we have a permanent source of income and creditworthiness, you can count on getting higher cash from your loan.
Statistically, a person without additional obligations earning monthly income:
- below 2000 gross, can count on about 2000 PLN cash
- over 2000 gross, can count on funds from PLN 4,000 to PLN 5,500
- over 4000 gross, can count on funds in the range of PLN 10,000 – 30,000
After submitting the required documents, the client’s situation is subject to a detailed analysis on the basis of which the decision on granting a cash loan is made. In the case of applying for small amounts, we will receive an answer within the scope of granting relatively quickly even within a few hours.
In the situation of applying for large amounts, it will last up to 24 hours. The Bank thoroughly analyzes our situation, if in the case of small amounts it can quickly issue a decision, because the risk is lower for the bank. When we apply for large amounts of PLN 50,000 or PLN 100,000, banks look at such proposals more closely. Often people who take part in the process, eg an employer, who confirms the fact of employment and the amount of income generated, also have an influence on the decision. At the moment when the bank can not get through and confirm the certificate, the process of awarding the amount is extended. The customer is always informed about the outcome of the credit decision by phone.
Cash loan terms yu need to meet to get it
To sum up a cash loan, as other services available at banks are not free. Most people do not like loans, they do not like to borrow, but in some situations it’s hard to do without a quick loan. However, you can ensure that monthly fees are as low as possible. When deciding on a cash loan, check the nominal interest rate, commission and preparation fees. To choose the best offer, you should be guided by the value of APY (Actual Annual Interest Rate). This is a value that reflects the relationship between total costs and the amount of credit received. APRC includes interest as well as preparation fees, commissions and other additional expenses related to granting the loan. When looking for cheap cash loans, you need to analyze the value of APY. If you do not know what offer to make, you can use the help of our credit advisor. The specialist will compare the offers of individual loans taking into account your expectations and needs and will present the Best Proposals.
He will also apply for a loan on your behalf and arrange all formalities to get a loan until the final loan agreement.
Finally, the most important thing is to read what you are signing! and above all, ask (who asks no one errs!) credit advisors about the details of a loan or a loan, among others such as:
- interest rate
- commission amount
- loan installment amount
- Is it possible to pay off the loan earlier and if so how much does it cost?
- Are you paying for any insurance and can you opt out?
- What is the total cost of the loan?