How to recognize a good cash loan?

We have a wide range of cash loans available on the banking and non-banking market. How do you find one that will be the best? We advise on what parameters to pay special attention to!

Not all of us have enough savings to cover our expenses. In this situation, we can use cash loans, which can now be taken even as evidence – also via the Internet.

We have a wide range of cash loans offered by banks as well as by non-banking loan companies. We can choose the proposals, but before we decide to submit an application, it’s worth finding out what to look for when looking for the best cash loan.

For those who would like to take out a loan on good terms, we have prepared a special guide, which deals in detail with various types of offers on the Polish market. How to recognize a good cash loan? We invite you to check with us!

– Cash loan – what is it?

– Where’s the cash loan?

– Parameters of a good cash loan

– Calculators, rankings, loan comparison websites – is it worth using them?

Cash loan – what is it?

But let’s start with the basics, namely what the cash loan really is? When is it worth taking? How much can we borrow and for how long? What can we finance with her?

Cash loans are the most popular loans among loan offers available on the Polish market. They allow you to obtain different sums for many expenses – without having to indicate the purpose of these expenses. Therefore, the lender will not be interested in what we spend money on, as is the case with loans that are already intentional, for example a home loan or a car loan.

For this reason, a cash loan is the most convenient solution when we do not have the right amount of money and need it as soon as possible.

A cash loan may be issued on:

– purchase of various products

– renovation of the flat or house

– holiday trip

– private treatment

– covering your debts

– buying or renovating a car

– family event device

So when we take out a cash loan, we have unlimited possibilities to spend money. How much money can we get at our disposal?

Cash loan – how much can we borrow?

Cash loan - how much can we borrow?

It is difficult to clearly indicate the quota limits for cash loans, because everything depends on the lender and the borrower.

Most often, however, the amounts of cash loans range from around PLN 1,000 to PLN 20,000. On average, we borrow about PLN 10,000, which allows us to finance various expenses.

The amount of the cash loan is conditioned by:

– type of offer

– customer’s creditworthiness

– loan repayment period

– loan collateral

So if we earn a lot and choose a longer repayment period, the cash loan can then be really big sums. Otherwise, the lender may already offer lower amounts, unless we use a possible loan security, for example a surety by another person.

Cash loan – how long is the repayment period?

As in the case of amounts, the repayment period is determined by various factors.

Non-bank loans allow us to generally obtain a shorter repayment period of up to 2 years, while those of a longer repayment period – up to 10 years.

Non-bank loans can be divided into two types:

– payday loans

– installment loans

Timers are loans that have been specially designed for quick financial support – thanks to them we can get small amounts, but on very convenient terms, without the need to present documentation on earnings or bank statements.

Thanks to the breaks we can borrow from about 100 zlotys to 3,000 – 5,000 zlotys depending on the loan company. However, the repayment period is only 30 days, or one month. This makes payday loans good loans to quickly improve the financial situation, but they are also more risky due to such a short repayment period.

The second offer, ie non-bank installment loans, are already similar to loans offered by banks. Then the amount to be repaid, ie the borrowed capital along with the fees, are spread out into installments corresponding to the repayment period. Installments are paid every month – less frequently every week.

Installment loans are safer because they allow you to spread your debt into easy-to-install installments and you do not have to pay back a large sum, as in the case of payday loans. Therefore, it is best to choose an installment loan – it will be safer even with lower amounts.

Cash loan in law

Cash loan in law

In contrast to loans regulated by the Banking Law, cash loans are described in the provisions of the Civil Code.

According to him, “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 the same species and the same quality” – article 720 of the Civil Code.

According to the regulations, the loan should also be in writing, but this is not necessary in the case of loans for lower amounts, under PLN 500.

It is also worth pointing out that, according to the Civil Code, a loan may be concluded not only with business entities, for example with banks, non-bank loan companies, but also with private persons, for example with family and friends.

Where for a cash loan?

As we have already pointed out, a cash loan can be taken both in banks and non-bank lending companies when we talk about offers from business entities.

Often, the question arises – where to go for a good cash loan to be completely satisfied with it?

Both cash loans offered by banks and those offered by non-banking loan companies have their advantages and disadvantages. Let us focus on the main differences between these offers.

Cash loan in the bank

We are used to the fact that if we want to take out a cash loan, we usually start by reviewing the offers available in banks. Indeed, we can get this kind of loans as individual clients, as well as business clients in almost every banking institution.

Banks in their regular offers have cash loans – sometimes they are also available on promotional terms, for example without commission, with a reduced interest rate.

Cash loans in banks allow you to raise larger sums, but they are largely determined by the creditworthiness of the client. This should also be quite high, because banks are strictly approaches to considering loan applications. Without sufficient income from a fixed source and a positive credit history, it will be difficult for us to get a loan from the bank.

As we noted earlier, the repayment period of cash loans in banks is also quite long, which allows for the debt to be divided into low installments.

The plus is the high level of security. Banks are supervised by the relevant institutions, so choosing their offers, we can be sure that we will not be exposed to danger, for example to lose money.

It is also worth noting that currently we can get a loan not only at a bank’s outlets, but also via the internet. The easiest way is to get an on-line loan as a regular bank customer – then we only have to complete the online application and in just a few minutes the money can be on your account.

Cash loan in the bank – in a nutshell:

– high amounts of loans

– long repayment period

– only installment loans

– adequate creditworthiness and history required

– high level of security

– on-line and on the internet

Non-bank cash loan

The second option is to use cash loans offered by non-bank loan companies. In this case, we also have a lot to choose from because there are several dozen different loan companies operating on the Polish market – both with Polish capital as well as with foreign ones, which opened their branches in Poland.

Non-bank cash loans, as we mentioned earlier, are both payday loans and installment loans. The amount of loans and their repayment period are however not as attractive as in banks, but they allow you to finance various expenses without any problems.

When we want to take out a non-bank loan, however, we must remember the basic rules of security. On the Polish non-banking market there are both trustworthy companies, as well as those that are focused on the use of customers – swindling money from them, charging additional fees, based on their ignorance. It is therefore worth to x-ray the offer in terms of security before sending a loan application.

As for non-bank offers, the ones available online are especially popular. Payday loans and installment loans via the Internet are then more easily available than banking ones, which attracts many clients to loan companies. Of course, we also have the option of using fixed-line loans as well as home-service loans – we will discuss this topic later in the article.

Non-bank cash loan – in brief:

– lower loan amounts

– shorter repayment period

– payday loans and installments

– low creditworthiness and credit history possible

– not every loan is safe

– stationary, online and with home service

Parameters of a good cash loan

Let’s get to the bottom, or parameters, which should stand out good cash loan – both banking and non-banking. What should we pay attention to then?

A good cash loan should be:

– cheap

– fast

– easily accessible

– secure

– comfortable

These five parameters allow us to find a cash loan that will be able to meet all of our requirements. Below, we present exactly what lies behind these advantages and how to recognize that we really have to deal with them.

A good cash loan – cheap

First of all, a good cash loan should stand out with low costs. The less we will have to pay as part of the loan fees, the better.

The amount to be paid back then consists of both the borrowed capital that we receive at our disposal, as well as a number of additional borrowing costs, which include:

– interest resulting from the loan interest rate

– commission for granting the loan

– preparation fees

– insurance policies for loans

– other fees, for example for examining the application, verification

Depending on the loan, the bank or loan company can apply all these fees or only some of them. It is worth to look carefully at what is included in the offer.

Currently, many banks and loan companies use special calculators on their websites that allow for a convenient calculation of loan costs. Then we only indicate the amount and repayment period that interests us, and the calculator calculates the total cost and installment amount.

In determining the general loan costs, we can also help us with the APY parameter – the actual annual interest rate, which expresses all loan costs on a yearly basis, expressed in percent. APRC is best compared for the same loans in terms of amount and repayment period. The higher the APY indicator, the more expensive the loan will be.

Attention! Cash loans are also available for free, which are offered non-banking. However, they are available for lower amounts and for new customers. If we exceed the repayment period, the loan company counts all the fees as if it were a regular paid loan!

A good cash loan – fast

A good cash loan should also be quick, that is, almost immediately available. Currently, both banks and non-bank loan companies boast that they are able to provide loans even in a few minutes. Indeed, it is possible, but only if we meet certain requirements.

The loan will be quick if we provide the application during the working hours of the lender, and we will meet all its requirements in terms of creditworthiness and positive credit history.

In the case of on-line loans, when verification transfers are made, their posting time is also important. Ideally, they should be booked through an on-line payment system, such as BlueMedia used by Aasa. Then the transfer immediately reaches the recipient, which speeds up the loan.

A good cash loan – easily available

It is also important that the cash loan is easily available. What exactly do we mean by this term? An easily available loan is one that can be obtained without the need to meet excessive requirements, practically on the spot, for example at a nearby outlet or via the internet, i.e. without even having to leave the house.

In this respect, it is worth paying attention to non-bank loans, for example, in Aasa, customers do not have to meet such complex requirements as in the case of bank loans. You do not have to provide a number of documents and each application is considered individually. It allows you to get a loan quickly and efficiently – also completely online.

However, we must remember that the loan conditions may become more acute when we want to apply for a higher amount. The lender then needs to examine the creditworthiness of the client more closely and may ask him to provide additional documentation, for example a statement from the employer, an account statement. Additional security measures may also be required, for example a surety.

A good cash loan – safe

Of course, we can not forget about security issues that have already been raised.

A safe cash loan can not bring with it any unknown as to costs and conditions. All the most important information should be found on the lender’s website and in documentation such as the contract, repayment schedule, fee tables. Remember to read them carefully before signing!

To be sure, you should also look for an opinion about the lender via the internet. For this purpose, you can simply use the online search engine and enter the name of the lender. We should find a lot of helpful opinions on internet forums, on social media, on blogs.

If we are unable to find any information about a given lender, it is better to opt out of the offer – there is a risk that it is not secure.

A good cash loan – convenient

A good cash loan - convenient

Let’s also not forget that a good cash loan should be convenient for the borrower. What should characterize it then?

A convenient cash loan is one that is not only easily available, but also easy to pay. Today, the standard is the ability to repay a loan by bank transfer, which we can do online – so you do not have to go to a bank or loan company or post office to make a deposit there.

Remember, however, that when we deposit money into an account in another bank, the posting time is usually one business day, so it’s best to pay in advance!

In addition, a good cash loan should also allow repayment ahead of time – without any additional fees. In this way, we can pay back the loan quickly before the dates set in the repayment schedule.

An additional advantage when taking a cash loan is the option to choose the repayment day, which will be the most convenient. We indicate then on the day when we would like to pay off the loan installment. As a standard, if we do not have such a possibility, the repayment is set for a month from the date of the loan, which is why it is not always a convenient date.

Therefore, a good cash loan should meet all these requirements, i.e. should be inexpensive, should be available on convenient terms, fast, secure and also convenient. If we pay attention to these parameters, choosing the right offer should not be difficult!

Calculators, rankings, loan comparison websites – is it worth using them?

Very often when looking for the best cash loan on the Internet, we can also come across various types of calculators, rankings and loan comparison websites. Is it worth using them then?

Services containing calculators, rankings and comparison of cash loans allow you to read the various offers in one place – without the need to visit each lender’s site separately. They are therefore helpful for people who do not know where to take out a loan.

On the other hand, however, we must remember that websites of this type may not be complete or may be out of date. It happens that in order to promote certain offers, they omit others, they do not contain the latest information related to all loan offers.

Therefore, it is worth to consider the calculators, rankings and comparison of cash loans with reserve and always read the offers directly also on the lenders’ websites.

Summary

Finding a good cash loan does not have to be very difficult at the moment. Interesting offers await both banks and non-bank lending companies, which also tempt you with cheap and easy loans for any purpose.

When we are looking for a loan that will be able to meet all our requirements, let us remember about the five main parameters, namely:

– low loan costs

– the speed of the loan

– favorable conditions

– safety

– comfort

Thanks to this, we will be able to obtain a cash loan, which will not be a significant burden for the household budget, and we will be able to fund virtually any purchase thanks to it.

To attract a quick, cheap and comfortable loan, Aasa invites you – with us you can apply for an on-line loan even at this moment!

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