When we suddenly need more money and are unable to take advantage of our own savings or family loans, we need to find other external financing. A bank loan or online loan can guarantee them. Which solution should you choose?
Credit or loan?
The financial product referred to as credit is a strictly banking product, i.e. it is granted only by banks and cooperative savings and credit unions. To take a loan, you must submit a credit application or credit unions and agree to verify creditworthiness and creditworthiness at the Credit Information Bureau. Negative entries in the BIK databases usually eliminate the possibility of receiving a loan.
Loans up to the amount of $ 255 550 granted in Poland, in the light of the provisions of the Act, are treated as consumer credit. Similarly with all other loans and similar products. As a result, when we take out a payday loan, it will be treated by Polish law as a consumer loan and the lender must meet the conditions appropriate for such obligations.
The loan is granted within specific cost frames. Pursuant to the amendment to the Consumer Credit Act of March 11, 2016, the maximum interest rate on loans and credits may not be more than twice the sum of the reference rate of the National Puti Bank and 3.5 percent. Currently, this gives 10% per year. Non-interest costs of consumer loans were also reduced. They may not exceed the sum of two components: 25% loan amount and 30% variable amount, depending on the loan period.
Despite the fact that loan and credit are similar obligations that may be covered by the same legal conditions, it will be easier for us to take out a loan. You do not need to complete many formalities specific to credit, including submit a certificate of your monthly income. In many cases, an ID card and electronic application is enough to quickly take out a loan, even online.
Loan for free
Bank loans are payable, and the crediting institution’s remuneration is commission and interest as well as any other fees charged. With a non-bank loan, you can take advantage of a free commitment. Such promotions are organized by many loan companies for new customers – all you need to do is check their ranking on the speedcredit website. The free loan is granted without interest and additional fees, but only to new customers who have never used the services of a given loan company before.
The rule is that the loan will remain free if the customer has a timely repayment. Otherwise, each lender will charge costs in accordance with the loan agreement.
With the need to quickly raise money for any purpose, a better solution than a bank loan is a non-bank loan, especially for people who are using this offer for the first time and can take a free loan at one of the companies listed in the free loan rankings.