Consumer loans and payday loans – Compare the cheapest and the fastest loans in Poland

A consumer loan is a simple form of loan in which all formalities can be taken care of over the internet and the money is not assigned to a specific purpose. Thus, you get full advice, but you do not have to explain what you are going to spend the loan on. By taking an online consumer loan you save a lot of time compared to a traditional bank loan. Instead, you can avoid complicated procedures and formalities that can take up to several weeks and receive money within a few days. That is why a consumer loan online is a great idea for anyone who needs funds for sudden expenses. In this way they can solve their problems before things take an unwanted turn.

The difference between a consumer loan and payday loan

The difference between a consumer loan and payday loan

In practice, a consumer loan differs from a payday loan only in the size of the loan. The instant loan is usually a small loan, not exceeding PLN 10,000. A consumer loan , on the other hand , usually covers amounts higher than 10,000.

A consumer loan can also be a reasonable way to implement plans, e.g. for exotic travel or the purchase of new equipment. Unlike payday loans, the consumer loan is repaid over a longer period, thanks to which your fees are lower because they spread over time. This means that with a consumer loan, your life does not feel the effects of debt every day.

What is the interest rate on a consumer loan?

For people whose creditworthiness has been assessed positively, the interest rate is around 5-10 percent. If your financial situation is stable and you are able to pay off your loan quickly, you can find even better conditions.

Can I apply consumer loan?

 

The application process is extremely simple and takes place entirely via the Internet. However, there are a few requirements that you must meet to apply for a consumer loan:

  • You must be at least 18 years old;
  • You must confirm your identity with a valid photo document, which is also used when concluding a loan agreement;
  • You cannot be registered as a debtor in KRD;
  • You must have a stable source of income.

For a loan agreement to be legally binding, you must be of legal age, so you must be at least 18 years old. Due to the fact that most people aged 18-19 are still students or low-income holders, the number of options available for this age group is quite limited.

Strict credit policy is becoming somewhat looser for people aged 20-25, while for people over 25 years of age there are no more restrictions due to age. To apply online, you must confirm your identity with a valid photo ID. This way you can do all the formalities without leaving your home or answering numerous questions at the bank.

If in the past you had problems meeting deadlines, you can be registered in the debt database. For many loan companies, the presence in the register of debtors such as BIK or KRD is a significant contraindication to grant a loan. If you have been registered in the debt database, you should try to remove your name from it by settling the obligation towards the creditor who has reported you. In addition, when completing the application, you are asked to document your income.

With a stable financial standing, you increase your chances of a loan company that assesses your debt repayment capacity. If you have a joint account with your partner, you can apply for a higher loan and obtain more favorable terms.

What is a consumer loan?

What is a consumer loan?

A consumer loan is a broadly defined term referring to a group of loans that are usually used to finance sensations or the purchase of goods. It can be a loan for a new smartphone, a long journey or a dream wedding. You can apply for a consumer loan both at a bank branch and through loan companies that offer money online. For online loans, the application process is incredibly easy and fast. All formalities are handled over the Internet, and you do not have to explain what you are going to spend the money on. Thus, a consumer loan is a great way to cover unexpected expenses and urgent needs, because you can get money here and now.

Consumer loan or payday loan?

The choice depends on how much money you need and how quickly you can pay back the loan. If you need a larger sum , you can choose a consumer loan and guarantee yourself more time to pay off the debt. However, if you need a small amount that you are able to pay off immediately, payday pay may be a better option.

How do you find the best consumer loan?

How do you find the best consumer loan?

If you want to find the best consumer loan, you must first of all compare available offers and analyze market conditions. At the same time, make sure you don’t overpay when choosing a loan. So you can say that knowledge in the field of loans is the most effective tool that you can use to find the best consumer loan. That is why we advise you to get offers from several loan companies. You can be sure that you are choosing the best and cheapest option.

Requirements

If you want to get a consumer loan , you must meet specific requirements. First of all, you must be an adult to get an online loan. In addition, an ID card and Polish bank account are required. Moreover, you cannot be registered in the debt database, for example KRD or BIK.

BEFORE YOU TAKE A LOAN

BEFORE YOU TAKE A LOAN

Since consumer loans usually do not require collateral, the lending company takes a higher risk and therefore the interest rate is higher than for other loans. The APR is the most important indicator you need to know before you take out a loan , which is the actual annual interest rate. By checking various consumer loans on our website Many Bankis.pl you can find their APRC, compare prices and choose the best and cheapest option that suits your needs. The APRC includes interest, commissions and one-off fees. It is often difficult to determine the actual expenses associated with this type of costs because they include many smaller fees and commissions, including:

  • Preparation fees;
  • Handling fees;
  • Fixed or variable registration fees;
  • Documentation costs.

Carefully reviewing the APRC is especially important for long-term loans. This expression refers to many smaller costs, making it easier to compare various offers and estimate the real cost of a loan.

Despite the low interest rate offered by a consumer loan, it can still be associated with high costs. That is why it is so important to look at the APRC regarding the length of the repayment period you expect. The interest rate given on the website is for reference only. Only after submitting the loan application and obtaining approval will you receive the final interest rate, adjusted to your age, sum borrowed, repayment period and accompanying circumstances. As loan companies pay more attention to various aspects when assessing their clients’ creditworthiness, it is worth submitting an application to several such companies and find out what individually tailored APRC they propose.

Which loan should you choose?

Our task is to prepare a list of the best and cheapest consumer loans in Poland. We create them especially for you to help you choose the right offer .

What is the difference between a consumer loan and a cash loan?

A cash loan is a type of credit instrument associated with your bank account. Thanks to it, you can enter the debit mechanism, i.e. use more funds than you actually have on your account. When you enter a negative account balance (you use an overdraft), you must pay interest on the money used “for credit”. They are calculated only on the amount you have actually spent, and the creditor to whom you must pay is your bank. A cash loan is a smart solution, especially because you have the option of taking out a loan whenever you need it. In this way, you can create additional space in your budget. In addition, you do not have to pay fixed installments, as in the case of a loan, but only offsetting the amount used. Remember, however, that a cash credit can be an expensive option, especially for people who often use overdraft. A consumer loan is a type of loan. It gives you more freedom and flexibility because it is not intended for a specific purpose. By taking out a consumer loan, you receive a one-time payment of a larger sum of money, which you then have to pay back in installments for a specified period of time until maturity.

WHERE CAN I FIND THE BEST LOAN?

WHERE CAN I FIND THE BEST LOAN?

Thanks to Many Bankis you can check and compare prices and interest rates of consumer loans in the range from PLN 100. up to PLN 200,000 Many Bankis does not grant loans, but offers services and expertise in this area, helping to choose the cheapest loans that meet the requirements of customers. The loans and credit market is extremely complicated, which is why we make it easy for you to review the options available . When you decide on a consumer loan, you don’t have to explain what you are going to spend your money on. It depends entirely on you. If you need a loan for a shorter period, please also read our articles on payday loans, which can be an attractive alternative.

What to choose?

In most cases, determining the purpose you are going to spend the money on can be very useful. If you are going to buy new furniture, a dishwasher or to repair a car, a consumer loan is the best choice. In this way, you get the amount you need at one go, and then repay the loan as per your contract with the creditor. This usually involves paying the agreed sum each month until the total loan amount has been paid. However, if you do not plan a one-time expense, but want to keep some money in reserve, a cash credit will be the right solution. Thanks to it, you will receive a specific amount that you will be able to use when the need arises.

 

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