Online loans, although they have appeared relatively recently, offer numerous benefits that traditional bank loans cannot match. By taking a loan online, you can be sure that you will have a short and painless application process. This is due to the fact that non-bank companies do not analyze your finances as thoroughly as banks do. In practice, this means that your application is processed much faster, you can get answers to important questions within a few minutes, and the payment is done almost automatically. Another advantage of online loans is that non-bank companies, unlike traditional banks, do not reach the goal you are going to spend your money on. This is a nice change, because banks may not be very understanding of their clients’ plans and intentions. With an online loan, you don’t have to lie to anyone or be ashamed of your plans because nobody asks awkward questions.
What is interest?
Interest is a fee that you pay to the lender in exchange for the possibility of obtaining money under the loan. This is a different price for the availability of borrowed money. Creditors usually set the interest rate themselves, which determines the amount of interest, but sometimes it can also be dictated by supply and demand. On our site you can read more about interest.
CONCEPTS YOU SHOULD KNOW
When starting a loan application, it is worth getting acquainted with terms that are significant in the context of finding the cheapest offer. If you are looking for a cheap loan without interest, you can spend hours searching for fruitless offers, because such offers are rare. On the other hand, MoreBanker will help you find the cheapest loans with a fixed interest rate. When browsing various offers, be sure to pay attention to what is written in small print, which often contains important information. One of the most important concepts you will come across on your path to a dream loan is APRC, in the development of “Actual Annual Interest Rate”. This expression covers a number of payments and commissions related to the loan, thus specifying the annual costs you incur on the loan. The APRC consists of numerous fees:
- Preparation fees;
- Handling fees;
- Registration fees;
- Documentation costs;
It is worth getting acquainted with the concept of APRC, because you do not have to analyze complicated concepts from the world of credit and remember numerous terms. Thanks to knowledge of the APRC, you can make your life much easier. Often, fees and commissions have different names and terms depending on the loan company that gives you the loan. Thus, comparing different loans is very difficult. Fortunately, APRC is a guiding indicator that helps you compare loans in a simple way, thanks to which you will find the cheapest among the available offers.
A cheap loan with a low interest rate
If you want to compare loans based on interest rates, you can do so on our website. We have prepared a list of loans for you, which you can sort and filter as you like. All this to help you find the perfect solution – the cheapest loan at a low interest rate.
LOANS WITH LOW INTEREST
When browsing the available loan offers on the web, remember that the interest rate shown is only indicative. You will know the final interest rate on your loan only when you get a specific, individual offer from a loan company. The creditor prepares a given offer based on the data you have provided, including as part of tax settlements or submitted certificates. We advise all interested parties to submit an application to at least three loan companies. As the interest rate on publicly available offers is only an estimate, by applying to several companies you will receive more offers tailored to your situation. This way you can be sure that you have chosen the most advantageous loan amongst the market. Of course, you have the full right to refuse to sign a loan contract, all you have to do is not send back the signed version of the contract. The contract has no legal force without your signature.
CHEAP LOANS WITH NO INTEREST
Do you care about the cheapest loan in Poland ? If you are looking for a loan without interest, you may not find it. This is because interest-free loans – although they exist – often carry high preparation and handling fees, which means that lenders earn the money they normally earn from interest. Some companies also offer free loans, and thus a kind of interest-free loan. However, they are only available to new customers. This is to attract more customers. By taking a free loan, you identify the lender with favorable terms. So there is a growing probability that with the next loan you will choose the same company again, which in turn drives its profits.
CHECK IF YOU MEET THE REQUIREMENTS
When you take out a loan through a bank, you need to be prepared that you will be required to secure the loan. In addition, the bank carefully checks the state of your finances, so you need to take care of what your home budget looks like. In addition, the bank will investigate the reasons why you intend to apply for a loan and ask what you are going to spend your money on. Although the activities we describe are completely legal, you still need approval from a bank representative, which can make the process extremely long and complicated. Unlike a traditional bank loan, you can easily get an online loan. However, there are several requirements that you must meet:
- You must be an adult and must be at least 18 years old;
- You must confirm your identity with a valid photo ID, e.g. ID card or passport;
- You cannot be registered in the debt database (KRD, BIK);
- You must have a stable source of income (optional, but it undoubtedly works to the great advantage of the applicant).
The requirement of majority age is a popular condition for concluding a loan agreement, because otherwise you are not entitled to enter into a legally binding contract. You must be at least 18 years old to do this. However, for people in the 18-25 age group the range of options available may be limited. This is due to the fact that many young people of this age do not have stable employment and a stable source of income, making it more risky to lend them money. MoreBanker takes this into account in its search engine, which allows filtering results by age. In this way, we try to help find the right loan for you.
Confirming your identity with a valid document is a safeguard against fraud and fraud. However, remember to never share data from your personal documents. In addition, a permanent source of income can be a big advantage when applying for a loan. Creditors will certainly take into account that your finances are well and you have the conditions to pay your debts on time. Also, if you have a joint account with your spouse, you can increase your chances of getting a loan. Thus, you can even get a better loan offer at a lower interest rate.
A free loan is a relatively new trend in the credit market. It is simply a loan for a small amount, which is granted without any interest. This condition only applies if you pay back the loan within the short repayment period specified in the contract (usually 30 days). Thus, you have the opportunity to borrow money for free.
LOAN WITHOUT BIK
If you have landed in the debtors register, life can become much more difficult than before. There are many factors that can lead you to this situation. An example of this may be the period when you had a lot of difficulty keeping up with current expenses. For banks, however, this is not a sufficient reason to look at you with a favorable eye. This is why many people are turning to online loans, although they can be extremely expensive if they are not repaid on time. If you are on the BIK lists, you will find that most loan companies will refuse to grant you a loan.
There are, however, exceptions and few companies actually offer loans to indebted clients, however, this usually happens at very high interest rates and numerous fees. If you are registered as a debtor in BIK, More Banker advises you to abstain from making further commitments. Instead, focus on paying off your current debt, which led to your name being entered into the BIK. This way you have the chance to improve your situation and in the future apply for a loan under normal conditions.
As a student, you have certainly experienced a situation where you lacked money here and there. If you need a little help in improving your finances, probably the cheapest loan in the country is asking for parental support. However, if you don’t have that option, getting a loan can be a much harder task. This is mainly due to the fact that few loan companies offer loans to persons under 25 years of age. Finding a cheap loan in this case borders on the impossible.
Loan or recurring problems
If you regularly experience a lack of money at the end of the month, a loan may not be the right solution for your problems. In this situation, the tips we have prepared for you may be helpful:
- See if you can save on monthly fees. Maybe you need a smaller TV package or a cheaper mobile subscription. By regularly saving small amounts, you have the chance to save a lot of money in the long run.
- If you rent an apartment and spend a lot of money on rent, check if you can get financial support.
- A payment card is a clever invention, but the ease of use can quickly create problems if you make ill-considered purchases. It is therefore worth, from time to time, to check your expenses and analyze which could have been avoided.
- Planning your food expenses can also save you money. In this way, you also save time on shopping trips and at the same time reduce the risk of unnecessary purchases on impulse.
Currently the cheapest loan
The cheapest loan is the one with the lowest interest rate at the moment and the lowest APRC (Actual Annual Interest Rate), which is the key indicator determining the cost of the loan. On our site you can read more about APRC.
LEND WITH SENSE AND REPAY ON TIME
If you are thinking about a loan, you need to think carefully about how much money you need. There are many great offers on the market, so it’s very easy to find a good loan, but even if you can get a cheap loan of PLN 15,000, it’s better to opt for a lower amount, e.g. 10,000 (provided that the amount is enough to cover yours needs). If you need to borrow a small amount, it is worth checking in advance if any of your friends or relatives can give you a private loan. These types of loans usually do not carry additional costs, so you can call them the cheapest in the country. However, they have their drawbacks, mainly related to the tension that may arise between the parties involved in the case.
Most online loans have a slightly higher price that you pay in return for the additional benefits of borrowing online. For this reason, interest or preparation fees are often higher than in the case of a traditional bank loan. In return, you get a number of facilities, including a shorter processing time for your application, as well as the opportunity to get cash without asking questions about the purpose of the loan. If you are not sure which fees your loan entails, More Banker has prepared a loan calculator that will help you dispel your doubts. It will give you a clear picture of your loan. Before you sign a loan agreement, you should prepare a budget. This way you will get a summary of available funds, which will help you plan how much of the loan to pay off each month. If you are unable to pay your debts on time, an online loan can quickly turn into a pleasure, which is why it is so important that you do not take out a loan that you are not sure of paying back on time.