The choice of the bank is indicated by those who have credit standing and are looking for a larger cash loan spread over a dozen or even several dozen installments. The installment must be first and foremost low. see indynda.org for further notes
When looking for cash loans, very often then, we use the comparison of cash loans.
When a customer decides on a loan company, then it is not a priority for him to pay for the loan, which may seem a bit strange. Because these loans are mainly used by people who do not have sufficient creditworthiness. Non-bank entities are perceived, unlike banks, as a source of quick loans.
When we borrow in a bank and when in a loan company
We borrow not because we were interested in the offer (although the emotional and impulsive approach to the advertising message is not uncommon), but because we have to – says adviser Tomasz Stankowski. In the case of a long-term loan and a large amount, we reach for a banking offer. And in this case, we are looking for a better bank for longer and we make a decision longer. In the case when we urgently need money, then we tend to use a cash loan in a loan company.
What is the loan, what is the loan for?
We reach for a non-bank cash loan when we urgently need to make an instant payment, health expenditure or current consumption. Unfortunately, we also use the loan to repay the loan at another loan company. We use the bank when we have to buy equipment in installments, we do not have enough money to buy a car or renovate a flat.
No commission on the loan
This is one of the most important factors for the consumer, alongside a low installment. Only that the low installment is mainly due to the extension of the loan period. The longer the installment payment period, the more creditworthiness we have. Looking for a cash loan of PLN 10,000 for 3 years, we must have a higher creditworthiness than with a loan of PLN 10,000 for 8 years.
However, the commission has a major impact on the cost of cash loans. A cash loan will be cheaper if the commission is lowered or not at all. This is very visible in the offer of loan companies, where in many cases the nominal interest rate is 0%. However, the commission for the loan is at a very high level.