Loan companies have already become a full element of the financial system in Poland and real competition for banks. Such companies have developed a strong position above all in the short-term loans market.
Some banks are not willing to watch the development of non-bank lenders in peace
That is why cash loans have appeared on the market, which can be easily and quickly obtained via the Internet.
These loans can be an interesting and much cheaper alternative to non-bank loans.Of course, it is important to remember that banks only consider applications from people with a good credit history.
In some banks, money can be borrowed for 3-6 months
With the help of our comparator, you can easily find cash loans that are an interesting alternative to loans of several months. Such loans are presented in the table below. We took into account only products that stand out due to the low level of total costs and a simple procedure for disbursement of funds.
It is worth noting that all the loans analyzed are available online (via the Internet, without leaving home). This makes them similar to installment non-bank loans.
In the case of the analyzed bank loans, another important issue is the possibility of borrowing funds for a short period (3 months – 6 months).
It is also worth mentioning the small minimum value of loans
In this respect, Santander Consumer Bank leads (minimum loan value: USD 500). Other banks set slightly higher limits (BC and AB: USD 1,000, IB: USD 2,000).
It should be noted that all of the analyzed loans also have a fixed interest rate for a short repayment period (see the table below). Such a solution guarantees that the installment will not increase even after the expected increase in NBP interest rates.
Loans are a much cheaper alternative to non-bank loans
The above table, in addition to the exact features of the described loans, also presents an example of the cost of borrowing USD 3,000 for 6 months. Depending on the bank, this cost is USD 211-325 USD (see above).
The results provided are compared with the same costs of non-bank loans. The comparison includes loans which due to low installments occupy top places in the Anne Shirley rankings. The comparable cost of these loans with a value of 3,000 USD and annual repayment period is.
It is not difficult to notice that bank loans granted via the Internet (see table above) have a very significant advantage in terms of costs. However, there is a problem that makes more expensive non-bank loans for many people the only choice. As you know, banks do not want to lend funds to people with bad credit history. Unfortunately, there are no exceptions to this rule.