Two-year loans are usually cash loans for small amounts. This will also be the loan we will look at in more detail. It will be a liability of PLN 4,000 with a repayment period of 24 months. Importantly, we check the online loan offered by lenders.
Online loans are a fairly convenient solution because you can get them quickly and without leaving your home.
Usually, however, the maximum amount that can be borrowed this way is not high and the loan will only work for people who need such small loans.
Online loan at lenders.
Lenders online loan is a promotional offer. The money is available for any purpose chosen by the borrower. The debt is not interest-bearing if you take advantage of the promotion. However, the commission for the bank is quite high, which means that the cost of the loan is not small anyway. As for the loan period, it ranges from 6 months to a maximum of 60 months.
The amount of PLN 4,000 is the maximum amount that can be borrowed online at lenders.
Credit approval is only issued on the basis of a personal income statement and proof of identity. An online loan is also available at a stationary bank. The money goes to the borrower’s account very quickly. This is an ideal commitment for people who need a small amount of money quickly.
Let’s check how our cash loan for 4,000 zlotys with a repayment period of 24 months will look like. The bank will offer us a nominal interest rate of 9.99% per annum. The commission for granting the loan is not small, because it constitutes as much as 11.60% of its amount. The APRC index will remain at 23.41% per annum. Each of the 24 installments will be around PLN 206 each. It is easy to calculate that the borrower will incur a total cost of PLN 944, of which he will pay PLN 480 to the bank for interest paid. As you can see, credit is quite an expensive solution. We borrow PLN 4,000 and pay back almost PLN 5,000. With such a low amount, the cost of credit is quite high. The offer does not allow for credit holidays, nor is it possible to repay the liability earlier.