From the loan application to the final payment

Interested parties should compare credit institutions in advance to find the cheapest loan at the best conditions. Online direct banks mostly have low administration costs and can offer particularly good conditions for a loan.

Prepare the loan application

Prepare the loan application

The future borrowers must take the following criteria into account when deciding on a loan based on their personal economic circumstances:

  • the amount of the loan
  • the term of the loan amount
  • the amount of repayment rates
  • the interest rate
  • the type of loan (e.g. small loan or building loan)
  • the available monthly net income.

Necessary documents for the loan application

Interested parties must submit the following documents for a loan application to the selected credit institution:

  • Self-disclosure form (personal data, financial situation data)
  • Consent to the Credit bureau query
  • Corresponding documents for the respective forms (the last three proof of salary, existing loans, savings)
  • for real estate loans – certain information about the building and the property.

If the future borrowers have all the documents for the loan application, they can send the required documents to the bank. After receiving the documents, the bank will start a Credit bureau query and check the documents and documents sent in carefully.

The loan application was accepted

The loan application was accepted

If the documents are assessed positively by the bank, the loan contract and the Postident document will be sent to the customer. The customer only sends the Postident document back to the bank and is now waiting for the loan amount to be released.

Once approval has been given, the money will be transferred to the applicant’s account. This whole application process takes at least six working days.

  • If a loan application is made online, the processing time is often considerably reduced. Proof of income can then usually be sent in digital form.
    Instead of Postident, online web ident or video ident is possible. So it is usually possible that the loan application can be processed within three days.

The loan application was rejected

The loan application was rejected

The bank may reject the loan application. It is usually very difficult to get an exact explanation from the bank. The rejection is mostly attributed to the bank’s internal review.

However, there are some clues that have already led to the rejection of many other applicants, including:

  • very young first-time applicants without previous Credit bureau data
  • older applicants (higher risk of default)
  • Sole earner
  • Self-employed
  • students
  • negative Credit bureau information
  • insufficient net income.

If the rejection of a loan application could not be triggered by a negative Credit bureau entry, it is advisable to submit the loan application to another bank. Likewise, long-standing customers usually have high chances of getting a loan application from their branch bank.

Loan interest rates and their impact on expected monthly installments.

Whenever you want to borrow money from a bank, for example to buy or build a property, you have to pay back more than you borrowed in return. This form of consideration is called loan interest.

The amount of loan interest on a loan can vary from provider to provider.

The amount of loan interest on a loan can vary from provider to provider.

You also have to differentiate between borrowing rate and APR. The interest rate also includes factors such as the payment rate, the fixing of the interest or the conditions for the repayment.

According to Section 6 of the Price Disclosure Ordinance (PAngV), the bank must state all factors relating to the interest on the loan, in particular the effective annual interest rate and the costs involved.

Not every borrower pays the same interest. How high these are depends on various factors. The most important are:

  • Amount of the loan
  • Term for the loan
  • Amount of the key interest rates set by the central banks
  • Amount of equity
  • Collateral (e.g. mortgages)
  • Amount of income (borrower’s credit rating)

In addition to these hard facts, loan interest rates are affected by a number of other factors. This includes the specified training, the place of residence, the age of the customer. The specified use or the personal impression of the customer advisor also influence the loan interest.

Secure fixed interest rates.

Secure fixed interest rates.

If follow-up financing is then necessary, the remaining debt is no longer as high. This usually also affects the amount of loan interest to be renegotiated.

The disadvantage of long fixed interest rates is that the bank pays them at a slightly higher interest rate. With the help of our online loan calculator, you can check how differently long terms of fixed interest rates affect the amount of the loan interest offered. A difference of ten years can lead to loan interest rates that are at least 0.5% higher.

Want to fund should look for special offers from regional lenders. Building societies or regional banks are particularly helpful to young families or low-income earners with their dream of owning a home when it comes to lending rates. They are interested in economically promoting and strengthening the immediate area.

  • Thanks to these additional discounts on lending rates, groups of people who are financially poorer can realize their dream of owning their own home.

Find out the loan calculator quickly. The calculator shows the necessary monthly rate at which the potential borrower can already see whether he can pay it over a long period of time. It is also possible to use the calculator to find the best offer with the lowest interest rates.

Loan based on a statement – check what this offer is!

What is a loan based on a statement?

What is a loan based on a statement?

If you want to raise additional funds, you can take advantage of various loan and credit offers. They differ not only in interest rate, amount and repayment date, but also in terms of granting. It is from this angle that it is necessary to explain what a loan based on a statement means – it is a type of credit product which requires not providing income documents, but only providing information on them in the form of a statement.

Income documents, e.g. a salary certificate, must be presented when applying for standard loans and credit because they are used to examine the creditworthiness of the applicant. Income is an important element of such an analysis because it allows you to determine whether the borrower will have the means to repay the liability within the prescribed period.

In the case of a loan based on a declaration, the applicant must only enter the income information in the application form without having to document it.

Usually it is about providing data such as:

  • amount of monthly income,
  • source of income (whether it is e.g. an employment contract, mandate contract or maybe a pension).

Such income statement is treated by financial institutions as a source of reliable information, which is why entering false data in the form may be considered as misleading the creditor or even intent to extort a loan.

Very similar to the products on the statement are the so-called loans without certificates, because they also do not need to provide documents from the employer. Often, both names are used interchangeably for the same products.

Loan for a declaration without BIK – is it possible?

Loan for a declaration without BIK - is it possible?

People who are not permanently employed or in debt are often looking for loans. Standard credit products are not available to them due to the need to provide income statements and a flawless credit history.

For them, the best solution would be a loan for a statement without BIK and databases, which obtaining not only would not involve documenting income, but also examining the debt. Such solutions exist and these are mainly quick loans without BIG, where only the information provided by the customer in the form and obtained from selected databases such as KRD or InfoMonitor are taken into account when verifying the application.

In turn, about 90% of loan institutions already use the Credit Information Bureau database, which obtain data on the amount of customer debt and their timeliness in settling credit obligations. It is for this reason that a loan without a BIK based on a statement for those in debt is offered only by a few institutions.

However, we have good news: loan companies approach the client’s financial situation very individually and are able to provide financing to, for example, the unemployed or those who have slight delays in paying their liabilities.

How do I apply for a loan online?

How do I apply for a loan online?

The loan for an online statement allows primarily to obtain additional funds without submitting earnings certificates. It consists in the fact that the entire application and financing procedure is carried out via the Internet.

If you want to use it, first select the best offer – the list of companies offering such products can be found in the following paragraphs.

To submit the application you will only need Internet access, as well as your ID card and bank account number. On the lender’s page, select your loan parameters and then complete the form. Most often the following data should be entered:

  • name, surname, place of residence,
  • PESEL number and ID card series,
  • Bank account number,
  • income statement,
  • information on obligations such as maintenance costs, loan installments, etc.

Applying for a loan online via a statement consists of completing the form and verifying your identity (e.g. by transferring a penny to your loan institution’s account). Then just wait for the application to be processed, which usually takes a few minutes.

Income loan loan – loan companies’ requirements

Income loan loan - loan companies

In principle, cash loans for income statements do not require any documents. However, some companies may ask you to access your account history through a special application.

The lender may also want to confirm the accuracy of your income details by contacting your employer directly. Then it will ask you at the stage of applying for a loan to enter contact details in the workplace.

The income statement is also used by banks when granting certain cash loans. Usually, they can be used to borrow small amounts and they are mainly products addressed to customers who have a personal account at a given bank.

Who can take out a loan on a statement?

Who can take out a loan on a statement?

The loans on the statement can be used by people who meet the conditions of the lender (we wrote about them above). It is worth checking them before submitting the application, because each institution may have slightly different requirements for its clients.

Information on this subject can be found on the website of the loan company – in a special tab, framework agreement or in the FAQ section.

Remember that the basic condition for obtaining financing is having a source of income! The only convenience is that you do not need to document them.

What to watch out for when borrowing a statement?

What to watch out for when borrowing a statement?

Using a cash loan based on your statement, especially online, is a convenient solution that saves you time in formalities. If you want to get additional funds quickly, this product will be a good choice.

However, before you submit an application, there are a few things to keep in mind:

  • the lender, without requiring a statement of earnings, may take a closer look at your situation in BIK and BIG,
  • with higher loan amounts it may be necessary to provide documents confirming the income,
  • Your income statement should contain true information, because loan companies have many options to verify,
  • overestimating your income in a statement is risky – based on that, you can get a loan that is too high, and then you can’t pay it back on time, and the consequences of not repaying the loan can get you into serious trouble.

Also remember to compare offers and choose the one that is currently the cheapest before you take out a loan on the statement. Take a moment to read reviews about the lender to enter into a contract with a proven and honest financial institution.

Loan for a giro check – what does it consist of?

Non-bank companies are trying to adapt their offers to the needs and expectations of their clients. They prepare proposals for indebted people who have problems with taking a loan from a bank. They offer payday loans and installment loans, guaranteeing minimum formalities and immediate money.

They also provide financial support to people without a bank account. No bill required, so-called loan for a giro check allows you to get cash even within 5 minutes of issuing a positive decision in a loan company. Let’s find out more details about this solution.

Loan for giro check – what is that?

Loan for giro check - what is that?

If you have ever had contact with the financial products of banks and non-bank institutions, then you know that borrowed money can be paid out in several different ways. A giro check is just as popular as online transfers.

The giro check is a document on the basis of which you can collect money from a post office loan. Its history dates back to the beginnings of the banking sector. The word ‘giro’ comes from the Italian language and means, among others turnover, which in this case means money trading. That is why the giro check loan option is used by non-bank institutions and sometimes even banks.

Loans with a giro check – where to get such a loan?

Loans with a giro check - where to get such a loan?

Loans with check giro provides many lenders. Non-bank companies are aware of the fact that their clients have different expectations regarding the services they offer, and do not want to close themselves to any of their groups of recipients.

Therefore, if you want to use the giro check loan option, review the current ranking to find out which online payday loans are the cheapest, and before submitting your application, make sure that the offer you choose meets your expectations.

Giro check loan – who is the offer for?

Giro check loan - who is the offer for?

The giro loan is a great solution for older people who do not have a bank account. Such a solution will also appeal to people who do not want the transaction history to show a trace of the loan.

A significant part of loans is granted only after verifying the customer’s identity. One way is to make a verification transfer. As you know, people without a bank account are not able to perform it. Fortunately, the giro check loan allows you to confirm your details in a different way, e.g. by courier who will provide us with the contract or at the post office where we will make the check.

It is therefore a good solution for people who cannot verify their identity on the basis of a transfer or simply do not have funds on their bank account. Many people run bank accounts with their spouse.

Often, lending companies reserve that the loan should go to a personal account that belongs only to the person lending the money. The solution for people with shared accounts is a giro check loan.

People with debts often try to get more money by postal order in the hope that this will solve their financial problems. Unfortunately, there is no loan for the giro check for those in debt. Few companies make loans to people with a bank account. There is none among them that would offer payment at the post office.

Wait for a giro check – how to cash a check?

Wait for a giro check - how to cash a check?

First, we start by choosing a company whose offer meets our expectations. If it offers online loans for a giro check, please indicate the appropriate form of withdrawal when filling out the application.

To do this, select the option – collect the loan at the post office using the giro check – and then complete the application process as directed by the lender.

The giro check is easy to deposit and looks like this:

  1. Apply for a loan, indicating the giro check as a form of withdrawal.
  2. Visit the nearest Polish Post office.
  3. Present proof and a giro check attached to the contract.
  4. Collect money

Instant cash for the giro check is paid only on the basis of an identity card. Each bank and non-banking institution individually identifies any additional documents necessary to grant the loan.

Loans for giro checks – pros and cons

Loans for giro checks - pros and cons

Advantages:

  • you do not need to have a bank account,
  • no need to wait for the bank transfer to be credited – the money is paid directly to your hand,
  • applying for a loan is simple and formalities are kept to a minimum,
  • verification transfer is not required,
  • the possibility of taking a loan without funds on the account.

Disadvantages:

  • extended waiting time for a loan,
  • the giro check is only valid for one week,
  • additional fee for issuing a giro check in the amount of USD 13.

A giro check loan is a type of financial liability that has a number of advantages, but it is not without its disadvantages. Remember that this is a loan like any other that will have to be repaid under the terms of the contract. Therefore, choose the offer that suits not only your expectations, but also financial possibilities.