Cash loan calculator
If you have recently taken a cash loan from one of the banks operating in Poland, you have certainly noticed that each of them has a different offer. Sometimes the differences are small and mean one percentage point in the interest rate or commission on a given loan. Sometimes, however, the differences are slightly larger and choosing the right offer can be easily lost. A lot of factors influence the monthly loan installment and its total cost. If we would like to compare several offers then in addition to checking the APRC (annual real interest rate) we would also have to check the commission for granting the loan, interest rate as well as additional products and non-standard loan requirements. To facilitate our search, various loan comparison websites and calculators have been created, which limit our search to a few minutes, and thus to the absolute minimum. The cash loan calculator in a few seconds will do what we would need all day or even a few days.
Cash loan calculator – How does it work?
All credit calculators and comparison websites operate on the basis of one simple principle. They have their own database in which current offers of banks regarding cash loans are saved. This works just like the once popular product price comparison websites. After entering the website of such a comparison site, the user will be asked to enter the loan amount and the number of installments in which he intends to repay it. And this data is enough for the calculator system to calculate installments in all available banks within a few seconds.
The results can be sorted in order from the cheapest to the most expensive installment. We can then see for ourselves how much the offers of individual banks differ from each other and perhaps how much we would lose if we used the offer of the first better bank. The results from the calculator also clearly show how the number of installments decreases and the total cost of credit increases. You can easily realize that it is not profitable to borrow in banks for a long period of time. The faster we repay a loan, the less we will pay for it.
There are also slightly different calculators that will not give us offers from specific banks. We have to enter such values as interest rate, commission amount, loan amount and repayment period. The calculator will calculate the installment amount for us but will not assign it to the banks. Rather, it is an option for more advanced and informed borrowers.
Credit or quick loan?
When filling out the application for a cash loan, you have probably not once been surprised at how much data you have to provide at the next stages of filling it out. The bank not only requests our personal data but also wants to know how much we earn and where we work. You also need information about the costs we incur in running a household and how many people we have to support. We will also be meticulously checked at the Credit Information Bureau, which is a special institution established by banks and parabanks. It collects all information about past loans granted to us. Their amount, type and, above all, whether we were late with paying installments. If you have not paid any installments on time, then most probably an entry about it appeared in the database and it can affect whether the bank will grant us another loan.
If this really happened then it is always possible to take advantage of loan companies without unnecessary formalities. Some of them will not check our history in BIK. Although it depends on the amount of the loan, if any. The larger this amount, the more cautious the lender becomes. We will also not have to provide certificates from the workplace about the amount of earnings and the type of contract. All you need is our declaration that we will repay the loan on the agreed date. Sounds beautiful? Unfortunately, there is a minus. Well, such loans are much higher than traditional loans. The situation is also complicated if we do not pay back the loan on time. Then we can expose ourselves to additional costs that will make the loan unprofitable.
Cancellation of a loan agreement
However, we should remember that we can resign from any loan before 14 days from the date of accepting the contract. We do not have to give a reason why we give up. Polish law allows for this. The only condition is that the total amount borrowed is returned within thirty days. However, the entire process must be carried out in writing, preferably by registered letter with the option of acknowledgment of receipt.