As part of a cash loan, which is a banking product, you can finance any customer’s credit goals. It does not matter if the money obtained from the bank will be used for holidays, for current consumption or even for the repayment of the existing debt. The customer does not even have to disclose in the loan application for what purpose he takes out a cash loan.
This obligation is repaid in decreasing or equal installments – to be chosen by the client. They can only be incurred if the client applies for a loan with the required attachments and fulfills other credit conditions. It must have adequate creditworthiness, i.e. the ability to repay the liability with interest, on the date specified in the loan agreement.
In addition, before granting a cash loan, the bank will check whether the client has a good credit history. The source of information is the Credit Information Bureau, which collects all information about borrowers in Poland. These are both positive and negative information. Bad entries in BIK indicate delays in repayment of the required installments of loans and credits. They make banks refuse clients a further commitment.
How to take out a cash loan?
The basis for taking a cash loan is an application on the bank form. It should indicate among others: • the amount of the desired loan amount:
• loan period;
• personal data of the borrower, including name, surname, PESEL number, ID card number, expiry date of the proof;
• correspondence address;
• income data – monthly income and source of income.
Most often, banks require attaching a statement on the amount of income or statement from the last 3 months from the history of a personal account to the application. On this basis, they calculate the creditworthiness of the client.
Borrowing from banks – in branch and online
Increasingly, banks in Poland offer the possibility of taking out a cash loan not only in a branch or a fixed location, but also via the Internet. The borrower does not have to bother with the bank to apply for a loan. You can fill out an electronic form and send it by e-mail. In some banks you can already apply for a loan using a mobile application or directly in electronic banking. Is it worth using such opportunities?
Applying for a cash loan at a bank branch allows you to settle all formalities in one place, but you must have time to make such a visit. However, we have the chance to use the advice of a bank adviser. Let us not delude ourselves, however, with the hope that during one visit we will definitely get a loan. The financial institution must have time to examine the client’s credit application, examine its credit history and calculate its creditworthiness.
Then you have to sign a loan agreement
Which requires another visit to the bank. Against the background of such banking procedures, applying for a loan over the internet seems a better alternative. An application for a cash loan can be submitted to many banks in Poland, but it is not said that the client will miss a visit to a bank branch. Some lenders only allow you to submit a loan application online, and you have to go to the bank and personally complete the formalities to sign a loan agreement. Sometimes the credit agreement is delivered to the address indicated by the customer by a bank courier – you can read it and sign it, and the courier will deliver it back to the bank.
Only in a few cases will we take out a cash loan entirely via the Internet, mainly at banks where we have a personal account, and analysts may examine our creditworthiness using the account history.