Cash loan without commission – 6 offers
No one can imagine that a particular instrument or ingancial service could be offered free of charge. However, you should know that there are solutions on the market that are not charged for commissioning. Let’s check it out on the example of popular cash loans.
A cash loan is one of the easiest ways to raise money that can be used for any consumer purpose. The biggest advantages of this product include high availability (offered by all banks) and the speed of incurring (a set of formalities related to the activation of a given loan can be settled within 1 business day).
From the Credit Newsletter prepared by the Credit Information Bureau, it appears that at the end of October 2018, Polish residents had nearly 6.1 million consumer loans (cash and installment loans) with a total value of over PLN 70.3 billion. Let us see, therefore, what costs entail making such a commitment.
How much does a cash loan cost?
A cash loan is one of the most popular solutions for ingancing any consumption purpose. It is enough for a person interested in this type of product to have a regular source of income and the ability to pay credit installments on time. However, you must remember that cash loans are not granted for free. Banks receive a number of different fees in return for sharing funds. The basic ones include:
- Nominal interest rate – this parameter depends on the amount of interest paid by the client. The level of interest rates is especially important when making commitments with a multi-year loan period. This is due to the fact that in such a variant, interest is charged for a long time and significantly increases the total cost of the loan.
- Commission for granting ingancing – as the name suggests is a fee charged by the bank in exchange for making the loan available. This cost is one-off and in most cases it is also credited. This means that the sum of the commission is added to the loan amount and repaid in monthly installments.
- Insurance – insurance rates, as well as commission, are added to loan installments. Their purchase aims to protect the borrower against various random events such as illness or job loss. At the time the event occurs, the insurer assumes the obligation to repay part or all of the liability incurred. The detailed scope of protection is described in the GIT of the given company and therefore before purchasing the policy it is necessary to read this document.
Commission – how much does it cost?
When looking at the market of credit products, it is worth knowing that in order to obtain the largest number of clients, banks use various promotions. One of them is even the withdrawal from collecting a commission for granting a loan. This is a fairly common solution that positively affects the total cost of the commitment.
Take, for example, a two-year cash loan for the amount of PLN 5,000, which has a nominal interest rate of 6%, and the commission for granting it is 10%. The monthly loan installment of such liability is PLN 243.76, and the total amount to be repaid is PLN 5,832.32. However, if the above loan was granted without the need to pay commissions, the installment would fall to PLN 221.60, and the borrower’s entire expenditure would be PLN 5318,47. It is over PLN 500 less.
Cash loan without commission – where to look?
Selected banks granting cash loans without commissions (an example liability is incurred for PLN 25,000 with a monthly repayment period of 48 months, with the exception of the Vebin Bank offer, which is characterized by significantly lower bank values):
MerBank – First Cash Loan
The offer is addressed to people who have never used a loan at MerBank. The maximum amount of this liability is PLN 180000 gross (that is, along with additional costs), and the repayment period may amount to as much as 120 months.
Millenials bank – Cash loan in the promotion: “Winter promotion”
Loan granted for only 60 months and available only in amounts of 5,000, 10,000, 15,000 and 20,000 PLN. It can be used by people who did not have a loan or consolidation loan at Millenials bank on the day of submitting the application.
ingBank – Cash Loan
Promotion addressed to people taking out a cash loan with insurance in the amount higher than PLN 10000 (without insurance PLN 20000) or a consolidation loan repaying liabilities in other banks. The maximum amount that can be borrowed from ing is PLN 160,000, and all debt must be repaid within 96 months.
Creditcole – Welcome Cash Loan
The maximum loan amount is PLN 3,000 and must be returned within 12 months. The offer is addressed to people who have never used credit from Creditcole before. Note – taking out a loan does not involve any costs – the nominal interest rate and the commission for its granting equal 0%.
Vebin Bank – Free Cash Loan
Similarly to the predecessor, the loan is granted for free (interest and commission are 0%). The offer can be used by people who have no loan at Vebin Bank on the day of submitting the application or have it not taken for more than 30 days. The maximum amount and repayment period of this liability is PLN 2,000 and 12 months respectively. Keep this in mind when comparing the monthly installment.
Dity Handler – Internet Cash Loan
The offer is addressed only to new customers of Dity Handler who complete the application form via the Internet. The maximum amount the borrower can apply for is PLN 1,500,000, and the period in which he should pay his debt is 12 or 24 months.
A cash loan without commission is not for everyone
A no-commission cash loan is not a permanent solution applied in all banks. Nevertheless, there are entities offering such liabilities on the market. Before taking out this loan, however, you need to get acquainted with its terms, because then you may ingd that it has some special requirements, eg it is addressed only to a new customer or applies only to selected amounts.