When looking for the perfect cash loan, you should definitely check many details to choose the perfect option for yourself.
The cash loan is granted by a bank or some other credit entity. It is highly valued by customers and is provided by banks directly to the borrower’s bank account. In addition, this loan may be paid out in cash at the bank’s counter. This loan can be used for any purpose.
Banks use such repayment safeguards
As a blank promissory note, third party surety and insurance against the consequences of unforeseen random events. Banks require their borrowers to complete a loan application, submit photocopies of two identity documents, as well as a valid income certificate.
If a pensioner applies for a cash loan, instead of a statement of earnings, banks require a decision to issue the right to a benefit from the Social Insurance Institution, as well as the last pension or retirement pension slip. Almost everyone who is over 18 can get such a loan.
What does the bank check with the loan?
The borrower when applying for this loan must be verified at the Credit Information Bureau. If his credit history in BIK is compliant with the banks’ requirements, then the bank may already start calculating the creditworthiness. Such verification is carried out by banks every time a loan application is submitted, and in addition banks often use customer checking in BIG, i.e. the Economic Information Bureau.
When employer certificates are brought to the bank, the customer seeking a loan usually has to agree that the bank can verify this information. Currently, bank employees primarily check whether a particular company exists, and whether its data given on the stamp or statement match the actual data contained in the database. This is because it is currently available online and this type of data can be obtained without much problem.
In addition, the bank calls the employer, confirming the employment of the employee, the period from when he is employed and whether he is achieving income in the amount stated on the certificate or statement. Each time, however, the client must agree to verify both at the employer and in the BIK and BIG databases. However, we must reckon with the fact that its absence may mean a negative decision regarding the granting of the loan.
Positive verification and what’s next?
If the verification is positive, then the borrower will find out how much money he will receive from the bank. The cash loan is a short-term loan. It can be granted for a period of three months to even ten years. Cash loans are quite high-interest, but they still have a lot of advantages and many customers are choosing them. It is worth remembering that this interest rate may not be higher than four times the current Lombard rate of the National Bank of Poland. The cash loan is repaid once or in installments.
The borrower sets such formalities with the bank before signing the final contract. Cash loans can be taken directly from the bank or can be taken online. The latter form is already very common and known to everyone, thanks to which no one has a problem with getting a loan online.
In addition, it gives a chance to reach a much larger number of banks. The customer does not have to choose only between the offers of those banks whose stationary branches are located in their town or in the immediate vicinity.