ash loan as a quick way to raise funds for any consumer purpose. Let’s check how, in reality, simplified procedures and limited formalities look like.
A cash loan is a solution that allows you to accelerate the implementation of certain goals, ie the purchase of RTV equipment, furnishing your apartment or paying for a foreign trip. The popularity of the solution results from the high availability and increasingly smaller requirements for the borrower from the bank. We decided to take a closer look at how Getin Bank deals with the issue.
Cash loan terms at Getin Bank
Available amounts and repayment period
Choosing a Cash Loan offer for you at Getin Bank, you get the opportunity to incur liabilities in the amount of PLN 1,000 to PLN 200,000. In turn, the loan period is one of the longest on the market and ranges from 1 to 120 months. The liability is repaid in the fixed installments system. Available parameters allow adjusting the repayment time and monthly installment to the borrower’s current financial and economic situation.
Interest and commission
In the standard version, the nominal interest rate of the Cash Loan has been set at 8.79% for you. More important, however, is the commission, which is 9.99%.
Other fees related to the loan
The loan insurance is voluntary, it also depends on the borrower whether he intends to incur higher costs as additional protection. The Bank does not charge other fees related to the loan, i.e. the payment for processing the application or the preparation fee.
To apply for a cash loan for you, prepare the following documents:
- an identity document (identity card, permanent residence card, passport and a certificate of registration of an EU citizen’s stay)
- document confirming the amount and source of income (depending on the declared source of this income, eg employment contract, contract of mandate, pension).
Other requirements in relation to borrowers
The credit offer is available to adults over the age of 70.
Example representative for a product consumer credit – cash loan, drawn up under the provisions of Article 8 of the Act on consumer credit: Actual Annual Interest Rate (APRC) is 17.3%, total loan amount (without crediting costs) PLN 35 300, total amount to payment PLN 63,577.50, variable interest rate 8.79%, total loan cost PLN 28 277.50 (of which: commission PLN 4 520.54, interest 182,889 PLN, insurance cost PLN 5,430.07), 98 monthly installments equal to PLN 648.75. The calculation was made on 02/11/2017 on a representative example.
How to get a cash loan
With the cash loan offer at Getin Bank, you can read:
- personally at the bank branch,
- by phone – with the help of a contact center employee,
- in the online banking system – the “order product” tab,
- in mobile banking – “loans” tab
Regardless of the distribution channel chosen, the contract is signed personally at the bank branch.
Cash loan in Getin Bank – reviews
Like every financial instrument, Getin Bank’s cash loan has its advantages and disadvantages. Based on the analysis of the conditions of the offer described, we will point out the weaker and stronger sides of this solution.
Advantages of cash loans at Getin Bank
- high maximum loan amount (up to PLN 200,000),
- low minimum loan amount (only PLN 1,000),
- the allowable repayment period is 120 months (10 years),
- minimum formalities (an ID card and an income certificate are enough),
- three ways of applying (online, in a branch, by phone),
- availability of the offer for people from 18 years of age
- credit decision most often in 1 day,
- no additional fees (the bank does not charge fees, e.g. for early repayment),
Disadvantages of cash loans at Getin Bank
- the opportunity to sign a contract only during a personal visit to the bank,
- no “credit holidays”,
- high commission,
- offer not available to people over 70 years of age,
The credit conditions presented above are valid as at 9/05/2018. To know the actual costs of this commitment in your case, please click the link below and submit an application for a cash loan at Getin Bank.