Credit comparatorOn September 27, 2019 by Linsey Metivier
Would you like to take a bank loan, but you don’t know which offer will be best for you? You can not analyze the cost of credit yourself? Credit Comparer is a tool that will allow you to make the right decision. Thanks to it you will get information on the cost of the loan and the amount of the monthly installment.
Only banks can offer loans. Detailed guidelines as to their provision can be found in the Banking Act. In addition, banks are also subject to control by the Polish Financial Supervision Authority, which in the form of a recommendation imposes prudential standards regarding credit policy. Banks must comply with this. Therefore, they must impose significant requirements on their potential borrowers. We will discuss this problem later in the article. It should also be mentioned here that we basically divide a bank loan into two types: a loan granted to a natural person, and a loan for business entities. In the first case, we distinguish between housing and consumer loans, which include cash, car and student loans, as well as loans on the savings and checking account. In the case of loans, usually specify the purpose for which we want to spend the obtained funds. This is a fundamental difference compared to loans.
What requirements are imposed on borrowers?
We have mentioned above that the lending policy of banks is strictly defined in the Banking Law and strictly controlled by the Polish Financial Supervision Authority. Banks in granting loans must therefore adhere to the often stringent norm. Hence the high requirements they set for their clients. And these requirements mainly concern the creditworthiness of potential borrowers. Therefore, to get a bank loan, you must have adequate creditworthiness. The bank will assess it based on your earnings, the nature of your employment, the number of dependents you have, and the amount of loans you are currently paying back. Depending on the type of loan, the bank may also require a borrower’s own contribution. This is especially the case with mortgages. Of course, you will also need to provide the purpose for which you want to take out a loan.
Which loan offer is the best?
Which loan will be best for us? It seems the cheapest one. To assess the cost of credit, it is best to use the Real Annual Interest Rate – APRC. This is a very convenient parameter, which is an ideal tool for comparing loans. The rules for its calculation are strictly set out in the Consumer Credit Act. All banks calculate the APRC in the same way. That is why thanks to it it is easy and reliable to compare credit offers. The APRC takes into account not only the nominal interest rate, but also any fees charged by the bank for granting the loan. We mainly mean commission and preparation fee. Thanks to APRC we can know the total cost of the loan.
A loan comparison tool is a very handy tool that will allow us to orientate ourselves on the attractiveness of individual loan offers. On the website with the comparison engine you can get information about the offers of banking institutions. Specific types of loans are compared separately. Just provide the basic parameters of the loan that interest you – the amount you want to get and the period over which you would like to spread the loan repayment. On this basis, the loan comparer will look for the best and current bank loan offers for you. It is an ideal solution for people who do not feel up to their own self-assessing the attractiveness of credit offers. Thanks to the comparator they will get the most important information about the offered loan. They will find out what the total cost of the loan will be or what the monthly installments will be. You can also find current credit rankings on the comparison website. They are based on the evaluation of current offers made by credit specialists.
On the Internet, you can not only easily compare loan offers, but you can also apply for a loan. Just go to the bank’s website and complete the loan application. More and more banks make it possible to carry out the entire procedure of taking a loan online. Of course, this does not apply to all types of loans. However, your mortgage will require you to appear at a bank outlet. However, you can get a simple cash loan without leaving your home online. Filling out the application is very simple, we will have to wait several minutes for decisions. If we meet certain criteria and the banks grant us a loan, the money may end up on our account the same day.