You would like to take out a loan from a bank, but you don’t know which offer is best for you? Can’t you analyze the cost of credit on your own? A credit comparison tool is a tool that will enable you to make the right decision. It will provide you with information about the cost of the loan and the amount of the monthly instalment.
Bank loan
Credits can only be offered by banks. Detailed guidelines for granting them can be found in the Banking Law Act. In addition, banks are also subject to control by the Polish Financial Supervision Authority, which imposes prudential norms on credit policy in the form of recommendations. Banks must comply with this. Therefore, they have to impose significant requirements on their potential borrowers. We will address this problem later in this article. At this point, it should also be mentioned that, in principle, bank credit is divided into two types: credit to the individual and credit to businesses. In the former case, we distinguish between home and consumer loans, which include cash loans, car loans, student loans and savings and settlement account loans. In the case of loans, it is usually necessary to specify the purpose for which we want to use the obtained funds. This is a fundamental difference from loans.
What are the requirements for borrowers?
We mentioned above that the credit policy of banks is strictly defined in the Banking Law and thoroughly controlled by the Financial Supervision Commission. Banks must therefore comply with the often strict standard when granting credit. That is why the requirements they place on their customers are very high. And these requirements concern mainly the creditworthiness of potential borrowers. Therefore, in order to obtain a loan from a bank, it is necessary to have adequate creditworthiness. The bank will assess it on the basis of the amount of your earnings, the nature of your employment, the number of people you depend on, and the amount of credits you are currently repaying. Depending on the type of loan, the bank may also require a borrower’s own contribution. This is particularly the case with mortgages. Of course, you will also need to specify the purpose for which you want to take out a loan.
Which credit offer is the best?
Which credit will be the best for us? It seems that the cheapest one. In order to assess the credit costs, it is best to use the Real Annual Interest Rate – APR. This is a very convenient parameter, which is an ideal tool for comparing loans. The rules of its calculation are strictly defined in the Act on Consumer Credit. All banks calculate the APRSO on the same principle. Therefore, thanks to it, credit offers can be easily and reliably compared. The APRC takes into account not only the nominal interest rate, but also any fees that the bank charges for granting a loan. We are thinking here mainly about the commission and the preparatory fee. Thanks to RRSO we can get to know the total cost of the loan.
Comparison of loans
A very handy tool that will allow us to get an idea of the attractiveness of individual credit offers is the credit comparison tool. On the website with the comparison engine you can get information about offers of banking institutions. Specific types of loans are compared separately. It is enough to provide the basic parameters of the loan you are interested in – the amount you want to obtain and the period over which you would like to spread the repayment of the loan. On this basis, the credit comparison engine will search for the best and current credit offers of banks for you. It is an ideal solution for people who do not feel able to assess the attractiveness of credit offers on their own. Thanks to the Comparison Engine 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. On the website of the Comparison Engine you can also find current credit rankings. They are created based on the evaluation of current offers made by credit specialists.
Online credit
Not only can you easily compare credit offers on the internet, but you can also apply for a loan. Just go to the bank’s website and fill in the credit application form. More and more banks make it possible to carry out the whole procedure of taking a loan online. Of course, this does not apply to all types of loans. However, a mortgage loan will require you to show up at the bank’s branch. However, a simple cash loan can be obtained online without leaving home. Filling in the application form is very simple, we will have to wait a dozen or so minutes for a decision. If we meet certain criteria and the banks grant us credit, the money may be deposited in our account on the same day.
