Cash loan – is it more beneficial online?

Cash loan – is it more beneficial online?

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Do you need a big infusion of cash?
Forget about visiting a traditional bank. The fastest way to get the money you need is with the help of the internet. But will the costs be similar?

Those considerations should be started from the fact, that not every bank offers the possibility of incurring a liability online. A regular borrower thinking about taking an online cash loan will therefore have limited options. However, a significantly wider offer is to be found in traditional bank facility offices. In online cash loans sector there is a majority of institutions specializing in mobile banking, as well as few of the biggest companies on Polish banking market.

The cost of online cash loan

The cost of online cash loan includes almost the same payments as with traditional loan. One of the payments is insurance. Some banks give loans only on condition that the client buys job loss insurance or illness insurance. The majority of banks that offer online loans require setting the checking and saving account. Using additional product in the form of mentioned account may result in significantly lower interest rate, which of course is a big benefit for the borrower. Another important payment is commission. One of the biggest Polish banks offers reducing the commission from 6 to even 4 % for using online cash loan. However there are some limitations for clients. While taking an online cash loan, they can borrow 30 000 PLN maximum. Whereas they decided to fill in credit application form at a bank facility office, they could borrow 150 000 PLN maximum.

Additional conditions of online cash loan

It has to be emphasized that sometimes people set up a personal account only to get a preferential conditions of cash loans. Of course under the condition that the client will not be obligated to make regular monthly payments on the account in the sum of for instance 1000 PLN. More and more often clients are also required to pay by card at least 3 times a month. Only then will they have a chance to get a preferential cash loan. This is how the Pekao Bank prepared its offer. In a traditional bank facility office the interest rate reaches 15,99%. Clients with personal accounts who are filling online application forms can expect the interest rate of only 13,99%. Moreover the online cash loan is without commission. One can apply for a sum of 150 000 PLN online.

Preferential conditions of the cash loan
Another bank with one of the most preferential conditions of the cash loan offers interest rate of 9,9% and no commission. This offer is only for those clients who will decide to use the insurance. On the other hand the biggest mobile bank in Poland sets the terms of cash loan individually. While applying online, one can get only 50 000 PLN maximum. Besides the undeniable comfort, the online cash loan has a number of other benefits. Especially good conditions are prepared for regular clients, or those who decide to open a personal account. A limited number of offers is a disadvantage, because not all banks decide to provide the online cash loan. However, let us not forget about the fact that the cash loan, even the one taken online, sooner or later has to be paid off.

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