Probably like a bank
We go to the bank for a loan, when we want a relatively high amount, low installment and the possibility of spreading the repayment of liabilities over a longer period – even over a dozen or several dozen years. On the other hand, banking products have quite strict requirements – no negative credit history in BIK, appropriate scoring (method of scoring the risk of borrowing money for a given person), a large number of formalities (presentation of income certificate, necessity to visit the bank if we want to take a loan – usually you can submit an application online, but all formalities should be dealt with in a stationary outlet) or in the end fulfillment of certain conditions (employment under a contract of employment – a civil law contract is accepted, but to a lesser extent, the need for own contribution for a housing loan). In addition, when we go to the bank, we are sure that we borrow from a trustworthy institution which, in order to conduct business, must obtain a license from the Polish Financial Supervision Authority.
Fast, flexible, but also more expensive
On the other hand, loan companies offer the opportunity to repair the portfolio without leaving home and with a minimum of formalities – all you need is a ID card, a mobile phone and access to online banking. The entire loan application process can be handled at home in front of the computer. For many in need of external financing, what counts is that lenders do not check BIK. The disadvantage of non-bank companies’ offers is the high cost of granting commitments, which is related to the fact that these entities finance loans from own funds and their shareholders. However, in this segment we can easily find loan offers for free (e.g. Viloan – up to 1600 PLN, Credit nei, Kapreska, Ofin.pl – up to 1500 PLN, Marluie – up to 1000 PLN, and Netsms – up to 800 PLN), which are not burdened with no commission. For non-bank loans, it is worth following one rule – they cannot be treated as a regular way to pay other financial obligations. This is the easiest way to get into a debt spiral.
A loan company versus a bank
The final solution to this dilemma depends on our individual situation, not only material. With a good credit history, the need for more cash and a willingness to repay liabilities in a few years, the banking offer is the most for us. However, when we need money for “already”, we need from several hundred to several thousand zlotys and we want the external financing not to burden the home budget for a long time, then we should choose a loan company.