Cash loan – how to choose?

Cash loan – how to choose?

Mortgages, one of the commitments most frequently chosen by Poles, are based on having collateral which, if the repayments cease, will be requisitioned by the bank. This will not happen in the case of cash loans – banks very rarely ask their clients for a promissory note or guarantor.

Cash loan – how does it work?

Cash loan - how does it work?

This offer can be used by people who need a cash injection and have a positive credit standing, so they do not have to seek help from loan companies. The money can be used for any purpose: holidays, renovation of a flat, car purchase etc. They cannot finance only business expenses.

Good creditworthiness guarantees that banks will even try to get us as customers. Who knows, maybe one of them will make us an interesting enough proposition (from the genre: not to refuse) that we will be happy to get through even the piling up formalities. And if in the meantime an even more attractive offer appears, up to 14 days, without giving any reason, we can withdraw from the signed cash loan agreement without any consequences. This is because it is subject to the Consumer Credit Act.

Cash loan versus the rest of the world

money cash

One of the most frequently asked questions in the context of a cash loan is how it differs from a cash loan. Well, anyone who has the amount you want to borrow can give us a loan. It can be both an institution and a natural person.

Cash loans, in turn, are granted only by the bank, which allows to protect the client by banking law. Is it better than a consolidation loan? A consolidation loan is a combination of two (or more) loans taken to reduce their servicing costs and, most often, to extend their repayment time. A cash loan can therefore be part of it.


To apply for a cash loan, you must meet several conditions, including having creditworthiness at the forefront. Banks will issue a positive credit decision if we have Polish citizenship (foreigners should have a residence card or a foreign ID card), report in the country and a documented source of income. What is hidden under the latter point depends on the specific offer in a given bank, but we can assume that income from an employment contract, mandate or work contract, contracts, pensions, pensions (or pre-retirement benefits) will be honored, business activity, farm or remuneration resulting from the contract of lease of premises or work in a free profession.

Banks most often verify the information provided by the customer, for example by calling the human resources department of the indicated workplace – the whole process takes a maximum of several days. In addition, our history is checked in the Credit Information Bureau, so it won’t go as easily as in the case of a non-bank loan, e.g. in Filarum or Vivus . What’s more, every move we make during the repayment of a cash loan will be recorded in the BIK. This means that there will be information about both timely payments and any delays in repayment. In the case of the latter option, we warn you in advance not to underestimate the problem, because only customers who are willing to cooperate with the bank in this matter can count on any reduced tariff. Informing the bank about problems with paying the loan installments will result in constructing an individual offer to facilitate the fulfillment of the contract.

Cash loan interest rate

The interest rate on cash loans is much lower than for loan companies. The maximum amount we can borrow from a bank under a cash loan is over PLN 200,000. We have to deal with this debt up to 10 years. The cost of the loan, in addition to its interest rate (not more than 16%), also includes a commission for its granting and life insurance. Some institutions also allow insurance in the event of a job being lost by a client. In terms of interest, we also need to know that the APRC (real annual interest rate) for cash loans is much lower than for popular payday loans. For example – at Deutsche Bank and Bank Zachodni WBK it is only 10.6%. Let us remember that ultimately the amount of APRC determines the attractiveness of a cash loan. At the same time, let’s make sure that in order to minimize the cost of cash loans, the bank does not require us to use other products, e.g. a credit card.

If we are at the stage of considering whether to take a cash loan, the calculator, available on most banks’ websites, will probably help us make a decision. Without reading contracts and talking to consultants, we can independently calculate the total costs of such a move. Just enter the amount we need and the number of installments we prefer, and the calculator will accurately calculate how much, including interest, we will pay for the cash loan.

The best cash loan

money cash

Cash loan, if you have creditworthiness, allows you to raise funds as fast as non-bank loans. If the entire verification process is carried out without any difficulties, the money will go to our account the next day after visiting the bank branch. So what is the best loan? It turns out that it is not the one that is best advertised, but the one that is the cheapest. Anyway, you will come to these revealing conclusions by comparing the offers of several banks – exactly as experts advise. Going a little shortcut, we can say that if you want to take a PLN 2,000 cash loan, you should consider Getin Noble Bank’s suggestions. BNP Paribas and ING Bank Śląski are also among the leading banks with the most attractive loan terms. Interesting solutions can also be found in Citibank, Kredyt Bank and Pekao SA

Almost nobody reads the offers and messages that we receive in the online banking system, and it is there that we can find very attractive offers tailored to our needs. The bank sees what inflows and outflows we record every month. With this information you can create a loan proposal, which repayment will be real for us. Thanks to this solution, obtaining a loan is faster, because the number of formalities is minimized, the lender knows our financial standing and he may find that he deems additional certificates as unnecessary.

Golden tip at the end. When comparing subsequent bank offers, it is worth looking for the lowest installment. Smaller amounts not only do not burden our home budget too much (after all, you have to pay back every loan), but also allow you to keep some cash in your pocket, instead of giving it back to the bank, in exchange for granting a cash loan. Have a fruitful search!


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