Many people use the terms credit and loan interchangeably. This is a mistake! A loan is not a loan and vice versa – it is determined by the law and the rules on which and by whom it is granted. and throughout Poland can only be granted by banks and cooperative savings banks. This is specified in the Consumer Credit Act. The contract must be made in writing. In addition, the purpose for which the money will be spent is also important – a distinction is made between mortgage, car and cash loans. It should be noted that at the time of signing the contract the borrower undertakes to repay the amount together with interest on a specified date. They are informed about these and other costs at the branch – the amount of some costs is not regulated by law, but depends on the individual policy of the bank.
Loans – who will grant them?
Loans, unlike loans, are granted not only by institutions but also by individuals. It is worth emphasizing that the purpose for which the money will be spent and the date of its return do not have to be specified. Interestingly, in the case of a liability of up to PLN 500, there is also no need to draw up a written contract, which is necessary when taking a loan. The loan can also be free. In most cases, however, interest and commission are generally added. Such situations are regulated by the provisions of the Civil Code.
The loan has many names – learn about its types
Financial institutions, including our company, have in their offers many products with the term in the name. What is the difference?
In what situations do they work? Here are the most popular loans on the market!
First of all – cash loan. It is granted for current needs – dream vacation, studies, purchases of home appliances. It is up to you, the borrower, for what purpose you spend the money. Its amount and repayment terms are determined based on the consumer’s creditworthiness. Our waiting time for a decision is … sometimes even only 10 minutes! We guarantee a minimum of formalities – all we need is a statement.
Secondly – mortgage. For many, it is a chance to make their dreams about their own four accounts come true. This loan is connected with the purchase of real estate or the implementation of a construction investment. Usually a long-term commitment. The repayment period for the amount, interest and other costs can be up to several dozen years. The basic, but not the only, guarantee for the bank is a mortgage established on its behalf.