When we borrow PLN 3,000 for a year, for example, we will have to give back PLN 3,550. When taking a larger loan of PLN 15,000 for a longer period – let’s assume for 3 years, we will have to pay back from 2,500 to even 4,500 zlotys more. These are quite significant amounts. Therefore, before we take this step, we need to get information about the loans that will be the most advantageous and cheapest for us.
Cash loan ranking
The ranking of cash loans will concern two different cases. In the first loan you will want to marry a child whose monthly income is PLN 4,000 net. The loan they want to take is 3,000 PLN for 12 months. In the second, the marriage is taken by a couple with two children and a monthly income of PLN 6,000 net.
The loan they want to take is 15,000 PLN for 36 months. Both couples have a good credit history, they have no other burden and are permanently employed with a contract of employment. Currently, they are not the clients of the bank where they want to take out a loan, but they can always move along with the influence of their salary.
15 banks took part in the study. The total cost of credit was taken into account, how much will it cost us. Which one pays off the most?
Option one – the best loan in the amount of PLN 3,000 for 12 months
Bank A is at the top of the ranking. In it, by borrowing PLN 3,000 for 12 months, we will only have to pay a commission amount of PLN 156. The interest rate on this loan is 0%. For this we do not have to use additional bank products.
Right from behind Bank A, Bank C emerges. For the same loan, we must give a little more, over 270 PLN. This time the commission is slightly lower, but the interest rate is higher. There is also insurance, which is included in the total cost of the loan, and we must use a personal account to which our remuneration will be transferred.
Bank C is in third place in this ranking. The total cost of this loan will be PLN 280. The interest rate including commission will be 5.9%. These rates apply to loans taken for up to 24 months. We do not need to use any other bank products or additional insurance.
Option two – the best loan of PLN 15,000
Bank A was again among the leaders. In it we will have to give back PLN 2,650 more than we will incur. This amount includes the promotion Interest Refund Guarantee, thanks to this guarantee we can save PLN 1,400.
The next place is taken by Bank B. The cost of credit here is PLN 2,672. This is the bank’s permanent offer. We do not have to use additional insurance or set up an account.
Bank C is in third place. Here we will pay back PLN 2,764. The cost includes the cost of insurance. In addition, we must open a personal account to which our remuneration will be transferred.