Already this month, most Poles will give themselves presents. It’s the effect of the upcoming Christmas. Financial comparison machine Rankomat checked where to look for financial support for the occasion and what are the costs associated with it?
Cash loans are an excellent source of raising money to finance any consumption purpose. Therefore, it should not come as a surprise that these products are very popular in the pre-Christmas period. Buying a Christmas tree, Christmas Eve organization or gifts for loved ones – can be exchanged without end.
It should be remembered, however, that lending money is burdened with a specific cost and banks charge a number of fees in exchange for the availability of cash. The basic ones include nominal interest rate, commission for granting financing and insurance (it is voluntary, but it can affect the final cost of the loan). Therefore, it is extremely important to pay attention to the price when searching for the right solution.
How to calculate the cost of the loan?
Loans can be compiled for many parameters, such as interest, commission, installment amount or Real Annual Interest Rate (APRC). The easiest way is to compare cash loans with a total repayment amount. In order to calculate this parameter, it is sufficient to multiply the monthly installment payment over the repayment period of a given liability. In the vast majority of cases, the value obtained will be higher than the amount borrowed. For example, if a client has a two-year loan for PLN 3,000, in which the monthly installment is PLN 150, the cost of such a liability will amount to PLN 600. This is illustrated by the following calculation:
- 24 installments x 150 PLN = 3600 PLN – the total amount to be repaid
- 3600 PLN – 3000 PLN = 600 PLN – the cost of the loan
At present, you can find loans on the market that you are not charged for, or they are so small that they will not ruin your home budget. This is very good information for people who want to limit the spending incurred before Christmas. Cheap cash loans for Christmas offer:
|Cash loans for the amount of PLN 2 thousand PLN with a repayment period of 12 months|
|Bank name||The name of the loan||Installment||The total amount to be repaid|
|Fonlore Bank||Free cash loan||PLN 166.67||PLN 2,000.00|
|CreditCole||Welcome cash loan||PLN 166.67||PLN 2,000.00|
|Dinoes||Mini loan||PLN 225.35||PLN 2028,15|
|Crediteriols||First loan 2.99%||171.65 PLN||PLN 2059,80|
All loans mentioned above are characterized by zero or very low cost of incurring them. In the most expensive option, the fee for using the annual commitment of PLN 2,000 is less than PLN 60.
The best cash loan – offer analysis
Free cash loans at Fonlore Bank may incur people who, at the time of applying for this product, do not have any credit in this institution or have a loan for no longer than 30 days. Nominal interest rate and commission for this commitment are equal to 0%. The maximum amount by which the client can apply is PLN 2,000 and the repayment period can not exceed 12 months.
Welcome cash loan from CreditCole is addressed to people who have never used the credit offer of this bank before. The basic cost parameters, i.e. the nominal interest rate and the commission for granting this obligation, similarly as in the case of the predecessor, assume the value of 0%. However, as regards the maximum loan amount available, it amounts to PLN 3,000. The liability must be repaid within a maximum of 12 months.
The Mini loan cash loan with a promotional lending period of 9 months is intended for new clients of the Dinoes bank or transferring its liabilities to this institution. The nominal interest rate and the commission for granting this product amount to 0.99%, and the person interested in this solution can take out a loan up to PLN 120,000.
The first 2.99% loan granted by Findialoan (now Crediteriols) is addressed to people who, at the date of applying for this product, did not have any credit at that bank. Nominal interest rate on this liability is 0%, but a commission of 2.99% is charged for its granting. The basic credit parameters, such as the maximum amount and the repayment period, are PLN 4,000 and 24 months, respectively.
Free credit for Christmas – it’s possible
As you can see from the above examples, taking a cash loan for Christmas does not have to involve additional fees. For the amount of PLN 2,000 to be analyzed (this amount should be enough to organize the Christmas Eve and purchase of gifts), it is possible to use a loan that costs nothing (Fonlore Bank and CreditCole offer) or only slightly encumbered by the borrower (PLN 28 in Dinoes or PLN 60 PLN at Findialoan).
Therefore, before making any commitment, it is very important to check the market offer carefully. Only in this way is it possible to avoid unnecessary expenses – and as we know in the pre-Christmas period, there is no shortage.