The cheapest loan for PLN 35,000 and 60 months costs less than PLN 7,000. However is it the best? In addition to the cash loan, the bank may provide several bonuses to influence the attractiveness of its offer. And we’re not talking about additional paid insurance or cross-selling forcing you to use additional products.
Following the trail of last month, we have prepared a ranking of cash loans taking into account a slightly larger field of assessment parameters than just the total cost of a bank loan. This time, we have additionally included the availability and possibility of taking advantage of credit holidays.
The banks presented calculations for their cash loan offers based on the borrower model we established. It was a marriage (a 33-year-old man and a 31-year-old woman) earning a total of PLN 5,000 net of tax per month (income is distributed equally, but the man works under an employment contract for an indefinite period, and the woman until December 31, 2019 with the option of extension). They don’t currently have any loans and their credit history is clean as a tear. They are also completely new clients for the bank and they absolutely do not want to take advantage of additional insurance.
The best cash loans for PLN 35,000 for 5 years
Banks had 15 points to win for their offer. 10 of them were payable for the cost (based on the highest and lowest cost of the table, we set 10 thresholds with an allocated number of points from 1 to 10). Another 5 points we allocated for additional facilities: loan availability completely online (2 points), the possibility of using a grace period as soon as the loan was launched (2 points, however, if the bank offered it, but only during repayment, we assigned 1 point) and the possibility of free cash withdrawals at a branch instead of to an account (1 point).
Under these assumptions, the best loan was Cash Loan with a low commission of Bankate. The bank has received the maximum number of points – it is one of the cheapest cash loans available on the market and offers all the facilities we consider. His pricing terms for a model customer assume a total cost of PLN 7401.19 and a monthly installment of PLN 707.32, with the last one only PLN 669.31
How much does a PLN 35,000 loan cost?
OutBank came in second, although it presented a slightly lower installment than the winner, but did not allow payment at the branch. This is due to a rather prosaic reason – he simply does not run physical bank branches. The podium was closed by OutBank. Here, too, the maximum number of points for the cost was awarded, but we cut the points for the availability of the loan in full via the Internet / telephone and no payment of the amount incurred in the facility.
The price range of the analyzed offers is large. The model borrower will have to pay PLN 6,663.60 for the cheapest loan in the table, but in another bank he may face a total cost more than twice as much – exceeding PLN 15,000. This only confirms the old truth – before making a decision, you should review at least a section of the market, because even against the background of several banks, one will offer more favorable prices.