Which is better – credit or loan?

Which is better – credit or loan?

 

Cash loans are financial products offered by banks. Thanks to them, the borrower can obtain funds for any purpose, ie for renovation of an apartment, new furniture, household appliances or electronics or for a trip abroad or buying professional training courses. In this case, the bank will not require a declaration on what funds borrowed by it will be spent.

These types of loans are usually granted for a period of 1 to 10 years, and their amount is usually several to several dozen thousand dollars. To obtain such financing, one must meet the bank’s requirements, as well as have adequate creditworthiness assessed on the basis of factors such as salary, type of employment contract, borrower’s family situation or commitments and credit history so far. If the bank ‘

Internet loans

Internet loans

Online installment loans are very often granted by non-bank institutions. This type of financing for any purpose is quite popular due to limited formalities. To get a loan, all you need is an ID card and an active mobile number. After correctly completing the application, accept the proposal and then read the contract and information form. You do not need to sign any documents – the contract is concluded with the verification transfer.

The short waiting time for the decision to grant a loan and for funds makes this solution an interesting alternative to a cash loan. An advantage is also the fact that the person applying for a loan does not have to present a certificate of employment and earnings, thanks to which people working on the basis of a mandate contract or a specific task contract have a chance.

Safe as in a bank

Safe as in a bank

A bank cash loan is associated with secure borrowing. Meanwhile, it is worth knowing that loan companies are obliged to comply with the Consumer Credit Act, and they must also present their offer in a uniform manner along with a representative example of a loan that includes APRC and total liability costs. However, this is not all.

Non-bank institutions, in order to start their operations, are required to obtain an entry in the Register of Loan Institutions kept by the Financial Supervision Authority. All this makes online loans safe, of course, as long as we choose the right and reliable company. Before making a commitment, it is worth checking to see if the selected institution complies with the Good Practice Principles.

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