Obtaining a positive opinion allowing to obtain a bank loan is often associated with meeting difficult requirements. A loan is a much simpler way to obtain the required amount while reducing all formalities to a minimum.
Difference between loan and credit
The words credit and loan are often used interchangeably. However, this is a mistaken assumption, which is probably due to the fact that banks often offer both loans and credits. A loan is defined as the receipt of money from persons (e.g. natural persons) or institutions. Loans obtained from non-bank entities are governed by the provisions of the Consumer Credit Act, and loans from persons are granted in accordance with civil law. Another factor that distinguishes a loan from a loan is the use of the money received in this way. Each borrower is obliged to state the purpose for which the amount obtained will be used. Loans, including temporary loans, are completely exempt from this obligation. The money can be distributed in any way.
Procedures for obtaining a loan
The loan may or may not be sanctioned by a written agreement. The oral agreement is also binding in this case. The latter option can be used only in the case of receiving a loan from a natural person, however, it is recommended to write down a document if it concerns an amount higher than PLN 500. Loan companies draw up written agreements so that any disputes can be resolved on the basis of this document. Cash loan formalities are often kept to a minimum. Sometimes it is not even necessary to declare the amount of income obtained and the fact of being entered in the registers of debtors is irrelevant. The only document you need to have when applying for money is your identity card. For these reasons, borrowing from a non-banking institution is much simpler and often the only solution when an application for a bank loan has been rejected.
How to obtain a loan
Money can be borrowed from companies specializing in this type of activity. Loans over the Internet have recently become very popular. This is a very convenient option because you can take out a loan without having to leave home. An online loan is a very quick way to get the amount you need. Formalities are so limited that the whole procedure is often finalized in several minutes. The loan can also be taken by phone or traditionally at the company's branch.
Regardless of the entity with whom we conclude a borrowing agreement, it is very important to carefully analyse the offer and read the rules of granting and reimbursement. If in doubt, you should also always ask about any additional costs or terms and deadlines for paying off the debt.