You suddenly need USD 10,000 for sudden and unexpected expenses and your account is empty? You will probably have to use a bank loan. A 10,000 loan is available at all banks operating in Poland. It is also the sum that we can get as a loan on a parabank. Thus, it can be said that this loan is quite easily available to customers. In order to receive it, we will only have to demonstrate a relatively high monthly income.
Are you in need of some financial assistance? We’ve got good news – can help with online loans no credit check
To receive an online loan no credit check of USD 10,000, we will first have to complete a loan application on the ipass.net website. After verifying the information provided in it, the bank will be able to make a positive or negative credit decision. One of the main criteria the bank will take into account will be the number of our earnings and the source of their earning. To receive a loan of USD 10,000, we will need to show net earnings of almost USD 3,000 and current financial liabilities not very large. If we meet these conditions, the bank will be able to recognize that we will be able to repay the loan without any problems. A positive credit history in BIK will also be important. The BIK database gathers all information regarding the timely repayment of our old loans. If we had any problems with this, then in the case of a credit application for USD 10,000, the bank’s decision will most likely be refused.
Comparison of offers from several banks
Offers from various banks for a USD 10,000 loan may differ significantly. Due to the high competition on the market, banks are fighting for clients by offering promotional interest rates or by resigning from charging a commission for granting a loan. Due to these operations, the APRC for such loans is quite low and the monthly repayment installment is easy to swallow. For a specific analysis, let’s consider two loan repayment modes: in 12 and 24 monthly installments.
- Loan for 12 installments – APRC in such cases may range from 10 to even 40%. The upper limit makes the loan unprofitable because when borrowing USD 10,000 from the bank, we will have to pay back USD 12,000 and the monthly installment will be almost USD 1,000. In the case of the best offer, we will pay back only a few hundred dollars more and the installment will drop by over 100 dollars.
- 24-installment loan – If you repay such a loan within two years and using the services of the cheapest bank, we will have to give back USD 11,000 paying almost USD 500 monthly. If we use the most expensive offer, the installment will be slightly higher and we will give over USD 2,000 more to the bank. Generally, the longer the repayment period, the more money we have to give back to the bank. Therefore, if possible, we should conclude credit agreements for the shortest period of time.
What do we have to watch out for?
When submitting the loan application, let’s check carefully what the offer is for. Sometimes it may happen that the bank will want to offer us additional loan insurance, which is not mandatory and can significantly affect the amount of the monthly installment. It is worth giving up already at the application stage because then it will be possible only by sending a letter of resignation or a visit to the outlet. And there is not always time for this.
Let’s also try to spread the loan repayment in such a way that the monthly installment does not reduce our budget too much. If we are late with paying the installments we can get to the BIK register. The Credit Information Bureau collects and provides data on loans taken by us. If we get to the base because of a delay in repayment, we may have a problem with obtaining another loan in the future. Similarly, it works the other way around. If we repay our liabilities on an ongoing basis, banks trust us and can offer us better repayment terms. It is worth doing everything to pay all debts on time. A lower monthly installment will certainly be helpful in this.
Is a quick payday loan a good solution?
We can use payday loans if we have received a negative response to the loan application from the bank. It is irrelevant whether it happened because of insufficient creditworthiness for a given loan amount or because of a negative history in BIK. Companies offering payday loans look at it with quite a lenient eye and most of them will not even verify our earnings and history in BIK. To grant a loan, all they need is to provide their ID details and proof of identity. Of course, we have to reckon with the much higher cost of such a loan. APRC for such payday loans can in extreme cases reach up to several thousand percents!