Before deciding to take out a cash loan, it is worth carefully analyzing several proposals from various banks. The cash loan calculator will help us. It is a simple tool that will allow us to know the cost of the loan and the amount of the monthly installment. Thanks to it, you will be able to make many credit simulations that will help you decide on the most suitable offer. Your task will be only basic data related to the loan you expect. We are talking about the loan amount, its interest rate, loan period and the installments we will prefer. The decision to get a loan will weigh on us throughout the loan period. The monthly installment that we will pay back can be a serious expense in our home budget. It is worth taking seriously the issue of careful analysis of each offer that we take into account. It is important not to take credit decisions too quickly.
What can you take on a cash loan?
Cash loan is one of the most popular forms of Polish debt. Its popularity is mainly due to the fact that it is relatively easy to obtain it, and because the money obtained in this regard can be used for any purpose. Of course, assuming that this is not a goal associated with running a business. The funds obtained in this way can be used to finance vacations, purchase of a car or purchase of a school layette for a child. The borrower has absolute autonomy here, and the bank cannot demand that the client lends money.
How to choose the best offer?
You have certainly come across more than one loan offer on the Internet, radio and television. Sometimes banks’ advertising campaigns are intensified. Especially in periods when our expenses normally increase. At least before Christmas or during the holidays. How do you get in the thicket of so many offers? How do you choose the best loan? The matter is not simple. However, before you go on analyzing the selected offers, which will help you with the cash loan calculator, you need to make a preliminary selection in order to select the best offers.
How to do it To quickly make an initial selection and reject the worst loan offers, you should use the APRC parameter. It’s so-called Actual Annual Interest Rate, which illustrates the relationship between the total cost of credit and the sum of money borrowed. It is given in the form of a percentage. APRC includes not only nominal interest, but also all fees related to the loan – commission, margin or preparation fee. Due to the fact that the APRC is calculated identically by all banks, which is a statutory requirement, it is an ideal tool for comparing credit offers. Thanks to APRC, you will be able to assess at first glance which offer is expensive and which is cheap.
Cash loan calculator
Once we have a set of selected offers, we can proceed to their more detailed analysis. The cash loan calculator will help us. There are plenty of websites with credit calculators on the internet. How to choose the most professional? First of all, the calculator should have a user manual. Incorrectly entered data can significantly disrupt the final result. Of course, such a website should also contain information that the calculator results are for reference only. You should also read the opinions of boarding houses on forums and discussion groups on Facebook. This is an invaluable knowledge base. You should also consult friends.
What can we get with the loan calculator? First of all, it should be remembered that the results from the calculator are very numerous, which require proper interpretation. Calculators do not publish comments on the results obtained. To be able to evaluate the data you get, you will need at least basic knowledge of finance. Thanks to the calculator we will get information on the total cost of the loan and the amount and number of installments that we will have to pay monthly. Remember, however, that these are estimates. The bank will provide you with the exact details.
Cancellation of credit
And what if, despite the help of the loan calculator, you find that you have signed the loan agreement too hastily and you would like to withdraw from it? Of course, according to the provisions of the Consumer Credit Act, this is possible. You have 14 days from the date of signing the loan agreement. You do not have to provide a reason for this decision, and the bank cannot require it. Of course, you must return the entire borrowed amount to the bank within 30 days from the date of submitting the application from withdrawal from the loan agreement.