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Sooner or later, many people are "forced" to make a financial commitment. It can be a purchase of a flat, a car, a renovation or just covering the current expenses. There are many opportunities to receive financial assistance. These include online loans, credits and even loans from employers. So what's the best way to decide when we need money?

Online loan - when is it worth taking it?

Loans are very popular financial products. They are often taken out because they do not require as many formalities as e.g. mortgage loans. Many people choose to borrow online because the time to apply for a loan is reduced to a minimum. Loans are usually granted by non-banking companies and are not covered by the Bank Guarantee Fund. This does not mean, however, that a loan cannot be obtained from a bank. Some of them offer such products, but they are harder to get than online loans.

Loans usually involve lower amounts than loans, usually tens of thousands of zlotys. The most popular are momentaries, which you can get almost instantly. They are most often chosen by people who suddenly need cash, e.g. for unforeseen expenses. Such loans are characterised by a small amount, usually up to several thousand, but also by a characteristic method of repayment, usually one-off. Moments are also a minimum of formalities. It happens that they are granted only on the basis of an ID card, therefore no income data and information contained in the BIK or KRD are required.

Cash loans - for what needs?

Cash loans are products available from banks. They are cheaper than popular non-bank loans because they usually have a lower interest rate or APRC. It is also not difficult to obtain such a loan. The biggest advantage is that there is no need to specify the purpose for which the money will be spent. This consumer credit can therefore be spent on both buying a car and renovating or even taking a holiday. As it is a relatively expensive product, banks do not require many formalities when applying for such a loan. However, it is crucial to present a certificate of earnings and the form of work (employment contract, civil-law contract, own activity, etc.). The bank needs to know if the person will be able to pay the debt. In addition, an ID card must be presented so that the institution can verify our identity and our creditworthiness with BIK. Any information regarding debts or problems with payment of liabilities may adversely affect the decision to grant a cash loan.

Loan from the employer, so what?

Some people who need emergency money have loans from their employers. Employees benefit from the company's liabilities because they have lower interest rates than bank loans or do not have any at all. The long repayment term of the loan is also beneficial. In order to benefit from such support, the company must have a PKZK, i.e. an employee benefit and loan fund. Those who want to belong to it must pay a one-time entry fee, the amount of which depends on the minimum or average salary in the previous year. It is also necessary to pay the membership contributions on a monthly basis. What is important, in case of PKZK resignation, these funds are returned. Details of employee loans are determined by the company. The articles of association contain information on interest rates, surety, repayment period and maximum loan amount.