Searching for a good and cheap loan by a layman, a person who is not a specialist in the subject can be difficult. The multitude of dozens of banks, various offers tailored to specific customer categories can be frightening. Well, how do you know that if you work in a budget, then the cheapest loan will get in bank A, and running a business from 7 months will get the best offer in bank B. Doing some research, comparing banks’ offers, choosing the cheapest takes a little time. Another time consuming matter is submitting the application, its analysis and final talks with the bank about the offer.
This usually takes a week. A lot of time for someone who works every day, takes care of the family, home. Therefore, it is much simpler to use the help of a loan broker who has adequate knowledge in the field of bank loans. The entire procedure from the time of reporting to the loan broker to the launch of the loan is usually 24 hours. Do you want to shorten the time to get the loan? we invite you to read
Best offer, finding a bank
The first problem in looking for a bank loan, be it cash or consolidation, appears at the beginning of our path. Is the bank around the corner is certainly the best choice and we will get the cheapest offer there? The most important thing, do not walk on banks, do not make unnecessary queries. This may later result in denials of loans. Search by comparing bank offers. Each of them has the obligation to disclose the terms of their loans.
Pay attention to factors such as APRC, loan interest rate, commissions and margins. See also whether the bank must attach insurance to the loan. Think, is such insurance necessary? If you want to protect yourself, have an additional product for credit, which is insurance, definitely cheaper will go to an insurance company.
Insurance companies with which banks cooperate usually sell expensive insurance. In popular insurance companies, customers get 50% cheaper offers than those imposed by the bank. The time to get a loan will not be reduced by looking for yourself, but we are sure that we have chosen the cheapest offer.
Comparison of bank loan offers
The internet is full of credit comparison websites. In such a calculator, it is worth answering a few questions in accordance with the facts and bring out 2-3 banks that should give us the most attractive offer. Why should they Because we are not sure that it will be so. If bank A publishes data on its offers, APRC 11%, including a detailed description of interest and margins, this is only a general view. Banks have their own customer thresholds prepared. There are usually 10 of them.
If the customer is perfect, he falls into the threshold of 1 with the best offer, APRC, eg 4%. If the customer already has loans, there have been delays, inquiries can fall even to the threshold of 10, which results in an expensive loan with APRC 23%. Such a large divergence of offers means that a customer who does not have specialist knowledge in the field of bank loans can find an expensive offer.
Taking an expensive loan will only result in the entire repayment period bearing costs up to 20% higher than if we obtained the cheapest loan on the market. It is worth turning to professional credit brokers. They know which bank will be the most appropriate for a particular customer.
The process of applying for a bank loan
Applying for a bank loan also has no time frame. In one case, we can leave the bank after an hour with the loan activated, in the next time spent on visits to the bank, the analysis will take a good few business days. A significant saving of time is cooperation with a credit broker. He will immediately tell us what documents will be required by the bank. There will be no situation when we go to the bank today, tomorrow an employee calls to provide some information, and 2 days later he will tell us that there is still another signature missing from our application.
Such a process can lead to frustration. An additional thing is to submit the case for analysis, phone calls to us as clients and to employers regarding income confirmation. If the offer proposed by the bank is not satisfactory, it will not hurt to go to another bank. However, you should not make more than 2 credit inquiries. In this situation, if both offers are not satisfactory, please contact a recommended credit intermediary. Such a specialist will certainly find the cheapest cash or consolidation loan available to us.
Analysis and decision making by the bank
After entering a loan application previously prepared with a bank employee, a decision or analysis process takes place. Bank analysts may want to call the employer to verify employment. They ask when the client has been working, for which contract form and for what time. The bank may also request the client to provide a certificate from the employer on its print. Banks have different types of printouts, which is why some clauses to be marked by employers may differ slightly. The analysis process can take from several hours to even 3-4 business days. It all depends on how many conclusions are in the analysis and how efficiently the analysts will work. The time in which they reach the employer and the client is also important.
It is definitely simpler to work with a loan broker who, through close cooperation with the bank, can greatly improve this process. In 90% of cases, loans are run without great verification and analysis. There is no telephone number for the employer because the certificate or recent transfers from the employer are reliable enough. After passing the traditional analysis, a bank employee calls the client with information about the possibility of signing the loan.
At this point you should also be careful and ask about the loan terms carefully. People working in banks sometimes overstate commissions or add credit insurance. They earn better commissions on such loans because they are more expensive.
Time to get a business loan
What is the real time to get a loan for a company? A business loan is out of time because more factors affect it. Such are the certificates of non-arrears with ZUS or US. It depends on the bank’s offer which document from these 2 will be needed. Usually, the documents provided by accounting are the thing that extends the loan application period. It depends on the accounting efficiency when it will provide the relevant income documents.
In the case of companies, it is recommended to contact a credit advisor or broker regarding products for companies. The adviser will competently prepare the plan and specify the documents for the loan in detail from the beginning.
Looking for a loan yourself is a time-consuming task
According to the summary – getting a good and cheap loan is a very time-consuming occupation, not always successful. Therefore, it is better at the very beginning to think about transferring the case to specialists in the field of obtaining bank loans. They cooperate with a dozen or so banks and constantly monitor the cheapest offers that banks have to offer.
The decision made today in the field of credit will have its impact on the next 10 years, in the case of credit for such a period. Therefore, let’s not act hastily, cheap credit will definitely be better than that with additional commissions and insurance. Remember, not only the time to get a loan matters. Its price and conditions are also important.