USD 100,000 is quite a large amount in Polish realities. If we are forced by various life situations to spend such an amount, we will most often have to use a cash loan taken from one of the many commercial banks operating on the Polish market. However, we have to reckon with the fact that obtaining such a loan will not be easy if we do not show enough income because the monthly installment for a loan of USD 100,000 will be quite high. Let’s check what banks can offer us in the case of an offer for a loan of 100,000
How much does a 100,000 loan cost and why so much?
A loan of USD 100,000 will not be cheap. It would be if we decided to pay it back within 12 months. The installment, however, would be so high that hardly anyone would decide on such a solution. In our calculations, let’s assume a more real version of loan repayment within 5 years, i.e. in 60 monthly installments.
In the promotional offer of one of the banks, we repay USD 119,000 in such a loan. The offer is quite favorable because the bank gave up the commission and set the loan interest rate at a level close to 7%. The installment in this case is almost USD 2,000. In the case of similar loans with a commission, we will generally pay around USD 20 – 30,000 more than we borrowed. This amount consists of the interest rate, i.e. the bank’s margin and WIBOR premium, as well as the commission for granting the loan. Sometimes insurance may still be added, but we do not take this into account in the calculations because it is optional.
We should also remember that according to the law, we can withdraw from the cash loan agreement within 14 days and we do not have to provide a reason for our decision. We have to do this by sending the appropriate letter to the bank and returning the entire loan within 30 days.
Helpful credit comparison tool
Although in the case of indebtedness for such a period of 100,000 USD, the differences between the banks will not be too great, but it is still worth using a credit comparison tool to select the cheapest option. We will learn from it that the loan installment will not be any different, but by paying back the loan in five years, we can save several thousand dollars. Or maybe we’ll be lucky and come across a promotional offer for new customers, thanks to which we will pay noticeably less. To find such a comparison tool, simply type “credit comparison” or “loan calculator” in the search engine.
What are the types of bank loans?
Cash loans for individuals can be roughly divided into two main types: housing and consumer. The vast majority of housing loans are mortgage loans. As for cash (consumer) loans, here the range is slightly larger and we can distinguish, for example, car or student loans. Individual loans may differ slightly in costs and terms of granting.
Why is it worth paying back loans on time?
It is extremely important to repay all credit obligations on the agreed dates. In the nineties, an institution called the Credit Information Bureau (BIK) was created. Banks established it to collect and share data on borrowers. The database receives information about what loans we took in the past and whether we repaid them on time. If the database has received a record of late repayment of any loan, in the future we will have problems with obtaining another loan. That is why it is very important to take care of a positive history in BIK. Especially if in the future we plan to buy an apartment using a mortgage, for example. In this case, we can be 100% sure that the bank will thoroughly review our credit history before making a decision.
Thanks to the development of the internet, there is no problem today to get a cash loan, even for such a high amount, completely online. All you need is a computer with internet access. We will handle all formalities using a web browser. You will not need to send document scans. All data must be entered in the form. Then we will probably have to confirm our identity by sending from a account registered on our data. After accepting the contract and the regulations, credit funds will be released and a paper copy of the contract will be delivered to us by post or courier. This is a significant facilitation that speeds up the entire loan process and makes it more easily available to more customers.