A commission-free loan is undoubtedly one of the most attractive offers of non-bank companies. By reducing costs to a minimum, the borrower also reduces the risk of late repayment. However, such a decision can still have a significant impact on our home budget, which means that it involves a lot of responsibility. Therefore, before we get a loan without a commission, let’s find out how they work, where you can get it. Check with us all the information you need!
Loan with no commission – how do such loans work?
A commission-free loan is one of the promoters offered by lenders. Thanks to it, we as clients have the chance to receive the money they need with minimal costs. The standard of each liability includes primarily interest and the aforementioned commission. However, very often loan companies also include preparation, administrative, registration and liability insurance fees. The sum of their value gives us the final amount of the Actual Annual Interest Rate (APRC), i.e. the total cost of the loan annually. Pursuant to the Act on consumer credit (Journal of Laws 2011 No. 126 item 715), every lender is obliged to provide such information to its clients.
However, you should be vigilant, because in some offers you can also find the abbreviation RSO. This is the Annual Interest Rate, which determines the amount of interest. In the case of loan companies, its maximum amount pursuant to art. 359 § 2 of the Civil Code . may amount to twice the statutory interest, i.e. the sum of the value of the NBP reference rate and 3.5 percentage points. In this way, as at 25/01/2019, it reached the 10% threshold. As you can see, a mistake can cost us a lot. RSO 0% means that we will not pay interest up to PLN 16.44 at PLN 2,000 for 30 days. In turn, the total cost of the loan will be calculated in hundreds of zlotys. Therefore, let’s be careful, because such commitments require proper preparation of the household budget.
When we start looking for the right product, we notice that it is no different from a free loan. If we are released from the commission, which is the largest profit for the lender, he usually also waives the remaining fees. Therefore, it is rare that such an offer is available to people who already submit another application in the company. It is usually used to attract new borrowers. Promotion of the first free loan assumes total release from the cost of credit. This means that the APRC will be 0% and we, as applicants, will only be obliged to reimburse the sum we received. When borrowing PLN 2,000, we must pay exactly the same amount when the repayment deadline expires. On the other hand, as regular customers, we can receive a discount on costs.
If the total cost of the loan exceeds our capabilities, we should look for another product.
However, in these situations they will rarely be commission-free loans. Usually the discount applies only to a part of it, for example -20% or -40%. Instead of paying an additional PLN 575, we use the -20% discount and give away PLN 460 after the month and the loan value of PLN 2,000. The costs decrease by PLN 115. A commission-free cash loan allows us to save an additional amount and its repayment will not be as noticeable for our portfolio. However, please note that in the event of delays, we will be charged standard costs and late fees. Therefore, before we decide to take advantage of the offer cash-free loans, we should ask ourselves a few questions to verify our financial situation. First of all, we need to know what amount we need and how much we are able to spend on a monthly basis. Now that we know what a commission-free loan is, we can move on to the next stage. Where can you get it? Let’s see!
Fast loan with no commission – where can you get it?
A quick loan without commission is usually an offer addressed to new clients of loan companies. Before we decide on a specific service provider, we should compare available products. Thanks to this, we will be sure that we have chosen the best one that best suits our needs. The shortest and at the same time proven way is to use loan comparison websites. Among them is the Loan-Portal. After going to the main page we get the opportunity to view offers from the free payday loans and long-term loans section. The largest number of commission-free loans can be found in the first section. However, let’s not skip the other one, because among them you can also find attractive offers. In the case of installment obligations, we will usually be dealing with an early repayment offer after 30 days on the terms of the promotion of the first free loan. This means that if we manage to return the money received after a month, we will not incur any additional fees.
However, if we are not able to accumulate the amount needed in such a short time, we will not bear any consequences. We simply undertake to pay the debt according to the schedule specified in the contract. This is a very good offer for people who are not sure if the loan period characteristic of payday loans is enough to gather the appropriate funds. After going to a specific section, a calculator will be displayed, thanks to which we can specify the amount and the loan period. Then a selection will be made and the result will be a list of offers that meet our requirements. From this level, we can read the details of each product and click “Submit Application”, which results in a redirection to a subpage containing the lender’s form or calculator. If we still have doubts, we recommend that you familiarize yourself with the thorough analysis of the commission-free loan offer made by our experts. It is also worth taking a look at the rankings section, where you will find thematic summaries. Among them were also those assuming the allocation of funds for free.
Online loans with no commission – what else is worth knowing about them?
Online loans with no commission are one of the fastest ways to get the missing cash. By transferring the application forms to the internet, we get the opportunity to complete all formalities at any time of the day or night. To do this, all you need is a device (laptop, phone or tablet) connected to the network and having the necessary information. It is also worth mentioning that many lenders offer access to mobile applications. In this way, all information on the loan is at your fingertips. What conditions must be met to make a loan with no commission possible? As we have already mentioned, this is usually an offer addressed to new customers. In addition, it will be necessary to meet several basic criteria. Each borrower should be at least 18 years old and have full legal capacity. Some lenders raise the age threshold to 20 or 21 years old. They have the right to do so because the specific conditions depend on the internal arrangements of the company.
It will also be necessary to have Polish citizenship or Polish resident status. This information will be confirmed by our ID card, the number and series of which we will be asked when completing the application. In addition, the commission-free loan requires applicants not only to have their own bank account, but also an email address and an active mobile number. Thanks to this, the lender will be able to contact the customer quickly. As per responsible borrowing assumptions, we will also be checked for creditworthiness. Therefore, we should have not only a positive credit history, but also a regular source of income. If we meet the above-mentioned criteria, we can count on the acceptance of the application. However, before starting the stage of completing the form, let’s review the detailed conditions on the lender’s website.