How to Get a Debt Repayment Loan – a Bank or a Loan Company?

Many of the institutions offering loans to pay off debt are non-bank companies. If we decide to use their services – let’s check before signing the contract what the exact and final cost of the loan will be. More exposition at kelleypc.com

Many people look for loans to repay the current debt that arose from various reasons. Overdue payments of loans or credits, unpaid ZUS contributions, taxes to the Tax Office or unpaid alimony payments. All these debts may ultimately lead to seizure bailiffs.

Is there a chance to get a loan if we have debt? It all depends on what this debt is related to and whether information about it has been recorded in some BIK-like databases (here in the case of non-timely repayment of bank loans). 

A debt repayment loan – a bank or a loan company?

Certainly, it will be harder for us to get a bank loan because the banks check the borrower’s creditworthiness and credit history from many angles. Rather, it would be difficult to hide something from them in this respect. However, it is definitely worth checking if there is a chance to get a loan by this route. Well, a bank loan will be much cheaper for us compared to even non-bank loans. To check it, we do not have to go to the bank because it is enough to fill out the loan application online. This application can be found practically on the website of every single bank.

The second option for obtaining a loan to repay the resulting debt is non-bank loans. Although in their case it is much easier to get the cash you need, as I mentioned earlier, the cost of such a loan will unfortunately be more expensive for us. Even the cheapest loan options will exceed the costs of traditional bank loans.

If we have a sufficiently large income and we do not need too much (eg up to PLN 1,500-2,000), the best solution will be to take a moment’s pay. If we do not get this amount in one company, there is nothing to prevent a loan from being taken in several companies. The largest amounts of such loans are currently offered by Vivus (up to PLN 1,600 with the first loan), Netcredit (up to PLN 1,500) or Extraportfel (up to PLN 1,400). Remember, however, that most loans of this type are granted with a repayment period of 30 days (in some cases also 45 or 60 days). The entire amount borrowed must be repaid in one installment and not several. There is of course the possibility of extending the loan repayment date but we will incur an additional cost for such an operation. We would recommend such a lending option only when we are sure that we will repay the entire amount borrowed within a month.

In the case of non-bank long-term loans, we will have a long repayment period, but in some cases the cost of the loan itself may amount to the amount borrowed. For example, we borrow PLN 5,000 and we will have to pay PLN 10,000 for repayment – this is unfortunately the case with most non-bank companies, especially in the case of loans with a repayment period of over 12 months.

The cheapest option to get a non-bank loan for longer? The maximum amount of loans in the Provider for the transfer option is PLN 8,000, in Aasa up to PLN 3400, while in Takto it is even up to PLN 10,000. For an even greater amount of loans we can count in the Crown Fund, which costs are similar to Takto loans. In the case of loans over PLN 10,000, a loan in the form of a mortgage loan is required. As you can easily guess, it is granted against real estate.

What else is worth knowing when we decide to offer a company in which there is a loan to repay the debt? First of all, let’s not use the services of companies that require us to pay high advances or prepayments before granting loans. Most of these companies are typical matchmakers on which it is not worth losing neither time nor money.

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